¹ Assumes borrowers are eligible for AVM to calculate their home value, their loan amount is less than $400,000, and all required documents are uploaded to their Better Mortgage online account within 24 hours of application. Closing timelines may vary.

² 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.

³ Maximum LTV dependent on borrower eligibility.

⁴ HELOC rates start at 9% APR (annual percentage rate), may be as much as 15.55% APR and are subject to change at any time. Lowest APR assumes a credit limit of $150,000, home equity combined loan to value (HCLTV) of 64%, and a FICO score of 780 or higher. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee or discount points in exchange for a lower rate. Advertised rates will vary with Prime Rate (the index) as published in the Wall Street Journal. Advertised rates are current as of 11/01/2023 and are subject to change without notice. This is not a commitment to lend.

⁵ See average HELOC rates source here.

⁶ Better Mortgage's HELOC product requires that you pledge your home as collateral, and you could lose your home if you fail to repay your loan.

⁷ The Variable APR (annual percentage rate) and monthly payment amounts shown are for illustrative purposes only. Your actual APR and monthly payment amount may vary and may be greater. APRs and monthly payments assume: a new HELOC on a single family detached property, you have a debt-to-income ratio (DTI) that is lower than 50%, the maximum points allowed are being paid at closing, and a home equity combined loan to value (CLTV) ratio based upon information you provided. Advertised APRs will vary with Prime Rate (the index) as published in the Wall Street Journal. HELOC rates start at 9% APR, may be as much as 14.75% APR and are subject to change at any time. Advertised APRs are current as of 11/01/2023 and are subject to change without notice. This is not a commitment to lend.

⁸ Source

Better Mortgage's HELOC product is available in all states other than TX, and VT.

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.

HELOC Important Terms