Does Carrington offer HELOCs and HELOANs?

Carrington currently provides HELOCs or HELOANs at competitive rates in most US states: 

• AL, AK, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, NC, NE, NH, NJ, NM, OK, OR, PA, SC, SD, TN, TX, and WA

As a digital-first lender, we make the process quick and simple for you—especially if we already service your mortgage. To apply, or to discuss your options with one of our loan officers, you can: 

• Send us an email at loans@carringtonvm.com
• Give us a call toll-free at 888-608-5534 (Monday–Friday, 11AM–9PM ET)
• Apply now online
   

What is a HELOC?

A home equity line of credit (HELOC) allows you to borrow against the equity you’ve built up in your home. You can borrow and repay funds as you need during the HELOC’s draw period, which is usually the HELOC’s first 10 years. During this period, you’re only required to pay interest on the credit you use. Once the draw period ends, you’re required over time—usually 10 to 20 years—to pay off any remaining interest and the principal of the credit you used.
 

What is a HELOAN?

A home equity loan (HELOAN) is similar to a HELOC, but you’re given a lump sum of cash rather than a line of credit. HELOANs come with fixed interest rates and, unlike HELOCs, require you to begin paying interest and principal soon after closing. The length of a HELOAN term can vary, but it is usually 10 to 30 years.
 

What about qualification, interest rates, and draw amounts?

To see whether you qualify, you can call us at 888-608-5534, email us at loans@carringtonvm.com, or simply apply online. Factors that favor qualification and affect your interest rate include: 

• Reliable income
• Good credit and payment history
• Sufficient equity in your home
• Low debt-to-income ratio

Our minimum draw amount varies by product and circumstance. Your interest rate will depend on the factors above and other variables, but you can trust that it will be competitive.
 

Does Carrington charge any fees for a HELOC or HELOAN?

We strive to keep fees low on HELOCs and HELOANs. You can reach out to a loan officer for more details.

Will applying for a HELOC or HELOAN affect my credit?

Once you submit your application, your full credit report (a “hard pull”) will be requested from one or more consumer reporting agencies. This might affect your credit score. If you’d like a rate quote without a hard pull, you can connect with a Carrington loan officer who will provide one using an estimated credit score.

* We broker home equity loans and lines of credit to other lenders on occasion.