If you’re considering a home equity line of credit (HELOC), you might be curious about how these loans work in Texas. With its unique rules and regulations, Texas HELOCs can differ significantly from those in other states. Fortunately, Figure’s HELOC is here to simplify the process and offer you unparalleled benefits.
What is a HELOC?
A home equity line of credit is a flexible borrowing option that allows you to access your home’s equity. It functions similarly to a credit card: you’re given a credit limit and can borrow as needed, paying back what you use in full or through monthly installments. However, a HELOC is secured by your home, meaning your home is at risk if you’re unable to repay.
Key Features of Texas HELOCs
In Texas, HELOCs come with some distinctive features and requirements:
Secured Against Your Home: The loan is secured by your home’s equity. It’s usually a second lien mortgage, meaning it’s secondary to your primary mortgage.
Draw Period: You can withdraw funds up to your credit limit throughout the duration of the loan’s draw period, which is usually the first few years of the loan.
Access Methods: Funds can typically be accessed through various means, including ACH deposits or sometimes checks or credit cards.
Purpose Restrictions: Unlike in some states, Texas HELOCs cannot be used to purchase a home. They’re primarily for accessing cash from existing home equity.
Loan Characteristics: HELOCs typically offer features such as the ability to adjust loan amounts, interest-only payments during the draw period, variable interest rates, and low closing costs.
Why Figure’s HELOC is a Game-Changer
Figure’s HELOC stands out for its exceptional benefits and streamlined process:
Top Non-Bank Lending HELOC in the USA: Figure leads the way in non-bank HELOC lending, offering a superior product with competitive rates and terms.
Lightning-Fast Process: Our online application process is designed to be fast and efficient. Unlike traditional lenders, who can take 30 to 90 days to close, Figure’s automated system allows us to process loans quickly, in a matter of days. This means quicker access to your funds and fewer hassles.
Intellidebt Integration: Our new product feature, Intellidebt, lets you view your debts and choose which to consolidate with your HELOC in a streamlined interface, making it easier to manage your finances and make informed decisions about your HELOC.
Fixed Rates2navigates to numbered disclaimer: The rate that applies to each draw is fixed at the time of the draw and won’t change over time, providing stability and predictability.
Redraw Up to 100%: Have the option to redraw up to 100% of your line of credit, offering flexibility to access additional funds as needed.
100% Online Application: Our fully online application process requires no in-person appraisal. We offer online video notary and support in most locations, making the application process seamless and convenient.
Borrow Up to $400,0001navigates to numbered disclaimer: Figure offers loan amounts starting at $35,000 all the way up to $400,000, allowing for significant access to your home’s equity.
Flexible Loan Terms: Choose from a range of repayment terms to fit your needs and financial situation.
So, whether you’re looking to tackle home improvements, consolidate debt, or just have a little extra cash on hand, Figure’s HELOC is as big as Texas—ready to handle all your home equity needs with ease and speed. With our top-notch features, lightning-fast funding, and a process smoother than a Texas sunset, you can trust Figure to be the reliable partner in your financial journey. Because when it comes to HELOCs, we believe everything really is bigger and better in Texas.
