Is a Vibrant HELOC right for you?
Using a HELOC to increase your spending power is a lot like using a credit card—except, in most cases, a HELOC offers a lower interest rate and higher credit limit.
We offer an easy application process and fast approvals for homeowners whose properties are:
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Located in Illinois or Iowa
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Your primary residence (not an investment property or vacation home)
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Not part of a homeowners’ association (condo or PUD)
Variable rates as low as 8.500% APR*
Frequently asked questions
That depends on your current mortgage balance. The total sum of your HELOC and your mortgage balance cannot exceed 100% of the fair market value of your home.
It's also important to make sure you don't borrow more than you can afford to repay. Your monthly minimum payment will equal 0.75% of your HELOC balance.
Another thing to remember—because this is a variable interest rate loan, your financing costs will fluctuate if you carry a balance. Talk with your banker about your target monthly payments.
There is an origination fee and some closing costs associated with a HELOC. Expect to pay about $450 in most cases, depending on the size of your line of credit and the value of your property.
No, you can use the funds for whatever you choose.
In addition to information about your employment history, W-2s and pay stubs, bank statements, and information about other outstanding debts like car loans or credit cards, you’ll need to prove that you own the property you’re borrowing against and that it is adequately insured.
We can't rule it out entirely, but it's unlikely! For the majority of HELOCs, we use what’s called an Automated Valuation Model (AVM) that estimates your property value based on data and analytics. This saves you money, time, and the hassle of an in-personal appraisal.
Home Equity Line of Credit (HELOC) Rates
All loans are subject to approval. *Monthly payment is per $10,000 borrowed payment based on 0.75% of the loan balance. All rates and terms subject to change without notice, and all loans are issued subject to credit approval. Normal lending guidelines apply. Rates quoted above are based on 730 credit score, LTV (loan-to-value ratio) of 85%, and for an owner-occupied property. APR may vary with the applicant's credit score and LTV. Your total HELOC can go up to 100% CLTV (combined loan-to-value ratio), but terms may vary. Property, home, and flood insurance may be required. |
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