Frequently asked questions

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.

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.

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.

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.

It may be in some cases, but it depends on how the funds are used and your situation. Please consult a tax advisor.

I'm licensed and serve homeowners throughout Washington State only.

Yes, many homeowners do. It may lower your overall cost depending on your terms, but a HELOC is secured by your home, so avoid running the card balances back up.

Yes. A HELOC can be drawn in stages as an ADU project moves forward. Check your city's permit rules first.

It may. Equity from your home can go toward a down payment, and the rental may qualify for a separate DSCR loan.

It may be in some cases, depending on how the funds are used and your situation. Please consult a tax advisor.

A debt service coverage ratio loan is a business-purpose loan for investment property. Qualification focuses mainly on whether the property's rent covers its payment, rather than your personal income.

For some eligible DSCR loans under $400,000, a program may use an automated valuation instead of a traditional appraisal, and a lien search instead of a traditional title insurance policy. Eligibility depends on the property, data available and program guidelines, and an appraisal or title policy may still be required.

No. DSCR loans are only for non-owner-occupied investment properties used for business purposes.

Programs commonly consider single-family rentals, condos, townhomes, PUDs and 2 to 4 unit properties. Short-term rental eligibility varies.