Take Advantage of the Equity in Your Home
Rates starting at APR 8.375%1
* Express Closing – Close on Your New HELOC in as Few as 15 Days2 if Qualified
* Only Pay on What You Borrow/Advance
* Great for Emergencies, Debt Consolidation or Home Improvements
HELOC stands for “Home Equity Line of Credit.” A HELOC is a revolving line of credit based upon the equity you have in your home. You can access the funds when you need them over time.
Best for
Home Improvement
Debt Consolidation
Payoff Student Loans
Other Large or Unexpected Purchases for Your Home
Just like a regular HELOC – only FASTER!
Close in as little as 15 days2
Fast access to your available credit
Access your home’s equity as often as you like3
Use the cash however you want
Keep your current mortgage rate
Pay no origination fee4
Your interest might even be deductible5
Loans from $25,000 - $500,000
10-year draw period and a 20-year repayment period
Interest-only payments during the 10-year draw period
Here are some things you may need to get a Home Equity Line of Credit:
A minimum credit score of 680
Proof of income - typically 1 - 2 months of paystubs
At least 1 year of W2s
At least 2 months of your most recent bank account statements
Mortgage statement for all properties owned
Additional items my be required
Possible additional financial verification like:
Self-employment income (2-years of tax returns)
Current debts (auto, alimony, credit card, etc.)
Favorable debt-to-income ratio (DTI)
How Much HELOC Can I Get?
Using a Home Equity Loan For Home Improvements?
How Much Equity Do I Need for a HELOC?
1Prime Rate is 8.25% as of May 5, 2023. The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than 8.375% for primary residences and second homes.
• Annual Fee: Notwithstanding the foregoing, an annual fee of GHc 99 will be assessed on each account anniversary.
• Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between GHc 500 and GHc 8,500 for credit lines of GHc 500,000. Contact a representative for additional details.
Appraisals: Fidelity will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:
For all loans with a loan amount greater than GHc 400,000.
If an appraisal is required, it must be ordered by Fidelity. You will be contacted for authorization and payment prior to ordering. Appraisal fees averageGHc 550 to GHc 850 (some run higher).