Frequently Asked Questions:

Are you a Lender?
American HELOC is not a lender. We are a broker and have relationships with all of the major lenders that offer HELOC's.

What is a Home Equity Line of Credit?
A Home Equitly Line of Credit (HELOC) is a revolving line of Credit similar to a Credit Card.It typically has a lower interest rate and is secured by the equity in your home. You pay interest only on the amount of money drawn on your credit line. You can pay down the balance at any time. Your subsequent payments will reflect the lower balance.

How are Home Equity Loans Used?
A HELOC can be used the same way you use other lines of credit such as a credit card. Here are a few examples of how they are used: emergency line of credit, home remodeling and personal expenses such as a new car, school, even as a reverse mortgage.

Why should I choose a Home Equity Loan - Advantages?
A HELOC is less expensive than a traditional home loan. In most cases, there are less up front costs with getting a HELOC, and you only pay interest on the amount of money you have drawn.

What does it cost to get a HELOC?
A no cost HELOC is available if you have very good credit and if you are borrowing against the equity in your primary home. The cost will be higher if you have credit problems or if you are borrowing against equity you have in your second home or investment property.

What financial documents are required for a HELOC?
A complete loan application (taken by phone is OK) is required to apply for a HELOC. The lender may request additional information depending on the loan amount, your credit score and the value of your home. Additional documents include pay stubs, bank statements, W2's or tax returns, curent mortgage statements, etc...

How quickly can I get this money?
You can expect to have your loan in 30-40 days. The turnaround time depends on both the lenders and your ability to provide requested financial documents in a timely manner. Don't wait till the last minute to apply for your loan.

I have credit problems what are my options?
At present, we are not working with any lenders that have HELOC's for people with less-than-perferct-credit.