From bucket list trips around the world to dream home renovations, life is full of grand ideas we struggle to put into action. Most of the time, it’s not due to a lack of planning. Itineraries and blueprints collect dust while we work hard to gather the funds to make it happen. Sometimes, it feels like our dreams will never become reality, but the money might be closer than you think.
We take pride in welcoming our members to the sunnyside of money — but that’s not just a fun tagline. At Hello, we help shine a light on what you care about most and offer options to help you finance your dreams!
In our handy bag of resources is a HELOC, or Home Equity Line of Credit. You worked hard to build equity in your home; now, let your home help you!
What is a HELOC?
A HELOC gives you access to your home’s equity whenever it’s convenient for you. As a line of credit, a HELOC is split into two phases:
- The Draw Period: The timeframe directly after you get your HELOC when you can draw and spend money from your account. Like most accounts with Hello, this can be done by visiting a branch or through online banking and the mobile app.
- The Repayment Period: After the draw period ends, make payments ONLY on what you borrowed. Like most lines of credit with Hello, this can be done by visiting a branch or through online banking and the mobile app.
What can I use a HELOC for?
You can use your HELOC for anything! Finally, take that trip to Europe, renovate your kitchen, or send your kid to college. Whatever fun-filled ideas you have in mind, bring them to life with the funds from a HELOC!
How to get a HELOC
Does a HELOC sound right for you? Here are five easy steps to secure your HELOC:
Step One: Research and gather your paperwork
To ensure you understand how a Home Equity Line of Credit works, we recommend you review the CFPB’s Home Equity Line of Credit brochure.
Once you feel comfortable with the program, begin gathering your documents, like paystubs, W-2s, or any other income documents.
Step Two: Apply for your HELOC
Apply right from your home with Hello’s easy-to-use online application! An underwriter will review your application to determine if you qualify to proceed with an application.
Step Three: We will get your home appraised
Next, Hello will need to estimate the value of your home. Sometimes, we can use online valuations and may not need to do an in-person appraisal — in these cases, your application may be accepted as quickly as one day. However, if an in-person appraisal is needed, it may elongate the process. There are some property restrictions, so visit our Home Equity LOC page [link] or ask your loan officer for specifics.
Have questions throughout the process? No problem — your loan officer will walk you through each step and update you along the way!
Step Four: Sign your documents
Once approved, your loan officer will schedule a closing. To keep it easy, you can come into a branch or sign your HELOC documents digitally!
Note: Florida requires a three-day right of rescission before the funds are released. If you have any questions about the delay, or if the delay lasts longer than three days, contact your loan officer.
Step Five: Access your Funds!
Whether you’re renovating your home, taking an international trip, or sending your kid to college, your HELOC is yours to put all your fun-filled ideas into action!
If a HELOC is right for you, don’t hesitate to get started today! Plus, from now until June 2025, take advantage of our HELOC promotion and enjoy a HELOC as low as 6.50% and up to $100,000. Check out our promotion page for more information.
Still have questions? Contact one of our representatives, and we’d be happy to help you.