Home Equity Line of Credit (HELOC) Options
Borrow against your home equity through a separate credit line and keep your current first mortgage in place.
Explore My HELOC Options →Tell us about your property, current mortgage, and plans.
A different way to access available equity.
A HELOC may fit if you need funds at closing and expect more expenses later. Before deciding, compare how much you must borrow upfront, when you can draw again, and how your payments could change.
Start with these questions:
- How much do you need at closing and later?
- Would a required initial draw fit your plans?
- Can your budget handle changing payments?
- How does it compare with a home equity loan or cash-out refinance?
PMF DigitalExpress HELOC
Start online with a streamlined review. Closing timing depends on verification and property review. Funding timing may vary, including any applicable waiting period.
DigitalExpress starts with a full draw of the approved line on a fixed-rate repayment plan. An initial draw fee applies.
Variable-Rate HELOC Program Highlights
- Credit line
- $25,000–$750,000 on selected standalone programs. Limits vary by credit, occupancy, and combined liens.
- Credit score
- Options starting at 640 on selected lower-financing tiers. The $750,000 program starts at 680 and has its own financing limits.
- Down payment / equity
- Combined financing can reach 90% of the property’s value for certain primary and second homes. Investment limits are lower. Your existing mortgage counts toward the limit.
- Occupancy
- Primary residence, second home / vacation home, or investment / rental property, subject to program and transaction requirements.
- Property types
- Eligible 1–4 unit primary residences and investment properties, one-unit second homes, and qualifying condos. Condo eligibility depends on the project. Manufactured homes and co-ops are ineligible for the options shown.
- Rate structure
- Variable rate tied to Prime plus a margin. Your payment can change as the rate or outstanding balance changes.
- Interest-only
- Selected options include an initial interest-only payment phase. Interest-only payments do not reduce principal and may change with the rate or balance.
- Amortization / repayment
- The time you can draw funds and the time you can make interest-only payments can end on different dates. Ask us to walk through the schedule for your option.
- Initial draw
- Reviewed programs require at least 75% of the credit line at closing, followed by a 90-day additional-draw lockout. Subsequent-draw conditions apply.
Highlights summarize multiple programs and may not be available together. Credit, valuation, lien, occupancy, and underwriting conditions apply. Variable rates and payments may increase. Your home secures the credit line. Final agreement terms, fees, floors, caps, and repayment schedule must be reviewed before closing.
Traditional HELOC underwriting with guidance from a PMF loan officer.
Digital alternative with an online application and digital verification where available. Opens in a new tab.
How the variable-rate HELOC works
Initial funding
You receive your first advance at closing. For the options shown, plan for the minimum initial draw and a 90-day wait before accessing more funds.
Draw access
After the waiting period, you may be able to borrow again during the draw period if you have credit available and meet the terms of your agreement.
Repayment
When principal repayment begins, you pay down the balance as well as interest. Your monthly payment can rise even if you borrow nothing more.
Your equity and ability to repay.
- Property value, occupancy, and first-mortgage balance.
- Credit, income, and existing monthly obligations.
- Requested line, initial draw, and future access needs.
- Variable rate, fees, repayment schedule, and alternatives.
HELOCs in Michigan, Florida and California
Explore HELOC options through PMF in California, Florida, and Michigan.
Availability depends on the property and the program requirements in your state.
HELOC FAQs
What is a HELOC?
A home equity line of credit is revolving credit secured by your property. These standalone options are second liens, so the first mortgage remains in place.
How is a HELOC different from a home equity loan?
A HELOC gives you a credit line you may be able to draw from again. A fixed-rate home equity loan gives you one lump sum and a predictable principal-and-interest payment. Compare both options.
Can I keep my current first mortgage?
Yes. The HELOC is separate from your first mortgage. We review your current mortgage balance and payment when we look at what you may qualify for.
How much can I borrow?
It depends on your home’s value, what you already owe, how you use the property, and your credit. We can help estimate a line size for your situation.
Do I have to draw money immediately?
Yes. The variable-rate options shown require at least 75% at closing and a 90-day wait before drawing again. DigitalExpress starts with a full draw.
Can I borrow again after repaying part of the balance?
Redraws may be available within the draw period under the agreement’s conditions, after any lockout. Minimum draws and other limits apply.
Will my rate and payment change?
They can. These financing options use a Prime-based variable rate plus a margin, with applicable floors and caps.
Are payments interest-only?
Selected options include an interest-only phase, followed by principal-and-interest repayment. The draw window and interest-only window are not necessarily the same length.
Are there fixed-rate options?
The initial DigitalExpress draw has a fixed rate. The other HELOC options described here use a variable rate. Ask us how DigitalExpress compares with a fixed-rate home equity loan.
Can I use a second home or investment property?
Selected programs allow eligible second homes and investment properties, with different credit and equity limits. The reviewed second-home options are limited to one unit.
Will I need an appraisal?
We need to verify your property’s value. Some smaller lines may qualify for another type of valuation. The variable-rate options shown require a full appraisal for lines above $400,000.
What credit score and equity do I need?
Selected lower-financing tiers begin at 640, while higher line amounts or financing percentages require stronger credit. The first mortgage and other applicable liens count toward combined financing limits.
What risks should I consider?
Your property secures the debt, so failure to make required payments can put it at risk. Variable rates and the move from interest-only to amortizing payments can raise payments.
What happens after I submit my scenario?
A licensed PMF loan officer will review your scenario and discuss possible options. An inquiry is not approval.
Let's compare your equity options.
Review the structure and costs before choosing a credit line.
Explore My HELOC Options →Program availability and terms depend on your complete scenario and underwriting. This is not a commitment to lend. Choose DigitalExpress to start its online application, or tell us about your scenario to explore other HELOC options.