Current Home Equity Loan Rates in Riverside, CA Today
RIVERSIDE HOME EQUITY LOAN RATES TODAY
Current home equity loan
rates in Riverside, CA.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare home equity loan rates in Riverside.
Key Points
• Home equity loan rates are shaped by the Federal Reserve’s monetary policy, as well as the borrower’s creditworthiness.
• A smart borrower will make efforts to compare rates from multiple lenders. Doing this will help you find the best deal and terms.
• By working to boost your credit score and to reduce your debt-to-income (DTI) ratio, you could see the rates you’re offered drop.
• You will need to have built at least 20% equity in your home in order to qualify for a home equity loan.
• Choose fixed rates for predictable monthly payments, or adjustable rates for flexibility.
• Interest on home equity loans might be tax-deductible if you use the funds to pay for home-related expenses.
Introduction to Home Equity Loan Rates
What is a home equity loan? First — and most important — it’s a way for homeowners to access the value they’ve built in their homes. It’s also an option many people who’ve built home equity use to relieve pressure when they’re in need of cash.
In this article, we’ll cover all you should know about home equity loans. We will discuss factors that affect loan rates and give you tips for getting the best rate possible on your loan. We’ll explain different types of home equity loans, including home equity lines of credit (HELOCs) and cash-out refinances, so you can be aware of available alternatives, and know the pros and cons of each.
Whether you are envisioning a home renovation, working to consolidate high-interest debt, or preparing to make a major purchase, understanding home equity loan rates in Riverside can help you make the smartest financial decisions for your own economic situation.
How Do Home Equity Loans Function?
A home equity loan is a second mortgage — assuming you are still paying off your original mortgage. It allows you to tap into your home’s equity and receive a lump sum of cash, which you’ll need to immediately begin repaying, usually in fixed monthly installments, over the next five to 30 years. The loan is secured by your home, and that means you’ll have access to lower interest rates than you could negotiate with an unsecured personal loan.
One important thing to keep in mind: In order to draw on the equity in your home, you have to actually have equity in your home. You can still be working on paying off your mortgage, but the money you owe now shouldn’t exceed what the house is worth. Typically, lenders will want you to have 20% equity in your home at a minimum in order to qualify.
HELOCs vs. Home Equity Loans
A HELOC vs. a home equity loan is where many homeowners begin their comparisons. These two types of loans are similar in that you use them to pull equity from your home. A home equity loan’s interest rate is often fixed, giving you the peace of mind that comes with predictable payments, while a HELOC’s rate will often be adjustable.
| HELOC | Home Equity Loan | |
|---|---|---|
| Type | Revolving line of credit | Installment loan |
| Interest Rate | Usually variable-rate | Usually fixed-rate |
| Repayment | Repay only what you borrow plus interest; you may have the option to make interest-only payments during the draw period. | Starts immediately at a set monthly payment |
| Disbursement | Charge only the amount you need | Lump sum |
If you’ve been seriously paying down your mortgage and are wondering how to get equity out of your home, a home equity loan could be the right option for you.
Where Do Home Equity Loan Interest Rates Come From?
The rates you may be offered when you shop for a home equity loan are a product of many different influences, from the broad economic landscape to your personal financial standing.
Federal Reserve policy — including changes to the federal funds rate — can send ripples through the lending market, causing changes that impact the prime rate. When the prime rate moves up or down, so do home equity loan rates. If you keep an eye on these factors, you’ll be better prepared to anticipate rate shifts and make confident decisions about when to pursue a home equity loan.
On a personal level, your credit score and DTI ratio are key drivers in the rates you’ll be quoted, too, when you shop around as a potential borrower. You’ll actually have more control over these things, so try to be prepared. You’ll have a better outcome applying for a home equity loan if you’ve spent time and effort working to improve them.
How Interest Rates Impact Home Equity Loan Affordability
The interest rate on your home equity loan can make a world of difference in how affordable it will be over time, as you pay it down. What should you know? Even a seemingly small reduction in the rate — even a half of a percentage point matters — can lead to significant savings, or extra costs if we are talking about a rate increase.
To demonstrate just how much an interest rate can impact your loan costs, the chart below shows both monthly payment amounts and total interest on a $75,000 home equity loan with a 20-year repayment term. We’ve calculated both the monthly payment and the total interest you would pay at several rates.
With an 8.00% interest rate, your monthly payment would be approximately $627 and the total interest over the loan’s term would add up to $75,559. If the interest rate was one percentage point lower, at 7.00%, the monthly payment would be about $581, and interest would total $64,554. That means, the lower rate could save you $11,005 in interest.
| Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|
| 8.00% | $627 | $75,559 |
| 7.50% | $604 | $70,007 |
| 7.00% | $581 | $64,554 |
Fixed vs Adjustable Interest Rates
Home equity loans tend to come with fixed interest rates. But some Riverside lenders may offer adjustable rates, too, and different home equity financing like home equity lines of credit (HELOCs) and cash-out refinances, also offer adjustable rates. That’s why it’s a good idea to consider which you prefer.
A fixed rate never changes through the loan’s life, giving you the assurance of consistent monthly payments as you pay it off. Such predictability is a great tool for budgeting and financial planning.
Adjustable rates often start off slightly lower than fixed rates, but after an initial period, they tend to change in accordance with market rates. This can lead to higher payments and create uncertainty about what to expect over the loan term.
When you think about home equity loan rates, it’s smart to consider the merits of fixed versus adjustable rates. The type of rate you choose should take into account your financial standing and your comfort with risk.
Home Equity Loan Rate Trends
Predicting interest rate movement is like a day at the races – it’s all but impossible to know what will happen with certainty. But looking at trends in recent history can give you a better sense of movement that may be coming.
Let’s look at the prime rate, a pivotal driver of home equity loan rates. Its recent timeline shows just how changeable it is. As you can see in the chart below, it dropped to 3.25% in 2020, then steadily rose to 8.50% in 2023.
Historical Prime Interest Rates
Source: TradingView.com
| Date | Prime Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.50% |
| 9/27/2018 | 5.25% |
Source: St. Louis Fed
As we’ve mentioned, fluctuations of this sort impact the rates you might encounter in Riverside. But staying in the know about financial trends and working on your financial standing can help you time your application to sync with favorable economic conditions, despite some unpredictability. With luck, you can score competitive rates.
How to Qualify for the Lowest Rates
To grab the most competitive home equity loan rates offered by lenders in Riverside, you’ll want to keep in mind a few factors. Take the following steps before you begin the application process, and you’ll position yourself to land an interest rate and term that are favorable and manageable.
Accrue Home Equity
To qualify for a home equity loan, you’ll need to have at least 20% equity in your home. You can figure out your equity, like this: Subtract the outstanding balance on your mortgage from the estimated value of your home, then divide the answer by your home’s estimated value to arrive at a percentage of equity. The higher that percentage is, the better off you are.
Build a Strong Credit Score
To land the best home equity loan rates, you also need a robust credit score. Lenders often look for a score of 680 or higher — and many require a score over 700. A higher score is viewed by lenders as a sign of financial competence, and can open the door to favorable loan terms. If you make timely payments, reduce credit card balances, and steer clear of new debt, you may boost both your credit score and your chance of qualifying for a home equity loan with a lower interest rate.
Manage Debt-to-Income Ratio
Your DTI ratio is important when it comes to qualifying for a home equity loan and getting a great rate. Lenders typically would like to see a DTI ratio of 50% or less. If yours is 36% or lower, you might qualify for lower interest rates. How can you manage your DTI effectively in Riverside? Make efforts to pay down your debt, increase your income, or achieve some combination of the two.
Get Adequate Property Insurance
Property insurance is a must-have if you want to qualify for a home equity loan. Insurance is a safety net for both you and the lender should your home suffer any kind of damages, so make sure your coverage is top-notch.
Tools & Calculators
Online tools and calculators can be a giant help when you’re looking for the best home equity loan rates. You can choose among multiple tools, like a home equity loan calculator, which letsyou input a few details and get a calculation of the maximum home equity loan amount you might be able to qualify for.
Run the numbers on your home equity loan.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
If you are curious about the closing costs you’d have to pay on a home equity loan, you’re looking at paying 2% to 5% of the loan amount. This table will show you how loan closing costs tend to break down.
| Service | Typical Fees |
|---|---|
| Appraisal | $300-$500 |
| Credit report | $30-$50 or more |
| Document preparation | $100-$500 (may be billed on an hourly basis if attorney involvement is required, or built into the loan origination fee) |
| Loan origination | 0.5%-1.0% of the loan amount |
| Notary | $20-$100 |
| Title insurance | 0.5%-1.0% of the loan amount |
| Title search | $75-$250 or more |
Some lenders may offer a product called a no-closing-cost loan, but look closely at the details. These are known to frequently come with higher interest rates.
Is Home Equity Loan Interest Tax-Deductible?
Yes, the interest on your home equity loan may be tax-deductible. This is generally the case if you use the funds to make improvements on your home. Single filers can take deductions on the interest they pay on the first $375,000 of loan debt. Married couples filing jointly can deduct the interest on up to $750,000 of debt. You’ll need to itemize if you want to take advantage of these deductions, though, so be prepared. A tax advisor can help you figure out what will make sense for you.
Home Equity Loan Alternatives
If you’re not sure that a home equity loan is what you’re looking for, you could also consider a cash-out refinance or a home equity line of credit (HELOC). A cash-out refinance lets you take out a new mortgage for a larger sum than what you owe on your existing home loan, and receive the difference as a lump sum to use as you wish. A HELOC lets you apply for a credit limit, secured by your home, that you can borrow against as you need to. You’ll only pay interest on the cash you draw out, once you’re received it.
You may want to learn more about cash-out refinance vs. home equity line of credit similarities and differences. A strong understanding of your options will help you make the best choice.
Cash-Out Refinance
This option could also be called a strategic mortgage refinance. When you do it, you swap your original mortgage for a larger one and receive the difference in a lump sum. Rates on cash-out refis may be fixed or adjustable. It may be easier to qualify for a cash-out refi than it is for a home equity loan or a HELOC. Lenders’ standards always vary, but often, cash-out refis require a 620 minimum credit score and a DTI ratio of 43% or lower.
Home Equity Line of Credit (HELOC)
What is a home equity line of credit? A HELOC is a lot like a credit card secured by your home. It can offer you the freedom to borrow up to a set limit, and then pay interest on the money only when you use it. You pull out funds during an initial “draw” period, followed by a repayment period when you need to pay back both the principal and the interest.
Rates on HELOCs are usually adjustable, and HELOCs are all about flexibility. But keep in mind that adjustable interest rates mean your rate and payments could change and potentially impact your costs in the future. Qualifying for a HELOC often requires a credit score of 680 or higher (700-plus is even better) and a DTI ratio below 50% (come in under 36% for the best rates). With a HELOC, you may be able to borrow up to 90% of your home equity.
Want to know how much your monthly payment would be on HELOC? Experiment with figures using a HELOC monthly payment calculator. Play around with different interest rates and terms to find out how they’ll affect your payments, and ultimately how much of a loan you can afford. If you just want to calculate how much interest you’d pay during a HELOC’s draw period, try a HELOC interest-only calculator.
The Takeaway
Before you apply for a home equity loan in Riverside, make sure you understand how interest rates work — that will help you negotiate the best rate and term. Your credit score, DTI ratio, and equity level all play a role in the rate you’ll score, and shopping around to compare lenders’ offerings goes a long way.
A home equity loan isn’t a fit for you? A HELOC or a cash-out refinance could be a better option. Both have unique benefits that make them appealing.
SoFi now offers home equity loans. Access up to 85%, or $350,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
FAQ
What are the common uses of a home equity loan?
There are lots of reasons why people apply for home equity loans. They include wanting to pay for home improvements and consolidating high-interest debt. If you decide you’re going to apply for a home equity loan, remember to use the funds wisely.
What would monthly payments look like on a $50,000 home equity loan?
Your monthly payment on a $50,000 home equity loan could vary depending on your interest rate and the loan term. If you got your loan at 7.00% interest over 15 years, for example, your monthly payment would be around $449. At a 9.00% interest rate over 15 years, the payment would be around $507. Check out the loan calculators in this article for help figuring out what monthly payments would be required of you, depending on the variables.
What prevents you from getting a home equity loan?
Several issues could get in the way when you apply for a home equity loan. First, lenders typically require a minimum credit score of around 680 or better; if your score is lower, it could disqualify you. A DTI ratio that’s above 50% is likely too high for a lender’s criteria, and might push your loan out of reach, too. Have less than 20% equity in your home? That could be a red flag for lenders, too. Lenders also look at your home value and its stability, along with how comprehensive your property insurance is. Qualifications vary, but these are common disqualifiers.
What are a home equity loan’s biggest benefits?
Home equity loans frequently carry fixed interest rates — and therefore have predictable monthly payments, making budgeting easier. They tend to have lower rates than unsecured personal loans, which makes them cost-effective for significant one-time expenses, including home improvements or debt consolidation. Be sure you balance these benefits with potential risks — including the threat of foreclosure on your home if you get behind on payments.
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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOHL-Q225-334
More home equity resources.
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What is a Home Equity Line of Credit
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Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Current HELOC Rates in St. Petersburg, FL Today
ST. PETERSBURG HELOC RATES TODAY
Current HELOC rates in
St. Petersburg, FL.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare HELOC rates in St. Petersburg.
Key Points
• HELOC rates are influenced by the prime rate and your creditworthiness.
• To qualify, you’ll typically need at least 15% equity in your home.
• HELOCs offer flexible borrowing versus a lump-sum loan.
• Variable interest rates can change with the market, so monthly payments aren’t always predictable.
• The interest paid on a HELOC may be tax-deductible if funds are used for home improvements.
• Comparing offers from multiple lenders helps borrowers find the best terms.
Introduction to HELOC Rates
If you’ve been diligently paying off your home loan in St. Petersburg, Florida, you’ve probably built up some nice equity. And if a home equity line of credit (HELOC) is in your plan, we’re here to help you understand how HELOC interest rates are set and what might help you qualify for the lowest available rate. You’ll discover the advantages and potential pitfalls of this type of borrowing, and learn how to estimate the expenses involved. Whether you’re dreaming of a kitchen makeover or need funds for other reasons, such as debt consolidation, this guide will help you make an informed choice about getting equity out of your home.
What Exactly Is a HELOC?
Before you get serious about applying for a HELOC, make sure you understand what a home equity line of credit is in the first place. A HELOC is not a lump-sum loan like a home equity loan; rather, it is a revolving credit line that you can use when you need it. Your credit ceiling is based on the equity you have in your home (the difference between the home’s value and what you owe on the mortgage). Because your home serves as collateral on a HELOC, if you fail to repay your lender, you risk foreclosure.
Most lenders will require you to have at least 15% equity in your home. With a HELOC, you can borrow up to 90% of your equity. While online tools can give you a rough estimate of your home’s value, lenders may require a professional appraisal. HELOCs have two phases, one called the draw period and the other the repayment period:
The Draw Period
During the HELOC’s initial draw period (usually 10 years) you can access funds in increments, as needed. During this time, you’ll have to pay interest on what you borrow, but most lenders won’t require you to pay down the principal — although you can do so if you wish to draw on the credit line again.
The Repayment Period
After the draw period ends, the repayment period of 10 to 20 years begins. Monthly payments will increase as you begin to repay the principal plus interest. HELOC interest rates are usually variable, which means the amount you pay each month may go up or down as rates change.
Where Do HELOC Interest Rates Originate?
Play around with a HELOC monthly payment calculator, and you will soon see how important interest rates are to the cost of your HELOC. Lenders peg HELOC rates to the prime rate, a figure influenced by the policies of the Federal Reserve. Each lender then adds a margin to this prime rate, crafting the rates you see on the market. Your personal financial profile, including your credit score, debt-to-income (DTI) ratio, and the amount of equity in your home also help determine eligibility and rates. We’ll get into the details of that below.
How Interest Rates Impact HELOC Affordability
Even a one-percentage-point difference in HELOC rates can have a noticeable impact on the cost of borrowing. For instance, on a $50,000 HELOC with a 20-year term, a one-percentage-point rate increase from 7.00% to 8.00% can bump your monthly payment up by $30 and increase the total interest paid over the life of the HELOC by almost $7,000. This chart shows other examples and also demonstrates how the term of the loan is another important factor. The longer the term, the lower the monthly payments but the more you’ll pay in interest over the long haul.
| Repayment Amount | Term | Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|
| $100,000 | 20 years | 8.00% | $836 | $100,746 |
| 7.00% | $775 | $86,072 | ||
| 10 years | 8.00% | $1,213 | $45,593 | |
| 7.00% | $1,161 | $39,330 | ||
| $50,000 | 20 years | 8.00% | $418 | $50,373 |
| 7.00% | $388 | $43,036 | ||
| 10 years | 8.00% | $607 | $22,797 | |
| 7.00% | $581 | $19,665 | ||
| $25,000 | 20 years | 8.00% | $209 | $25,186 |
| 7.00% | $194 | $21,518 | ||
| 10 years | 8.00% | $303 | $11,398 | |
| 7.00% | $290 | $9,833 |
HELOC Interest Rate Trends
While it’s not a crystal ball, watching the prime rate can give you a sense of where HELOC rates are headed. Since 2018, the prime rate has seen its share of movement, from a low of 3.25% in 2020 to a high of 8.50% in 2023, as the chart shows. Understanding this history can shed light on whether current rates are relatively high or low and also prepare you for potential market-driven changes in your HELOC rate once you have one.
Historical Prime Interest Rate
| Date | U.S. Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.5% |
| 9/27/2018 | 5.25% |
Source: U.S. Federal Reserve
Helpful Tools & Calculators
Before you apply for a HELOC, get a sense of what payments on a HELOC might look like during the draw and repayment periods by using the HELOC calculators shown here. If you’re interested in a home equity loan, you can also find a calculator made with this loan type in mind.
Run the numbers on your HELOC.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Qualify for a Competitive HELOC Rate
To qualify for the most competitive HELOC rate available, you’ll want to do a couple things before filing an application: Cultivate a strong credit score, and make sure your DTI ratio is in good shape. Here’s your homework:
Improve Your Credit Score
Keeping your credit score at 700 or above will help unlock the best HELOC rates in St. Petersburg. Make on-time payments and chip away at credit card balances to cultivate a good score. Also review your credit report and dispute any inaccuracies you find.
Calculate Your Debt-to-Income Ratio (DTI)
To determine your DTI ratio, divide your total monthly debt payments by your gross monthly income. When it comes to HELOCs, lenders typically require a DTI ratio under 50%, but to access the lowest interest rates, you want your DTI below 36%.
Application Process for a HELOC in St. Petersburg
Some lenders offer the convenience of prequalifying for a HELOC online, which streamlines the overall application process. This initial step can help you understand the HELOC rate in St. Petersburg that you might actually qualify for beforehand. Here’s the full list of steps as you head toward a HELOC.
Step 1. Run the Numbers
In addition to checking your credit score and DTI ratio, you’ll want to take a look at your home equity to make sure you have at least 15%. Look up your estimated home value on a real estate site. Subtract whatever you owe on your mortgage from the home value, then divide the result by your home value to arrive at a percentage of equity. If you haven’t hit 15% yet, maybe you can hold off to build up a little more equity before you apply for a HELOC.
Step 2. Compare Lenders
Determine what offers you might qualify for when it comes to interest rates, but also compare lenders’ qualification requirements, loan minimums and maximums, fees, and the length of the draw and repayment periods they’re offering. Different lenders serving St. Petersburg have different HELOC rates and terms, so it’s important to compare them.
Step 3: Submit Your Application
Gather recent pay stubs, W-2 forms, and tax returns before you start the application process. If you’re self-employed, a lender might ask for a profit-and-loss statement and a couple years’ worth of tax returns. Also have your homeowners insurance documents handy for your property. Doublecheck every blank you’ve filled in and then submit your application. You can apply online, over the phone, or in person, depending on the lender.
Step 4: Get an Appraisal
An appraisal will establish your home’s value. It typically costs between $300 and $610. A prospective lender will tell you what kind of appraisal is required, so wait for instruction after filing your application. If your appraisal comes in significantly higher than your mortgage balance, that’s a good sign.
Step 5: Prepare for Closing
Before you can access your HELOC funds, you’ll need to sign the loan documents and pay fees. Some lenders can make the funds available as soon as three days after the HELOC is closed. In the meantime, get ready for the closing by giving all the documents a thorough review and making sure you’re clear on the terms and conditions. Have the necessary funds ready to cover the closing costs.
Tax Benefits and Considerations
Homeowners can deduct HELOC interest from their taxes as long as the borrowed funds are used for improving the home. Keep in touch with a tax advisor about changing policies. You’ll have to itemize your return to claim this benefit.
Closing Costs and Fees
HELOC closing costs are generally more affordable than the loans associated with a home purchase or a cash-out refinance. The most substantial cost is often the appraisal fee, which can range from $300 to $610 or more. A title search, if required, may set you back $100 to $450. You might also encounter application, loan origination, and administrative fees, as well as an annual maintenance fee of up to $250.
Alternatives to HELOCs
There are other ways to tap into your home’s equity, so it’s worth exploring these options if you’re unfamiliar with them and contemplating a HELOC.
Home Equity Loan
A home equity loan hands you a lump sum upfront and sets a fixed interest rate for the repayment term. With this option, you can usually tap into up to 85% of your home’s equity. Lenders often look for a credit score of 680 or higher, and some prefer to see 700 or more. As you think about a HELOC vs. a home equity loan, keep in mind that the money you borrow with a home equity loan comes all at once, and you begin repaying it immediately. With a HELOC, you borrow when you need the funds, only pay interest on what you have borrowed, and only repay the loan after the draw period. If you like the idea of a fixed repayment schedule and know exactly how much you need, a home equity loan could be a good fit.
Cash-Out Refinance
A cash-out refinance is a mortgage refinance that lets you tap into your home’s equity by refinancing your mortgage for more than you currently owe and pocketing the difference. It’s a smart option if you need a substantial sum and if you find that current interest rates are preferable to the rate you have on your original home loan. To do a cash-out refi, you’ll need a credit score of 620 or more and a DTI ratio under 43%. One cash-out refinance vs. home equity line of credit point of differentiation: With a refi, you’re left with a single monthly payment instead of two.
Personal Loan
A personal loan is a flexible, typically unsecured loan that you pay back in regular, fixed payments over a set term of two to seven years. The main advantage? Your home is not at risk if you face financial hardship and can’t make payments. Many lenders require a credit score of 670 or above for a personal loan. These loans can be secured quickly but often come with higher interest rates than HELOCs or home equity loans.
The Takeaway
When considering a HELOC, it’s important to weigh the benefits and risks. HELOCs offer flexible access to funds and potentially lower initial interest rates, making them a cost-effective option for large expenses. However, the variable interest rates can lead to unpredictable monthly payments, and defaulting can result in foreclosure. Before applying, ensure you have a solid repayment plan. Then compare HELOC rates from multiple lenders to find the best rate and terms for your financial situation.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit from SoFi, brokered through Spring EQ.
FAQ
What can a HELOC be used for?
A HELOC is a versatile financial tool that can be used for a variety of expenses, from home improvements to debt consolidation. It provides a flexible line of credit, allowing you to withdraw funds as needed during the draw period, typically 10 years, and make interest-only payments. This makes it useful for managing ongoing expenses or large projects that have unpredictable costs.
What’s the monthly tab on a $50,000 HELOC?
Your monthly payment on a $50,000 HELOC will vary according to the rates and terms of your loan. During the draw period, you might only need to pay interest, which can be quite manageable. For instance, at a 7.00% interest rate, your monthly interest-only payment would be approximately $292. But keep in mind, once the repayment period kicks in, you’ll be paying both principal and interest, so your monthly expense will increase.
What’s the appraisal process for a HELOC?
You typically need a home appraisal to secure a HELOC. The appraisal determines your home’s current market value, which is essential for calculating the amount of equity you can access. The appraisal fee is usually $300 to $610, and it’s a crucial step in the application process.
What might disqualify you from getting a home equity loan?
There are a few factors that could potentially disqualify you from securing a home equity loan. These include a low credit score, a high debt-to-income (DTI) ratio, and not enough equity in your home. Most lenders look for a credit score in the upper 600s, a DTI ratio of 50% or less, and a minimum of 20% equity in your home. If you don’t meet these criteria, you might need to work on improving your financial profile or explore other financing sources.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This content is provided for informational and educational purposes only and should not be construed as financial advice.
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More HELOC resources.
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What is a Home Equity Line of Credit
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Different Types of Home Equity Loans
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HELOC vs Home Equity Loan: How They Compare
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Affordable Care Is Set to Get Less Affordable
If you’re one of the millions of Americans who buy their own health insurance from a public exchange, get ready for a sharp increase in costs next year.
Not only are COVID-era subsidies on the premiums set to expire, but insurers are expected to raise the premiums themselves by more than they have in any year since 2018 — by a median of 15%, according to one analysis of public insurance filings.
Some people “are going to be hit with this double whammy,” Cynthia Cox, director of the Peterson-KFF Health System Tracker Project that did the analysis, recently told The Wall Street Journal.
Just removing the premium subsidies — known as “enhanced premium tax credits” — will increase out-of-pocket costs for subsidized enrollees by over 75%, on average, according to estimates from the Peterson-KFF project.
For example, depending on their income, a 45-year-old with a basic silver plan could see their annual costs go up by as much as $1,247 if the government doesn’t cover the same share of their premiums.
Add to that the premium increases. Interestingly, insurers are raising their premiums in part because of the end of the subsidies, according to the Peterson-KFF analysis.
Ninety-two percent (nearly 20 million) of Americans with Affordable Care Act coverage (aka Obamacare) used the subsidies last year. If it’s that much more expensive to get ACA coverage, many current enrollees — probably the healthiest ones — are likely to drop it, the thinking is. That would leave insurers covering a smaller pool of people who tend to require more health care.
The Peterson-KFF study looked at preliminary rate increases filed by 105 insurers who sell ACA coverage through public marketplaces in 19 states and Washington, D.C. Besides the removal of tax credits, insurers attributed the increases to the rising cost of health care and the potential impact of tariffs on pharmaceutical prices.
Of course, with enough support, Congress could still reauthorize the premium tax credits, which were initiated by the American Rescue Plan Act in 2021 and then extended through 2025 by the Inflation Reduction Act. But it’s worth noting that lawmakers chose not to include an extension in the recently approved budget bill.
So what? If you’re covered by an ACA plan, now’s the time to make an action plan.
• If you’ve been putting off any important healthcare, the next few months could be a good time to get it done.
• If you have a high-deductible health plan with a Health Savings Account, consider increasing your contributions. If your policy changes — or you drop coverage — your HSA money is still yours to keep.
• Be proactive. Look at your budget ahead of the fall enrollment period to see how much of an increase you might be able to afford if you make trade-offs.
• Consider whether you have any other options, like employer-sponsored coverage from your spouse or Medicaid.
Related Reading
ACA Premiums Expected to Rise in 2026 | What to Know (Lively)
Americans’ Challenges with Health Care Costs (KFF)
The Stealth Retirement Account You Should Know About (SoFi)
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
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Read moreHome Mortgage Calculator
Home Mortgage Calculator
Our mortgage calculator makes it easy to see how home price, interest rate, and down payment affect your monthly mortgage payment.
Key Points
• A higher credit score and lower debt-to-income ratio improve mortgage approval chances.
• Conventional loans are made by private lenders and don’t have government backing or insurance.
• Assets can bolster loan qualification if income is lower.
• Strategies for early mortgage payoff include biweekly payments, refinancing, recasting, and lump-sum payments.
• Early mortgage payoff reduces monthly expenses and interest costs, beneficial before retirement.
How to Use the Mortgage Calculator
Welcome to the SoFi mortgage payment calculator. Whether you have found your dream home or are wondering what your purchase budget should be, this calculator will help you determine what your monthly home loan payment will be and how much interest you’ll pay over the life of your loan. Get helpful answers in mere minutes.
Step 1: Enter your home price.
Use the listed price of your desired home or your estimated purchase budget.
Step 2: Enter a down payment amount.
Enter a down payment of at least 3%. Putting 20% down on a property will allow you to avoid paying for private mortgage insurance (PMI), but many homebuyers put down less than 20%, especially if they qualify as first-time homebuyers.
If you think you will need to borrow more than $806,500 to purchase a home, you’re likely a candidate for a jumbo loan, and a lender may require you to put down at least 10%. (Some pricier areas have higher minimums for jumbo loans — enter the zip code of the location you’re shopping in at Fannie Mae’s mapping tool tool to see the jumbo loan number for your area.)
Step 3: Choose a loan term.
The term is the number of years the loan will last. The lower the term, the higher the monthly payment but the greater the savings in total interest paid.
Step 4: Enter an interest rate.
Plug in the day’s average fixed rate for a 15- or 30-year mortgage, or use the rate a lender has suggested you may qualify for.
Understanding the Results
The calculator will immediately show the following results:
• Loan amount This is the amount you would borrow, also known as the principal.
• Monthly mortgage payment This is what you would pay toward the principal and interest each month. Remember that you will also need to pay for property taxes, homeowners insurance, and perhaps homeowners association (HOA) fees, as well as PMI if your down payment was below 20%. These costs may be higher or lower than national averages depending on the cost of living in your area.
• Total interest paid This is the amount of interest paid over the life of the loan.
Benefits of Using a Mortgage Payment Calculator
Mortgages can be complicated, especially if you’re buying your first home, but there are many ways a mortgage payment calculator can help. Playing with different property values can give you a general idea of how a home’s price might impact your monthly payments and what a mortgage loan may cost in total over the life of the loan.
It’s also helpful to use a home mortgage calculator to compare the monthly payment for different types of mortgage loans (15- vs. 30-year terms). And it’s useful to see how sizing up (or trimming back) your down payment amount might affect your monthly costs. (If you think you might struggle to come up with any down payment at all, there are down payment assistance programs that can help.)
The only downside of using a mortgage calculator? As noted above, many mortgage calculators don’t include property taxes, homeowners insurance, mortgage insurance, or HOA fees — so they don’t provide a complete picture of the recurring expenses on a property. And of course the numbers you get from a mortgage calculator are only as solid as the numbers you put in: If you put in a low interest rate that you can’t qualify for because of steep debts or a shaky credit history, your actual results in the mortgage market will differ.
Formula for Calculating a Mortgage Payment
The mathematical formula for a home mortgage calculator is pretty complicated, which is why this calculator is so handy. If you wanted to do the math by hand, your formula would look like the one below. In this example:
M = Monthly mortgage payment
P = Principal (the amount you borrow)
R = Your interest rate. (Use the base rate, not the annual percentage rate, or APR.) Divide it by 12 because the rate is an annual one and you are solving for a monthly payment amount.
N = Number of payments in your loan term. A 15-year term, for example, would have 180 monthly payments.
M = P [R(1 + R)n] / [(1 + R)n − 1]2
Deciding How Much House You Can Afford
Using a mortgage calculator is one way to begin to get a handle on how much house you can afford. You can also use a home affordability calculator, which will take into account your annual income and debts to generate a maximum home price that would be within your budget.
There are also longstanding guidelines for homebuyers that can help you determine what you can afford. One is the 28/36 rule, which states that your total mortgage payment, including principal, interest, taxes, and insurance, should not exceed 28% of your gross income, and your mortgage payment plus any other debt payments should not exceed 36% of your gross income. To learn what your monthly limits would be under the 28/36 rule, simply multiply your monthly gross income by 0.28 and again by 0.36.
Additionally, before you settle on a location, do your homework on the cost of living and mortgage rates. It might just surprise you.
Recommended: Average Monthly Expenses for One Person
How Lenders Decide How Much You Can Afford to Borrow
There’s another important calculation involved in the home-buying process: the number-crunching a prospective lender will do to determine the size of loan and terms you might qualify for. Each lender has its own formula, but in general a lender will be looking at your debt-to-income ratio, which is your total debt divided by your gross income, shown as a percentage. (Generally, lenders are looking for 43% or less.)
Lenders will also examine your credit history, your income history, your down payment amount, and other factors to arrive at whether you are a good candidate for a loan and, if so, what terms you’ll be offered.
What’s Next: Get Preapproved for a Mortgage Loan
Once you’ve used a mortgage calculator to estimate how much you might be able to pay for a house, you can get prequalified for a mortgage with a few lenders to obtain a clearer idea of what interest rate and loan amount a lender might offer you, based on a high-level look at your finances. As you get serious about home-shopping, you’ll want to take the next step and get preapproved for a mortgage with at least one lender.
Going through the mortgage preapproval process involves a thorough review of your credit and financial history. If you seem to be a good candidate for a home loan, the lender will give you a mortgage preapproval letter stating that you qualify for a loan of a certain amount and at a certain interest rate. The letter is an offer, but not a firm commitment. It’s typically good for up to 90 days. If you’re competing with other buyers in a hot market, being preapproved for financing will make you more attractive to sellers.
Recommended: Best Affordable Places in the U.S.
Components of a Mortgage Payment
Principal and interest are the foundation of a mortgage payment, and the amount of your monthly payment that goes to each of these expenses changes over the life of the loan, with more of the payment being applied to interest costs early in the life of the loan. As you make payments over the years, more money will gradually go toward paying down the principal.
Typical Costs Included in a Mortgage Payment
Principal and interest aren’t the whole story. Maybe you’ve heard of PITI, which stands for principal, interest, taxes, and insurance. Property taxes and homeowners insurance costs can often be rolled into mortgage payments. The money is held in an escrow account, and payments are then made by your mortgage servicer. You can decide whether taxes and insurance become part of your monthly mortgage payment when you choose your home mortgage loan.
Tips on Reducing Your Mortgage Payment
After you’ve had your home loan for a while, you might be interested in lowering your mortgage payments. One way is to apply any bonus or windfall to the principal and request that your lender “recast” your loan so that monthly payments are based on the smaller principal. Another option might be to refinance to a lower interest rate. Maybe rates have dropped or your credit score has improved significantly since you bought your home — in this case, a refinance might offer real savings. You can put a lower interest rate into a mortgage refinance calculator to see how a refinance would affect your monthly payments and interest paid over the life of a new loan.
Another way to reduce your monthly payment: If your equity in the home has hit 20% of its original value (the value when you purchased it), you can write to request that your lender cancel PMI. As long as the property has held its value, you have kept current on your monthly payments, and there are no liens or additional mortgages on the home, your request should be granted.
The Takeaway
A mortgage payment calculator can give you an idea of what your monthly mortgage payments would look like based on how much you spend on a house, what size down payment you make, and what interest rate you obtain. Getting prequalified for a home loan with one or more lenders will give you an even clearer idea. And obtaining a mortgage preapproval will tell you exactly how much you may qualify to borrow from a lender and what your monthly payments might be.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
What is a mortgage payment?
A borrower makes monthly payments, typically composed of principal, interest, taxes, insurance, and any private mortgage insurance required by the lender. With a fixed-rate mortgage, monthly payments stay the same, but the amount of each payment that is put toward principal vs. interest is divvied up differently over time. A mortgage loan calculator can show how much monthly payments would be based on different loan types and interest rates.
How does my credit score affect my mortgage loan interest rate?
Borrowers with the highest credit scores get the lowest interest rates. Even a small increase in rate can make a big difference over the life of a loan.
What is principal and interest on a mortgage loan?
The principal is the amount borrowed. The interest is the price paid for borrowing.
How much should I put down on a mortgage?
Twenty percent down on a conventional loan is ideal, but most people are not able to come up with that much. Some conventional and government-backed loans allow for low down payments or none at all. Currently, the median down payment for a house is 15%, according to data from the National Association of Realtors®. And first-time buyers often put down even less.
Should I choose a 30-year or 15-year mortgage term?
If you can comfortably swing the payments on a 15-year mortgage and you have emergency and retirement savings, the shorter loan term could be a smart choice because the total savings in interest will be substantial.
How can I get a lower mortgage interest rate?
Many house hunters ask for loan estimates from several lenders to find the lowest possible rate. Be sure to examine the details and compare the annual percentage rates, which take fees into account. There may be room to negotiate with a chosen lender, but you’re in the best position if you have a strong credit score and low debts, so focus on improving those metrics before applying for a loan. FHA, VA, and USDA loans may have lower rates than conventional loans (but they require either mortgage insurance or fees).
How much income do you need for a $400,000 mortgage?
It would take an annual income of about $130,000 to afford a $400,000 mortgage. If you have significant debts, you might need to earn more.
Can I afford a $300K house on a $70K salary?
One rule of thumb is that your home’s cost should not be more than three times your annual income. So it would be difficult to cover the costs of a $300,000 house on a $70,000 salary — unless you are able to contribute a large down payment. Use a home affordability calculator to zero in on your personal budget number.
What is a livable hourly wage?
Depending on where you live in the United States, a living wage ranges from about $23 per hour to around $44 per hour (before taxes) for a household of two working adults and two kids, according to the Massachusetts Institute of Technology Living Wage Calculator. Your personal number will depend on costs in your local area and your family size.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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