Homeside Financial is a national lender headquartered in Columbia Maryland. It was founded in 2013, and offers home mortgages and home equity lines of credit (HELOCs).
Homeside has over 50 locations across 19 states, and offers HELOCs in 24 states and Washington, D.C. The lender provides a relatively easy application process and offers flexible HELOC options, although details about the product are hard to find on the lender’s website.
|Loan types offered||HELOC|
|APR range||Starting at 5.75%|
|Loan amount range||$15,000 to $350,000|
|Minimum credit score required||Not specified|
|Repayment terms||Not specified|
|Average time to approval||Not specified|
The more you know about a lender, the easier it is to determine whether it’s a good fit for your needs. Some benefits of Homeside Financial include:
- Competitive interest rates: A Homeside HELOC starts at a variable APR of 5.75 percent. According to Bankrate, the average HELOC interest rate is 4.61 percent as of April 2021, so Homeside could be a solid choice if you have good enough credit to qualify for its lowest rate.
- Few fees: Homeside doesn’t charge an annual fee or a prepayment penalty, both of which you may be on the hook for with other HELOC lenders. You also won’t need to pay any lender fees at closing. There is, however, a 1 percent origination fee on each transaction.
- Flexible borrowing limit: You can borrow up to a loan-to-value ratio of 95 percent, with a $350,000 maximum. With many other home equity lenders, the maximum loan-to-value is 80 percent, so Homeside can give you more flexibility.
It’s also important to consider some of Homeside’s drawbacks before applying:
- Draws can get expensive: Homeside charges a 1 percent origination fee on every HELOC transaction, which can add up over time. If you borrow the maximum $350,000, for instance, you’ll have to pay a fee of $3,500 just to get it.
- No other home equity options: You’ll only find a HELOC with Homeside. Check with other lenders if you prefer the fixed interest rate that comes with a home equity loan.
- Not available everywhere: HELOCs are only available through Homeside in 24 states and Washington, D.C. If you don’t live in one of the areas where Homeside is licensed, you’ll have to look elsewhere.
- Lack of transparency: Homeside does not advertise its HELOC options on its homepage, and it’s tough to find information about repayment terms and eligibility requirements.
Types of fees charged
The lender doesn’t charge an annual fee or a prepayment penalty. But you will be on the hook for government taxes and fees. There is also an origination fee of 1 percent on each HELOC transaction.
Finally, the lender requires borrowers to have property insurance to get a HELOC, and you may also be required to have flood insurance if you live in a flood zone.
Loan products offered
Homeside Financial offers mortgage and home refinance loans, along with its HELOC product. Its HELOC is available in amounts from $15,000 and $350,000. How much you can actually borrow, however, depends on how much your home is worth and the value of your first mortgage. You can borrow up to a loan-to-value ratio of 95 percent.
Interest rates for a Homeside HELOC start at 5.75 percent APR. The rate is variable, which means that it can fluctuate over time as market rates change. Homeside imposes a rate cap of 18 percent and a rate floor of 4 percent.
How to qualify for a home equity loan with Homeside
Homeside Financial doesn’t disclose a minimum credit score requirement, though a loan officer told Bankrate that 660 or higher is ideal.
To get a HELOC with Homeside, you need to be a resident of a state where the lender offers the product. Eligible states are: Alabama, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, Wisconsin, West Virginia and Washington, D.C.
How to get started
You can start the application process for a Homeside Financial HELOC online through the lender’s website, but you can’t complete the entire process without talking to a loan officer.
You’ll start by sharing your name, state, email address and phone number. Then Homeside will have a loan officer reach out to you to continue the process. You can also call the lender directly at 614-907-7679.
Before you accept a loan from the lender, however, be sure to apply or get prequalified with a few other HELOC lenders first so you can compare the terms and pick the best fit for you.
How Bankrate rates Homeside
|Overall Score||3.5||Scoring factors|
|Availability||3.3||Minimum loan amount required, time to approval, days to close, draw requirements, credit score requirements and loan types offered.|
|Affordability||4.1||Minimum APR, discounts and promotions offered and associated fees.|
|Customer Experience||3.0||Online application and account availability, customer support, auto payment availability and mobile app availability and ratings.|
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.