How to get a HELOC online

Please note: Discover® Home Loans offers home equity loans and mortgage refinance opportunities but does not offer HELOCs.

A home equity line of credit (HELOC) is a revolving line of credit secured against your home that you can use for home renovations, large expenses, debt consolidation, and other financial needs. Secured loans like HELOCs may come with lower interest rates than unsecured loans. However, HELOCs typically have a variable interest rate that may change over the life of the loan.

Home equity loans and cash out refinances can also be used to tap into your home equity and typically come with fixed interest rates.

Although it depends on the lender, you can usually apply for a HELOC online. However, you may need to have your home appraised in person and meet with a notary when closing your loan.

How to apply for a HELOC online

Many HELOC lenders offer online applications. You more than likely will need to provide various pieces of information in your application, such as your:

• Name, address, and date of birth
  
• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Salary and employment information
• Estimated home value
• Remaining mortgage balance

Lenders typically want to see that you have a minimum amount of equity in your property. Equity is the difference between the current appraised value of your home and the total amount you owe.

They may also want to see a credit score above a minimum level, though the specific number required may vary by lender.

Receive conditional approval and provide online HELOC documentation

Some lenders offer same-day approval for your online HELOC application (subject to conditions), while others take longer to process your application. 

If your online application is conditionally approved and you accept the lender’s offer, you’ll usually need to verify your information at this point. This may involve submitting documents such as:

• Pay stubs
• Tax returns
• W-2s
• Mortgage billing statement
• A government-issued ID

Your lender may allow online submission of these documents. You may also be allowed to review and sign paperwork from your lender online.

The application process for home equity loans and cash out refinances can also feature online submission for documentation and signatures.

Home appraisal may occur at your property

An appraisal lets the lender assess the current market value of your home, which may help determine how much you can borrow. 

Some HELOC lenders may require an in-home appraisal, where a professional appraiser comes into your home to work out its value. The appraiser may consider your neighborhood, the condition of your property, and other factors when visiting your home.

LEARN MORE: Understanding the home appraisal report

Notarizing HELOC closing documents

Depending on your lender and/or state, a notary may need to witness you signing your HELOC closing documents at their office, your home, or another physical location. Alternatively, you may be able to use a remote notary. Some states’ laws require you to have an attorney present as well.