Won’t affect your credit score
Lower your monthly payments or take cash out
Just answer a few questions and see your personalized rates and estimated payments in minutes.
Won’t affect your credit score
Get the cash you need.
Apply from your couch.
Apply 100% online and quickly tap into your equity
Up to $500,000 Home Equity Line of Credit
Available for primary, second, and investment homes
Close in as little as 3 days1
Won’t affect your credit score
Best Mortgage Lenders
of 2023
Best Mortgage Lender for
Affordability 2023
Best for All-in-One
Online Homebuying
$100B+
Home loans funded online
400,000+
Customers proudly served
What are the requirements for a HELOC from Better Mortgage?
What is it?
90% of your home’s value²
Borrow from
Primary residence
Second home
Investment property
Minimum credit score
680+
Get between
Primary residence
$50,000 - $500,000
Primary residence
Initial draw amount
(The amount you are required to take out when you fund your HELOC)
75%
What are the requirements for a HELOC from Better Mortgage?
What is it?
90% of your home’s value²
Borrow from
Primary residence
Second home
Investment property
Minimum credit score
680+
Get between
$50,000 - $500,000
Initial draw amount
(The amount you are required to take out when you fund your HELOC)
75%
What are the requirements for a HELOC from Better Mortgage?
Borrow up to
90% of your home’s value²
Borrow from
Primary residence
Second home
Investment property
Minimum credit score
680
Get between
$50,000 - $500,000
Amount you are required to take out when you fund your HELOC
(Initial draw amount)
75%
The percentage of your income used for paying monthly debts
(Debt-to-income ratio)
up to 50%
How much cash can I borrow with a HELOC?
Homeowners can borrow up to 90% of their home’s value. In this scenario, a homeowner could qualify for a home equity line of credit up to $200,000.³
Won’t affect your credit score
Easier
Access up to 90% of your property's value, making it easier than ever to tap into the value of your property to build an ADU.
Faster
Close in as little as 3 days, so you can go from idea to built space faster than ever.3
Better
Better and HUTS have partnered to create the best way to finance the construction of your new favorite asset: your ADU.
Why customers love Better Mortgage
Thank you for making the whole process so painless! With the rising credit card rates, it makes perfect sense to get HELOC with low interest rate.
G
Glyn
Better Mortgage HELOC customer
I was able to close on my home equity line of credit in just three days!! Better Mortgage offered me the best rate and lowest cost when I refinanced my mortgage back in 2020, and for the second time, they offered me the best rate.
M
Matt
Better Mortgage HELOC customer
Why homeowners choose HELOCs
HELOCs have lower interest rates than most credit cards and personal loans because they’re secured by your home, making them a popular option for large expenses and paying off higher-interest debt.⁴
Won’t affect your credit score
While home values are up.
Put your equity to work.
While home values are up. Put your equity to work.
In 2022, US homeowners saw their home equity increase $60,200 per borrower, on average.³ Now they can quickly tap into that equity to tackle renovations, pay off high-interest debt,⁴ or keep as an emergency fund.
Better savings
Pay interest only on what you withdraw
With a HELOC, you’ll pay interest on the amount you withdraw, not the entire loan amount. Plus, Better Mortgage cuts out the unnecessary fees so we can pass along those savings to our customers.
No unnecessary fees
Pay interest only on what you withdraw
With a HELOC, you’ll pay interest on the amount you withdraw, not the entire loan amount. Plus, Better Mortgage charges zero unnecessary fees.
With the Better Home Card
Furniture
Rugs
Appliances
Renovations
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What makes us Better
Homeownership, all under one roof
We’re making every step of the homeownership process faster, easier, and more affordable.
Better Real Estate
Expert agents to help you list your current home or find a new one.
Better Settlement Services
We’re making title insurance faster, easier, and just plain Better.
Better Cover
We’ll shop 20+ insurance carriers to find you the best policy on home, auto or life insurance.
FAQs
What is a HELOC?
What can I use a HELOC for?
How much home equity can I borrow?
Will I need an appraisal to assess my home’s value?
What if my client qualifies for an inspection-based waiver but still wants to have an appraisal?
Are hybrid appraisals covered under our appraisal contingency?
What if the Listing Agent has questions about the appraisal alternatives?
1 Assumes borrowers are eligible for the Automated Valuation Model (AVM) to calculate their home value, their loan amount is less than $400,000, all required documents are uploaded to their Better Mortgage online account within 24 hours of application, closing is scheduled for the earliest available date and time, and a notary is readily available. Funding timelines may vary and may be longer if an appraisal is required to calculate a borrower’s home value.
2 Maximum LTV dependent on borrower eligibility.
3 Actual maximum loan amount will vary based on home value, lien position, and financial profile.
4 Better Mortgage's HELOC requires that you pledge your home as collateral, and you could lose your home if you fail to repay your loan.
Better Mortgage's HELOC product is available in all states other than TX.
Please note that you are required to draw at least $50,000 or 75% of your credit limit, whichever is greater, at the time of funding (ex. if your credit limit is $200,000, you must draw $150,000 or more at funding). If you would like to draw less at funding, you may lower your credit limit.
