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Homeside Financial: 2023 Home Equity Review

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At a glance

3.2
Rating: 3.2 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.3 stars out of 5
  • Affordability
    Rating: 3.4 stars out of 5
  • Customer Experience
    Rating: 3 stars out of 5

About Homeside Financial

  • Moneybag

    Loan amount

    $15,000-$350,000

  • Credit Good

    Min. credit score

    Undisclosed

  • Rates

    Repayment terms

    5-year draw period and up to 20-year repayment period

  • Funds available in

    17 days

Homeside Financial features

Here's a breakdown of some of the benefits and drawbacks of Homeside Financial home equity loans.

Homeside Financial overview

Founded in 2013 and headquartered in Columbia, Maryland, Homeside Financial offers mortgages and home equity lines of credit (HELOCs). It’s licensed to lend in 43 states and Washington, D.C., with more than 90 locations. The perks of working with this lender include a relatively easy application process and flexible HELOC options.

Homeside Financial snapshot

Home equity loan types Home equity line of credit (HELOC)
Loan amounts $15,000-$350,000
Credit score minimum Undisclosed
Repayment terms 5-year draw period and up to 20-year repayment period
Average time to approval 17 days

How Bankrate rates Homeside Financial

Bankrate Score 3.2
Affordability 3.4/5
Availability 3.3/5
Borrower experience 3/5

Methodology

To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.

Benefits

  • Homeside Financial doesn’t charge an annual fee or prepayment penalty, both of which you might be on the hook for with other HELOC lenders.
  • You can borrow up to a loan-to-value (LTV) ratio of 95 percent, with a $350,000 maximum. With many other home equity lenders, the maximum LTV ratio is 80 percent.

Drawbacks

  • Homeside Financial charges a 1 percent origination fee on HELOCs.
  • You can only obtain a variable-rate HELOC with this lender; you can’t get a fixed-rate home equity loan.

Types of fees charged

For a HELOC, Homeside Financial charges a 1 percent origination fee. Unlike HELOCs from other lenders, however, you won’t need to pay annual fees or a prepayment penalty if you decide to pay it off sooner than the repayment term.

Home equity loan products offered

Homeside Financial’s HELOC product ranges in amounts from $15,000 to $350,000. How much you can actually borrow, however, depends on your home’s value and the balance of your first mortgage. You can borrow up to a loan-to-value (LTV) ratio of 95 percent, a much higher threshold compared to other lenders.

Homeside’s HELOC rates are variable, meaning your rate can change over time as market rates fluctuate. The lender’s rate cap is 18 percent; your rate won’t ever be below 4 percent.

How to qualify for a HELOC with Homeside Financial

Homeside Financial doesn’t disclose its minimum HELOC credit requirements. As with any home equity product, you’ll need sufficient equity in your home for the numbers to work. Keep in mind: Because Homeside isn’t licensed in every state, you’ll need to be a resident of one of its service areas to be eligible to apply.

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. A Homeside loan officer will reach out to you to continue the process. You can also call the lender directly at 614-907-7679.