Digital HELOCs: Exploring Ways to Access Your Home Equity

Homeownership comes with many financial considerations, including the opportunity to build equity over time. As you pay down your mortgage and your home's value increases, the equity you've built may become a valuable source of funds for certain financial needs.

Whether you're planning home improvements, consolidating higher interest debt, covering education expenses, or preparing for the unexpected, a Home Equity Line of Credit (HELOC) may help provide access to funds using the equity in your home.

Today's digital application experience offers a convenient way to apply for a HELOC when the time is right. Acrisure Mortgage’s secure online portal provides a streamlined application experience.

Why Borrowers Might Choose a HELOC

A Home Equity Line of Credit (HELOC) allows eligible homeowners to borrow against available equity in their homes, subject to applicable credit limits and loan terms. Instead of receiving a one-time lump sum, eligible homeowners may borrow funds during the draw period, up to their approved credit limit. This flexibility may make a HELOC useful for a variety of planned or unexpected expenses.

Homeowners may use funds from a HELOC for:

• Home renovations and improvements
• Building a pool or outdoor living space
• Consolidating higher interest debt
• Education expenses
• Emergency home or medical expenses
• Major purchases

What Is a Digital HELOC?

A digital HELOC is a Home Equity Line of Credit that uses digital tools to facilitate some or all of the application and borrowing process. Before choosing any home equity solution, it's important to understand how each option works and which option may best fit your financial goals. Rather than relying solely on paper documents and multiple in-person appointments, many parts of the application process can be completed securely online.

As with any HELOC, borrowers should still consider the applicable rates, terms, fees, and repayment obligations when evaluating whether a HELOC is appropriate for their financial needs.  Depending on that process, borrowers may work with a licensed mortgage loan originator while using digital tools to complete portions of the application process, submit documents, receive updates, and sign certain required forms electronically.

How Does the Digital HELOC Process Work?

Many homeowners are looking for a more streamlined borrowing experience, and applying for a HELOC is no exception. A digital HELOC can allow many portions of the application process to be completed securely online. Depending on the lender and application process, borrowers may be able to apply online, upload documents, receive updates, and complete certain forms electronically through a secure online portal.

With a digital HELOC, borrowers may be able to:

• Apply from virtually anywhere
• Securely upload required documents
• Electronically sign certain required forms
• Receive application updates throughout the loan process
• Track the status of their loan through a secure borrower portal
• Reduce the need for multiple in-person appointments
• Stay connected with their licensed mortgage loan originator throughout the process

By bringing many steps of the borrowing journey into one secure online platform, a digital HELOC can provide a more streamlined application experience while allowing borrowers to work with a licensed mortgage loan originator throughout the process.

Considerations When Evaluating a Digital HELOC

If you're considering accessing your available home equity while enjoying a more convenient application experience, a digital HELOC may offer a convenient way to complete portions of the application and borrowing experience online. Eligibility and available loan terms will depend on applicable credit, property, underwriting and program requirements.

Every homeowner's financial goals and circumstances are different.  Borrowers should consider speaking with a licensed mortgage loan originator about their individual situation. A licensed mortgage loan originator can provide information about available HELOC options and the borrowing process.

Ready to learn more? Connect with one of Acrisure Mortgage’s licensed mortgage loan originators to learn more about available home equity options and the HELOC application process.

^{Acrisure Mortgage, LLC NMLS ID# 152859. Equal Housing Lender. This information is provided for general educational purposes only and is not financial, tax, or legal advice or a commitment to lend. HELOCs are subject to credit, property, underwriting, and program eligibility requirements. Not all applicants will qualify. Interest rates on HELOCs are variable and subject to change, which may affect the amount of your payment. Fees and closing costs may apply. Your home secures the loan, and failure to meet your repayment obligations could result in the loss of your home. Loan programs, terms, conditions, and availability are subject to change without notice. Other restrictions and limitations may apply.}