What do I need to Qualify?
Do I need an existing mortgage?
- Many Americans are using 1st Lien HELOCs to replace their mortgage, but no, a mortgage is not required.
We recommend consulting your tax adviser. In most cases, interest calculation is tax deductible.
We generally estimate and see a timeline of 45-60 days to closing from complete bank application.
Banks want one thing. . . to make money.
They make as much money as possible, as quickly as possible, and for as long as possible. Traditional mortgages successfully accomplish these things for the bank. For example, with a 30 year traditional mortgage the majority of your money goes to the bank during the first 12 years of your term and they get to keep you on the hook for 30 years! Not a bad deal for them.
We, as firstlienheloc.com, are not a bank or qualified lender. We are simply a platform for education and helping consumers find the best First Lien HELOC. When referring you to a bank for a first lien HELOC, we ONLY refer you to a Federally Insured Bank institutions. We aim to provide educational resources to qualified consumers so that they can benefit.
Yes. Most of our lenders utilize national title companies and notaries for the closing and issuing of your title.
Yes, the right 1st Lien HELOC structure is also known as an all-in-one HELOC or all-in-one mortgage. Remember, not every bank carries a 1st Lien HELOC with all of the needed features, so be wary when shopping.
All banks will require a full appraisal, which would give you a full valuation on your home, and therefor, what you can lend against.
A lien is a claim to the deed of the house. Mortgages generally take the 1st Lien position, and historically, a HELOC has taken a 2nd Lien position. This means that, should the loan become insolvent, the 1st Lien would reclaim finances first before the 2nd Lien lender would have any recompense.
If you’re looking to see what your budget, cashflow and loan would look like, you’ll want to sign up on site. We’ll connect you with a licensed loan officer who can help put together your specific details and plan.