How fast can I get a HELOC?

Through MyBridge Loans, approval in about five minutes and funding in about four days. Income is verified digitally by linking a bank account, payroll, or tax transcript, so there is no document chase. That is faster than a hard money 2nd.

Who qualifies for the fast HELOC?

A FICO of 600 or higher on a home you live in, 680 on a rental, and income that verifies through a digital link. Up to 90% combined loan-to-value with strong credit, 65% at 600 to 639. Loans from $25,000 to $750,000. California only.

Which is cheapest: HELOC, cash-out refi, or hard money 2nd?

The HELOC, if you qualify, and it is also the fastest. A cash-out refinance is bank-priced but reprices your whole first mortgage. A hard money 2nd costs the most because it is underwritten on the property instead of your income and credit; it is the option for borrowers the HELOC turns down.

When does a hard money 2nd make sense?

When the HELOC says no: FICO under 600, income that will not verify digitally, a property type outside HELOC guidelines such as five or more units, mixed use, or commercial, a property bought in the last 90 days, or a business-purpose need the HELOC will not fund. Also when the money is for a business purpose and the borrower is outside California.

Should I do a cash-out refinance if my first mortgage is at a low rate?

Usually no. A cash-out refinance replaces the whole first mortgage at today's rate. If your first is at 3% and today's rate is higher, you pay the higher rate on the entire balance to pull out the equity. A HELOC or a 2nd trust deed leaves the first alone and prices only the new money.

HELOC vs cash-out refinance vs hard money 2nd

There are three ways to pull equity out of a property you already own. If you have a FICO of 600 or higher and income that can be verified, start with the HELOC: approval in about five minutes, funding in about four days, and a better loan than hard money. If the HELOC turns you down, a hard money 2nd closes in about two weeks on the equity alone. A cash-out refinance fits only when your current first mortgage is worth replacing. MyBridge Loans does all three in California and will put you in whichever one fits.

Start here: the fast HELOC

Most borrowers who think they need hard money qualify for this and should take it instead. It is a fixed-rate line of credit recorded behind your first mortgage, funded at close, with redraws during the draw period. Income is verified by linking a bank account, payroll, or tax transcript, so there is no stack of documents and no waiting on an underwriter to read them.

FICO 600 or higher on a home you live in, 680 on a rental. One applicant's score is what counts.
Income that verifies digitally. Bank link, payroll link, or tax transcript. Self-employed borrowers with deposits that support the income qualify.
Up to 90% combined loan-to-value with 720 or higher. 65% at 600 to 639.
$25,000 to $750,000. 2nd or 3rd lien on a primary, 2nd on a rental.
Approval in about five minutes. Funding in about four days.
California only. 10, 15, 20, or 30 year fully amortizing terms. Single-family, townhome, condo, 2 to 4 units.

If you meet those, this is the loan. It is cheaper than hard money, gives you more leverage, and funds faster.

The three options side by side

	HELOC	Cash-out refinance	Hard money 2nd trust deed
What it is	A fixed-rate line of credit behind your first mortgage. Funded at close, redraw during the draw period.	A new, larger first mortgage that pays off the old one and gives you the difference in cash.	A fixed loan behind your first mortgage, funded by private investors, secured by a 2nd deed of trust.
Keeps your current first?	Yes	No, replaces it	Yes
Underwritten on	FICO 600+, income verified by digital link, DTI, equity	Income, FICO, DTI, and equity, full documentation	Equity and exit. No minimum FICO, no income documentation.
Combined LTV	Up to 90% with 720+; 65% at 600 to 639	Up to 80%	Usually 60%, higher by exception
Rate	Fixed, bank-priced, fully amortizing	Fixed or adjustable, bank-priced on the whole balance	11.99% to 12.99% and up, fixed, interest-only
Time to close	Approval in minutes, funding in about four days	About two weeks through MyBridge Loans; industry standard is 30 days	About two weeks
Loan size	$25,000 to $750,000	Agency and jumbo limits	$100,000 to $4,000,000 and up
Purpose	Any	Any	Business purpose. Consumer purpose in California only.
Best when	You have a 600+ FICO and verifiable income. Fastest and cheapest.	Your current first is at a higher rate than today's	The HELOC said no, or the use is business purpose outside California

Pick a cash-out refinance when

Your current first mortgage is at a rate higher than today's, so replacing it costs you nothing extra, or you want one payment instead of two. If your first is at a low rate from 2020 or 2021, a cash-out refinance means paying today's rate on the entire balance just to reach the equity. Run that number before you do it. MyBridge Loans can close a clean conventional cash-out in about two weeks; the industry standard is 30 days.

Pick a hard money 2nd when the HELOC says no

FICO under 600, or a recent credit event the HELOC will not accept.
Income that will not verify through a digital link.
A property outside HELOC guidelines: five or more units, mixed use, commercial, held in an LLC on a primary residence, or bought within the last 90 days.
A business-purpose need outside California, where the HELOC is not available.
A loan larger than the HELOC allows for your credit tier.

A hard money 2nd costs more per month and gives less leverage, usually 60% combined. The trade is that it closes on the equity alone, with no minimum FICO and no income documentation. Most borrowers plan to pay it off from a sale, a business event, or a refinance into a HELOC once the credit or income issue clears. See hard money 2nd trust deeds for the full terms.

The math on keeping the first

Property worth $1,200,000 with a $500,000 first at 3%. You need $200,000. A cash-out refinance to $700,000 at a current rate reprices all $700,000. A HELOC or 2nd prices only the $200,000. On a $500,000 first, the difference between 3% and a current rate is tens of thousands of dollars a year. That gap pays for the HELOC many times over and often pays for a hard money 2nd too.

Get an answer on all three

Send the address, value, first mortgage balance and rate, the amount you need, FICO, occupancy, and what the money is for to the scenario form, or call 949-463-9898. If the HELOC fits, you can have an approval the same day. If it does not, you get a same-day answer on the 2nd.