HELOC | Home Equity Line of Credit

HELOC rates as low as 8.40% variable APR¹

What our customers are saying

The home equity loan process could not have gone more smoothly. The entire team was knowledgeable, responsible.

Great application and closing experience! The application was very easy.

Why a home equity line of credit?

Keep your existing mortgage

Don’t want to lose your low rate? Keep your current mortgage and use a HELOC to unlock your home equity.

Flexibility where it matters most

Only pay interest on what you use, and enjoy the option of making interest-only payments during the draw period.³

Peace of mind with a variable rate

Will rates go down in the future? With a HELoan, your rate is fixed. A HELOC with a variable rate ensures that when rates go down, yours does too.

You have fixed rate options

Get your customized low rate in minutes

Checking your rate won’t affect your credit score

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1 HELOCs through Prosper have a variable interest rate. The APR may change and will be based on an index plus a margin. The “Index Rate” will based on The Wall Street Journal Prime Rate (“Prime”) published on the last business day of the month, (8.000% APR as of 10/01/2024). No annual fee for the first year, then $50 per year thereafter during the Draw Period. During the term of the HELOC, the APR will not go below 2.50% and will not exceed 21% or the maximum APR allowed by applicable law, whichever is less. Property insurance required. Flood insurance may be required. Obtaining the best rate requires the following criteria to be met: 1) a new home equity line of credit application, 2) a line amount between $200,000 and $400,000, 3) line must be in first lien position, 4) having a consumer checking account with the lender, set up with automatic monthly payment deduction at the time of origination, 5) a loan-to-value (LTV) of 80% or less, and 6) strong creditworthiness.

2 HELOCs through Prosper have a draw period, followed by a repayment period. During the draw and repayment periods, the borrower is required to make minimum monthly payments. During the draw period, you may choose to make interest-only monthly payments. Interest-only payments may be lower and allow you flexibility in repaying the principal during the draw period. During the repayment period, you will be required to make monthly payments of both interest and principal. Payments during the repayment period may be higher than interest-only payments during the draw period. Refer to your HELOC agreement for details on monthly minimum payments and payment calculations.

3 No annual fee for the first year, then $50 per year thereafter during the draw period. During the term of the HELOC, the APR will not exceed 21% or the maximum APR allowed by applicable law, whichever is less. Property insurance required. Flood insurance may be required.

Home equity products through Prosper may not be available in all states.

All home equity products are underwritten and issued by Prosper’s Lending Partners. Please see your agreement for details.

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