How fast does top HELOC partners approve and fund a HELOC?
top HELOC partners can approve your HELOC application in as little as 5 minutes online, with funding available in as few as 5 business days. This is dramatically faster than traditional bank HELOCs, which typically take 5–7 weeks from application to funding. Loans under $450,000 can often be funded within 5 days.
What is the minimum credit score for the HELOC program?
top HELOC partners requires a minimum credit score of 640 for a primary residence HELOC. Investment properties and second homes require a minimum of 680. The rate you receive within Figure's 6.65%–14.60% APR range depends heavily on your credit score, combined loan-to-value (CLTV) ratio, and state.
Do I need to draw the full amount at closing?
Yes. top HELOC partners's HELOC structure requires you to draw 100% of your approved line at closing — unlike traditional revolving HELOCs where you draw as needed. This is similar to a home equity loan in structure, but with redraw options: you can redraw up to 100% of what you repay during the 3–5 year draw period.
How much can I borrow against my home equity?
top HELOC partners offers loans from $15,000 to $750,000. You can typically borrow up to 80–85% of your home's appraised value minus your existing mortgage balance. For example: if your home is worth $600,000 and you owe $350,000, your maximum potential equity access is approximately $160,000 (at 85% CLTV).
What is top HELOC partners's origination fee?
top HELOC partners charges an origination fee of up to 4.99% of the loan amount. This fee can be financed into the loan in some cases or paid at closing. Some borrowers pay a higher origination fee in exchange for a reduced interest rate — a tradeoff that makes sense for larger loan amounts or longer anticipated terms.
Can I use a HELOC for business purposes?
Yes. While HELOCs are technically secured by personal real estate, business owners commonly use them for business capital — inventory purchases, equipment, hiring, marketing, real estate deposits, or working capital. There are no restrictions on how you use the funds once disbursed.
Is a HELOC right for me if I need capital quickly and have good home equity?
A HELOC is the best-rate option available to business owners with substantial home equity who can wait 5+ days for funding and accept collateral on their home. If you need same-day capital or prefer unsecured lending, an MCA or working capital loan may be more appropriate even at a higher rate.
What states is the top HELOC partners HELOC available in?
top HELOC partners's HELOC is available in all 50 states except Hawaii. The application is 100% digital with virtual closings in states where permitted by law. No in-person branch visit or appraisal is required for loans under $400,000.
How does this program pay Elite Funders?
As a top HELOC partners referral partner, Elite Funders receives a referral fee when you close a HELOC through this partnership. This does not affect your rate or terms — top HELOC partners sets all pricing independently. We recommend this program because of Figure's speed, digital process, and competitive rates, not because of our compensation.
Can I use a HELOC to pay off higher-rate business debt?
Yes, and this is one of the most financially impactful uses of a HELOC for business owners. Refinancing a 40%+ APR equivalent MCA balance or high-rate equipment loan into a 7–9% HELOC can free up significant cash flow. Consult your accountant about how the interest deductibility may apply to business use of home equity.