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The Annual Percentage Rate (APR) for a HELOC is calculated based on a variety of factors, including credit score, loan-to-value, line amount, and location of the property securing the line of credit. With a home equity line from Truist, you can choose between a fixed or variable interest rate on each draw you take.

HELOC (Home Equity Line of Credit) payments are typically based on two factors: your outstanding balance and the interest rate at the time. • During the draw period, you can borrow from your available credit line and may only need to make interest-only payments on the amount you've used. • Once the repayment period begins, you'll pay back both the principal and interest, with payments recalculated based on the remaining balance and term. Because most HELOCs have variable interest rates, your payments may fluctuate depending on market conditions. For a more predictable option, some lenders offer fixed-rate HELOCs or allow you to lock in a rate for a portion of your balance. If you'd like a personalized estimate, feel free to contact us!

Not necessarily! While a higher credit score can help you qualify for better terms and lower interest rates, you don’t need perfect credit to get a HELOC. Lenders typically consider a variety of factors, including: • Your home equity: The more equity you have, the stronger your application. • Debt-to-income ratio: A lower ratio shows you can manage your debts responsibly. • Payment history: A track record of on-time payments works in your favor. Even if your credit isn’t perfect, you may still qualify. Reach out to us to explore your options—we’re here to help!

The process for getting a HELOC typically takes 2 to 4 weeks, but it can vary depending on your lender and specific situation. Here’s an overview of the steps: 1. Application • Submit your application, including details about your income, credit history, and property. • The lender will evaluate your eligibility based on factors like home equity and debt-to-income ratio. 1. Home Appraisal • A home appraisal or property evaluation is often required to determine the value of your home and how much equity you have. 1. Approval & Offer • If approved, the lender will provide an offer outlining your credit limit, interest rate, and repayment terms. 1. Closing • Once you accept the terms, you’ll sign the final documents at closing. • You may need to pay certain fees, such as an appraisal fee or closing costs. 1. Access to Funds • After closing, you’ll receive access to your HELOC funds, usually through checks or a debit card. While the timeline can vary, working with an experienced lender can help streamline the process. Contact us to get started!

To get started with a HELOC, you’ll need to provide some basic information so the lender can assess your eligibility. Here’s what you should have ready: Personal Information • Government-issued ID (e.g., driver’s license or passport) • Social Security number • Contact details (address, phone number, email) Income Verification • Recent pay stubs or W-2s (for salaried employees) • Tax returns (if self-employed) • Proof of additional income, if applicable Property Details • Proof of homeownership (e.g., deed or property tax bill) • Homeowners insurance policy information • Mortgage statement (showing your current loan balance) Financial Information • Authorization for a credit check • List of debts and monthly payments (e.g., car loans, credit cards) • Bank statements (to verify savings or assets) Having these documents ready can help speed up the process. Please understand we also offer bank statement and lite income documentation HELOCs. If you’re unsure about anything, we’re here to guide you—just give us a call!

Yes and no, there are typically some restrictions on the types of properties that qualify for a HELOC. Most lenders approve HELOCs for: 1. Primary Residences: Homes where you currently live. 2. Second Homes: Vacation or seasonal properties, depending on lender policies. 3. Investment Properties: Homes you operate as investment and DO NOT live in them ever However, some property types may face restrictions or additional requirements, such as: • Investment Properties: HELOCs for rental or income-producing properties are less common but available with certain lenders. • Mobile or Manufactured Homes: Some lenders may exclude these properties or require that they are permanently affixed to the land. • Co-ops or Condominiums: These may require approval from the homeowners’ association (HOA) and must meet lender guidelines. • Properties in Poor Condition: Homes requiring significant repairs or ineligible for appraisal may not qualify. Each lender has its own rules, so it’s best to check with us about your specific property type. We’ll help you determine if your property qualifies and guide you through the process!

It depends on the lender and the specific terms of your HELOC. Many HELOCs do require closing costs, but some lenders offer low-cost or even no-closing-cost options. Here’s what to expect: Typical Closing Costs for a HELOC: • Appraisal Fee: To determine your home’s value. • Credit Report Fee: For the lender to check your credit history. • Title Search and Insurance: To ensure there are no liens on your property. • Recording Fees: For filing the new lien with your local government. • Application or Origination Fee: Charged by some lenders to process your loan. Are No-Closing-Cost HELOCs really Free? Some lenders offer no-closing-cost HELOCs, but there may be conditions, such as: • Higher interest rates to offset waived fees. • Repayment of closing costs if you close the HELOC within a certain timeframe (e.g., 3 years). It’s important to review the terms carefully. Contact us, and we’ll help you understand your options and find the best solution for your needs!

We’re here to help! If you have additional questions about HELOCs or need personalized guidance, feel free to reach out. Our team is happy to walk you through the process and provide answers tailored to your situation. Here’s how you can get in touch: • Call Us: +1-833-247-5626 • Email Us: info@pineyrocapitalgroup.com • Schedule a Consultation: https://calendly.com/pineyrogroupofcompanies No question is too big or small—let’s chat and make the HELOC process as simple as possible!