Tap into your home equity with a HELOC.
A Home Equity Line of Credit or HELOC gives homeowners the ability to tap into the equity they’ve built in their homes. Key ways to use a HELOC include:
- Structure your mortgage with a HELOC as a second lien to avoid paying Mortgage Insurance
- Use it to secure a Conventional loan instead of a Jumbo loan
- Invest in home improvement projects
- Use it as a down payment
You can take advantage of a HELOC on a primary residence or a vacation home. It establishes a line of credit that can be used to finance expenses like home improvements or college tuition, or to have as a rainy-day financial resource.
How it works.
- A HELOC is a revolving line of credit.
- You will be given a limit, or maximum amount, that you can borrow based on the equity you have in your home.
- You don’t have to use the full sum of money - you can take only what you need.
- Once the money has been borrowed, you’ll make scheduled payments to pay off the balance, ensuring it is paid in full by the pay-off date or when you sell your home.
If you already have a mortgage with HomeStreet Bank, please reach out to your Loan Officer and they will help you through the process of securing a HELOC.
To move forward in the application process, you’ll need to provide your W2, two most recent paystubs, and the completed application (can be completed online or request one in-branch or via email). These documents are required so that the bank can assess your situation and work with you to find the best possible financial options available to you.
HELOCs can provide great financial flexibility for homeowners.
Draw on your existing HELOC.
If you already have a HELOC with HomeStreet Bank and you want to draw on your credit line, you can follow one of these simple steps:
- Use the checkbook provided at loan origination (Please contact Mortgage Lending Customer Service at 1.800.809.1377 if you need a new checkbook).
- Call Loan Servicing at 1.800.237.3194.
- Visit a HomeStreet Bank branch.
For more information about a HELOC and how it can benefit you, please contact your Loan Officer. If you do not have a Loan Officer, please fill out the contact form and one will be assigned to you.
