Loan approvals in 5 minutes. Closing and funding in 5 days.
Decisions in as little as 5 minutes and funding in as few as 5 days for eligible borrowers, subject to credit approval; timing not guaranteed.
A home equity line of credit (HELOC) for Washington homeowners, plus DSCR loans for rental property investors. Simple online steps, with a local loan officer who answers the phone.
Jason GrayBranch Manager, NEXA LendingNMLS 118354 · Lending since 1993425-260-3482Kirkland office · serving all of Washington
Two ways I can help
HELOC for your home
Borrow against your equity for a remodel, a new roof, tuition or paying off higher-interest debt, and leave your first mortgage alone.
How a HELOC worksDSCR loans for investors
Qualify on a rental's cash flow instead of your tax returns. For some eligible loans under $400,000, a traditional appraisal and title insurance may not be needed.
DSCR detailsHow it works
- Talk with Jason. A quick call about your goals, your home and what you owe. No credit check to start.
- Apply online. Most of the application, income and identity checks happen online.
- Review your offer. See your line amount and terms in writing before you commit.
- Sign and get funded. Some loans close with a remote online notary. Timing varies.
Common reasons Washington homeowners use a HELOC
Every household is different. Here's how a line of credit may help, and what to think through first.
Remodels, additions and ADUs
A HELOC lets you draw funds as a project moves forward, so you only borrow what you've used. That fits remodels where contractors are paid in stages.
Things to consider: Get written bids, check permit requirements with your city, and plan for cost overruns.
Kitchen and bath updates
Kitchens and bathrooms are some of the most common projects homeowners take on. A HELOC can cover cabinets, counters, fixtures and labor without draining your savings.
Things to consider: Updates don't always add value equal to their cost. Choose projects you'll enjoy, not only for resale.
Roofs, HVAC, seismic retrofits and big repairs
Some repairs can't wait. A HELOC can give you a ready source of funds for a new roof, a heat pump, a sewer line or a seismic retrofit.
Things to consider: Ask about insurance coverage, utility rebates or local programs first, and borrow only for the gap.
Paying off higher-interest debt
Some homeowners use a HELOC to pay off credit cards or other higher-interest balances, combining several payments into one. Depending on your terms, that may lower your overall interest cost.
Things to consider: A HELOC is secured by your home, unlike credit cards. If you can't repay, you could lose your home. It only helps if you avoid building the old balances back up.
College and tuition
A HELOC can help cover tuition, housing or books, either alongside or instead of other education loans. You draw only what each term costs.
Things to consider: Compare federal student loans first. They may offer protections a HELOC doesn't, like income-driven repayment.
Emergency fund and safety net
Some homeowners open a line and leave it unused, as a backup for job changes, repairs or surprises. You typically pay interest only on what you draw, though some lines have fees.
Things to consider: Lenders can freeze or reduce lines in some situations, so keep some cash savings too. Ask about annual or inactivity fees.
Medical bills
Large medical or dental costs can arrive all at once. A HELOC can cover bills not paid by insurance while you sort out the rest.
Things to consider: Ask providers about payment plans, discounts or financial assistance before borrowing against your home.
A car or another big purchase
A HELOC can pay for a vehicle, an RV or another major purchase. It makes the most sense when you plan to pay the balance down fairly quickly.
Things to consider: Avoid paying off a car over decades. Compare the total cost with a regular auto loan.
Down payment on a second home or investment property
Equity in your current home may help with a down payment on a cabin, a second home or a rental property. A rental may also qualify for a separate DSCR loan.
Things to consider: You'll owe on both properties, so plan for vacancies and repairs. Ask how the line affects qualifying for the new loan.
Starting or growing a business
Some self-employed homeowners use a HELOC for equipment, inventory or startup costs. The line can be drawn as the business needs it.
Things to consider: Your home secures the debt even if the business struggles. Consider whether a business loan fits better, and talk with an accountant.
Bridging between buying and selling
If you're buying your next home before selling your current one, a HELOC opened beforehand may help with the down payment. You can pay the line off when your home sells.
Things to consider: The line must be opened before you list your home for sale. Plan for the home taking longer to sell than expected.
Keeping your first mortgage instead of a cash-out refinance
If you like your first mortgage, a HELOC lets you borrow against equity without replacing it. A cash-out refinance replaces the whole loan with a new one.
Things to consider: Compare total costs, including fees, over the time you expect to keep the loan. Jason will show you both side by side.
A HELOC is secured by your home. Borrow only what you're comfortable repaying. See more detail and examples →
What clients say
Shown verbatim from Jason's Zillow reviews. These relate to Jason's home lending and some predate NEXA Lending.
“Jason went above and beyond to get us into a house. Lots of lenders wouldn't have been able to help , but Jason's experience and diligence made it possible for us. Highly recommended.”— Daniel Newsome, Seattle, WA (Zillow, 6/4/2019)
“Jason was very professional and sharp during the whole mortgage process. He helped me and my family find a mortgage and then go through the entire procedure painlessly. Jason's support was essential for us, as he replied very quickly, including during the weekend. I would highly recommend him and his team!”— mtrend, Bellevue, WA (Zillow, 5/18/2019)
“We had a great experience with Jason. He was open and forthright from beginning to end, and responded to questions and concerns quickly. He maintained a high standard of contact throughout the process and lived up to every commitment he made. He and his team provided service that exceeded my expectations. I have and will continue to recommend Jason Gray.”— chris7548, Everett, WA (Zillow, 4/14/2015)
Questions
What is a HELOC?
A home equity line of credit is a revolving line secured by your home. You can draw what you need, up to your approved limit, and keep your current first mortgage in place.
How much can I borrow?
It depends on your home's value, what you owe, your credit and income. Some programs offer lines from $15,000 up to $750,000, with combined loan-to-value limits set by program guidelines.
How fast can it close?
Many steps happen online. For some eligible borrowers, decisions can come within minutes and funding in as little as about a week, but timing varies with verification, title and notary scheduling.
Is an appraisal required?
For some programs, smaller lines may use an automated valuation instead of a full appraisal. Larger lines usually need an appraisal. Requirements depend on the program and property.
Talk with Jason
I've been helping Washington families with home loans since 1993. Call, text or send a note. You'll reach me, not a call center.
Call 425-260-3482 Apply online
