First Lien HELOC

A First Lien HELOC Sweep is a Home Equity Line of Credit that replaces your mortgage while also giving you access to all of your equity, not just the amount of a smaller 2nd mortgage HELOC. This product is available as a refinance o ption and on new home purchases and is designed to h elp customers pay off their homes faster while also leveraging their equity for investments, emergencies, etc.

How is a First Lien HELOC Sweep different from a traditional Home Equity Line of Credit?

Traditionally, people think of a HELOC as a second loa n or lien on their homes, which sits “behind” their first mortgage. A First Lien HELOC Sweep combines your mortgage with your HELOC while also giving you access to up to 90% of your home’s equity . There are no PMI or escrow requirements. Deposits into your checking account sweep over to pay down your First Lien HELOC nightly. Your day – to – day expenses are debited from your Home Equity Line of Credit.

How do I know if a First Lien HELOC is right for me?

• Would your loan amount be at least $100,000?
• Is this HELOC paired with a purchase or refinance of your primary residence?
• Would this be a first lien?
• Are you proficient at managing your finances and making sure that your monthly income always exceeds your monthly expenses?
• Are you looking to utilize all available funds to pay down your home faster?
• Are you comfortable utilizing your HELOC to cover your day – to – day expenses?

First Lien HELOCs are offered in 47 states (excluding Texas, Alaska and Hawaii)

Contact our Franklin, TN lending office for more information:

Roger Williams
Mortgage Banking Non-Producing Manager NMLS#159398
133 Holiday Court, Ste. 208
Franklin, TN 37067

Hours: 9 am – 5 pm CST Mon-Fri