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EquitySelect gives you the ability to pick a life-of-loan Minimum Monthly Payment percentage that suits your cash flow needs. You may pay the full amount, or any amount you wish, provided it's equal to or greater than the Minimum Monthly Payment for that month. The Minimum Monthly Payment is capped at a certain dollar amount. Your statement will show the interest charged that month and your Minimum Monthly Payment (capped if necessary). If you pay less than the interest charged in a month the unpaid interest is added to your loan balance which is paid at the end of the loan in what is known as a balloon payment.

We take your month-end balance outstanding — including beginning balance, additional draws, payments, other adjustments, and accrued interest for that month — and multiply it by one-twelfth (1/12) of your selected Minimum Monthly Payment percentage.

Your Minimum Monthly Payment percentage was selected by you at loan closing. It ranges from 1% to 5% annually (adjusted to a monthly rate) of your outstanding loan amount.

No. Your selected Minimum Monthly Payment percentage is fixed for the duration of the loan and cannot be changed.

Yes. You'll receive a detailed monthly statement showing your new Minimum Monthly Payment.

Your payment is due on the 20th of each month, with a 10-day grace period. A missed payment beyond that grace period is charged a 5% late fee on the full monthly payment amount (excluding escrow). If you're an additional 30 days late, your account will be reviewed and may be suspended, cutting off further access to your line of credit until the payment is resolved. If a missed payment reaches 90 days or more past due, your line of credit will be automatically suspended. Your HELOC can be called due and payable if the delinquency isn't resolved.

If you only make the minimum payment and leave interest unpaid, that interest gets added to your balance, which can raise your future monthly payments even if rates stay the same. Payments can also move up or down as your monthly loan interest rate varies.

Interest is calculated monthly based on your daily outstanding balance. It isn't added to your balance day by day — it accumulates and is added at the end of the month. As a result, unpaid interest compounds monthly.

Unless you make payments that reduce your outstanding loan amount, your monthly payments will increase over time, assuming rates stay the same. Unlike many other HELOCs, though, we don't require you to amortize the loan over the repayment period — your payments continue to be calculated the same way they were during the draw period.

Your EquitySelect HELOC has a Line of Credit (LOC) equal to the total amount of draws or advances you may access. Unpaid accrued interest isn't deducted from the LOC — it's added to the outstanding loan amount instead. Payments always reduce the balance outstanding first, and must fully pay off unpaid interest or other charges before they increase your available LOC.

For example: say you have an available LOC of $100,000, with a loan balance of $200,000, of which $50,000 is accrued and unpaid interest. If you make a payment of $75,000, all of it reduces the outstanding balance to $125,000. Because you paid $25,000 more than the accrued interest, that $25,000 increases your available LOC to $125,000.

We'll send you a checkbook with your name preprinted on the checks. You can endorse a check and deposit it into your bank account.

The draw period lasts seven (7) years for 1st liens, or five (5) years for 2nd liens.

You may request draws at any time by writing yourself a check and depositing it, provided you have availability in your LOC and are within your draw period — seven (7) years for 1st liens, five (5) years for 2nd liens.

Yes — in part or in full, at any time. There are no prepayment penalties.

Your interest rate is based on a margin plus an index of the 30-day Average SOFR, and it may change monthly on the 1st. The index is published by the Federal Reserve Bank of New York. We calculate your interest daily based on your activity and add that total to your balance at the end of every month.

The maximum rate you can be charged is the lower of 15% or your state's usury limit, if that limit is lower. The minimum rate is the margin on your loan, which you can find in your loan documents.

You can request that we subordinate our second lien to a refinanced fixed-rate first mortgage, if it's a rate-and-term refinance with no cash out. Conditions apply, so contact us before proceeding — without our subordination, you may have to pay off the second lien when refinancing your first mortgage.

Failure to make the required payments on your first-lien mortgage is a default under our loan terms. Generally, if you're 60 days delinquent on your first mortgage, your available LOC is frozen, and your HELOC can be called due if the delinquency isn't resolved.

Our previously 2nd-lien position becomes the first-lien position. You'll still be responsible for paying your property taxes, HOA dues, and property insurance.