Unlock Your Home's Potential
Get the cash you need without leaving home. Apply with PRMG's 100% online HELOC application in minutes with funding in as few as 5 days for loans under $400K.
Lightning Equity Hybrid HELOC
Experience the fastest, most seamless way to access your home's equity with PRMG's Lightning Equity Hybrid HELOC platform. Choose from 10, 15, 20, or 30-year terms.
100% Online Application
Complete our fully digital application in just minutes. No in-person appraisal needed for loans under $400K. See your rate instantly with no impact to your credit score during prequalification.
Fast Funding
Get approved in 5 minutes with funding in as few as 5 days for loans of $400K or less. Easy online notary services in most locations with expert support throughout the process.
Borrow Up to $750K
Access lines of credit from $25,000 to $750,000 (varies by lien position and scenario; $400,000 maximum for most scenarios). Full line amount must be drawn at closing, but you can repay and redraw on available balance during the draw period.
How Much Could I Borrow?
With Lightning Equity Hybrid HELOC, you can typically borrow up to 75% to 85% of your home's value (CLTV varies by loan scenario) minus what you owe on your mortgage.
Qualification Requirements:
- Credit score minimum varies (typically 600-760 depending on loan scenario; 640 minimum for variable rate)
- Debt-to-income ratio: 50% for 1 unit properties, 45% for 2-4 unit properties
- Combined Loan-to-Value (CLTV) up to 75%-85% depending on scenario
- 90 days ownership seasoning required; 60 months since bankruptcy/foreclosure
Example Calculation:
Prequalification won't affect your credit score
Unable to Retrieve Property Value
You can still calculate equity by manually entering your property value. Or try entering a more complete address.
What Are Home Equity Products?
Home equity products allow you to borrow against the value you've built in your home. As your home's value increases and you pay down your mortgage, you accumulate equity—and that equity can work for you through PRMG's Lightning Equity Hybrid HELOC program.
Home Value
Your home's current market value
Minus Mortgage
What you still owe on your mortgage
Equals Equity
Your available equity that can work for you
With Lightning Equity Hybrid HELOC, you can typically borrow up to 75% to 85% of your home's value (CLTV varies by scenario) minus what you owe on your mortgage, giving you access to lines of credit from $25,000 to $750,000 (varies by lien position and scenario).
HELOC vs Home Equity Loan
Two powerful options to access your home's equity. Choose the one that fits your financial goals.
Home Equity Line of Credit
Revolving Credit Line
Borrow from $25,000 to $750,000 (varies by lien position; up to $400,000 for most scenarios, up to $750,000 for combined first and second lien positions). Full line amount must be drawn at closing. You can repay and redraw on available balance during the draw period (minimum $500 per draw, or $4,000 for Texas)
Fixed or Variable Rates
Choose between fixed or variable rates. Fixed rate option allows rate reset on additional draws. Variable rate requires 640+ credit score and no first liens (restrictions apply in certain states)
Term & Draw Period Options
10-year term (3-year draw), 15-year term (4-year draw), 20-year term (4-year draw), or 30-year term (5-year draw). Full principal and interest payments throughout draw and repayment periods
100% Online Process
Complete application in minutes. No in-person appraisal needed for loans under $400K. Automated system determines eligibility with funding in as few as 5 days
No Prepayment Penalty
Pay off your balance early without penalty fees. No early termination fee to borrowers
Best For:
Home renovations, debt consolidation, ongoing expenses, emergency funds, investment opportunities
Home Equity Loan
Fixed Lump Sum
Receive the full loan amount upfront as a single disbursement
Fixed Interest Rate
Predictable monthly payments with a rate that doesn't change
Structured Repayment
Fixed monthly payments over a set term (typically 5-30 years)
Ideal For One-Time Needs
Perfect when you know exactly how much you need upfront
Best For:
Debt consolidation, major purchases, large home improvements, education expenses
How Can You Use Home Equity?
Your home equity can help you achieve a wide range of financial goals. Here are some popular ways homeowners leverage their equity:
Home Renovations
Upgrade your kitchen, add a bathroom, finish a basement, or enhance your outdoor space. Home improvements can increase your property value while creating the home of your dreams.
Debt Consolidation
Combine high-interest credit card debt or other loans into one lower-interest payment. Simplify your finances and potentially save thousands in interest payments.
Education Expenses
Invest in education for yourself or your family. Whether it's college tuition, graduate school, or specialized training, home equity can help fund your educational goals.
Emergency Fund
A HELOC can serve as a safety net for unexpected expenses. Access funds when you need them, with competitive rates and flexible repayment terms.
Investment Opportunities
Fund business ventures, real estate investments, or other wealth-building opportunities using your home's equity as leverage.
Major Life Events
Cover wedding costs, medical expenses, or other significant life events. Home equity provides flexible funding when you need it most.
How PRMG's HELOC Works
Getting started with PRMG's home equity line of credit is fast and simple. Here's our streamlined process:
Complete Our 100% Online Application
Apply in just minutes through our fully digital platform. You'll instantly see your HELOC options and rates. Prequalification won't affect your credit score, so you can explore your options risk-free.
Get Approved in 5 Minutes
Receive instant pre-approval results based on your credit, income, and property value. We verify your income from bank statements and provide instant property valuation—no waiting for traditional appraisals.
Property Verification
For loans under $400K, no in-person appraisal is needed—we use instant online property valuation. For larger loans or when required, final approval is subject to verification of income, employment, and property condition.
Easy Online Closing
Complete the closing process with easy online notary services available in most locations. Expert support is available throughout the process to answer any questions. One-time origination fee applies.
Funding in as Few as 5 Days
Access your funds quickly—funding in as few as 5 days for loans of $400K or less. The full line amount must be drawn at closing, but you can repay and redraw on available balance during the draw period (minimum $500 per draw, or $4,000 for Texas).
Lightning Equity Hybrid HELOC Product Details
Learn about the specific terms, eligibility requirements, and features of our Lightning Equity Hybrid HELOC products.
Term & Draw Period Options
10 Year Term
3 Year Draw Period
15 Year Term
4 Year Draw Period
20 Year Term
4 Year Draw Period
30 Year Term
5 Year Draw Period
Full principal and interest payments required throughout both draw and repayment periods
Loan Amounts
- Maximum: Up to $750,000 (varies by lien position; $400,000 for most scenarios, up to $750,000 for combined first and second lien positions)
- Minimum: $25,000 (varies by state)
- Texas: Minimum $35,000
- Alaska: Minimum $25,001
- SH/NOO (CLTV >70%): Minimum $110,000
Credit & DTI Requirements
- Credit Score: Varies 600-760 by scenario (640 minimum for variable rate)
- DTI Ratio: 50% for 1 unit, 45% for 2-4 units
- CLTV: Up to 75%-85% depending on loan scenario
- Ownership Seasoning: 90 days required
- Bankruptcy/Foreclosure: 60 months seasoning required
Eligible Property Types
- Single Family Residences
- Townhomes
- Planned Unit Developments (PUDs)
- Condominiums (no review/questionnaire required)
- 2-4 Unit Properties
Occupancy & Eligibility
- Occupancy: Owner Occupied, Second Home, and Non-Owner Occupied (Investment) eligible
- Borrowers: U.S. Citizens and Permanent Resident Aliens
- Ownership: Sole, joint, and revocable trust owners eligible
- Purpose: Cash out refinance only
- Lien Position: First, second, third, or combined first and second liens
Important Restrictions & Notes
- Variable Rate Restrictions: Not available in MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC. Requires 640+ credit score and no first liens.
- Texas Properties: Maximum CLTV 80%, owner occupied only, minimum loan amount $35,000
- New Mexico Properties: Must be lien position 1, owner occupied, maximum CLTV 79.99%
- Currently Listed for Sale: Maximum CLTV 80% (not eligible in Texas or for loans >$400K)
- Not Eligible: New York state. Other restrictions may apply based on property type, location, and loan scenario.
How PRMG's HELOC Compares
See why our straightforward online application, quick funding, and competitive rates make PRMG the smart choice for your financial needs.
| Feature | PRMG HELOC | Traditional Bank HELOC | Average Personal Loan |
|---|---|---|---|
| Application | 100% online, see your rate instantly | Varies by lender, may require in-person processes | Varies by lender |
| Prepayment Penalty | Never | Possible, varies by lender | Possible |
| Tax Deductible | For home improvement* | For home improvement* | Not tax deductible |
| Funding Speed | Funding in as few as 5 days (loans ≤$400K) | Could be weeks | Varies, generally quick |
| Appraisal Process | No in-person appraisal needed for loans <$400K | Typically requires in-person appraisal | N/A |
| Loan Amount | $25,000 to $750,000 (varies by lien position; $400K max for most scenarios) | Varies by lender | Typically lower limits |
| Interest Rate Options | Fixed or variable rate options | Variable rates, potentially higher | Typically higher than HELOCs |
*Be sure to consult a tax professional regarding the deductibility of interest. All comparisons are general and may vary by lender.
Why Use Home Equity Products?
Home equity products offer several advantages over other borrowing options:
Lower Interest Rates
Because your home secures the loan, lenders offer more competitive rates than unsecured loans or credit cards—often significantly lower.
Tax Benefits
Interest on home equity products may be tax-deductible when used for home improvements or certain qualifying expenses. Consult a tax advisor for details.
Flexible Terms
Choose repayment terms that fit your budget. HELOCs offer flexible access periods, while home equity loans provide fixed, predictable payments.
Larger Loan Amounts
Access larger amounts than personal loans typically offer, based on your home's value and equity position—often $50,000 to hundreds of thousands of dollars.
Ready to Unlock Your Home's Equity?
Let's explore how home equity products can help you achieve your financial goals. I'll guide you through the process and help you choose the right solution.
Get In Touch
Have questions about home equity products? I'm here to help you understand your options and find the best solution for your needs.
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Kyle Kiss
Mortgage Loan Officer
I specialize in helping homeowners understand and leverage their home equity. Whether you're looking to renovate, consolidate debt, or invest in opportunities, I'll help you find the right solution.