Use your home’s equity for the right reasons

We offer two ways to help you tap into the equity built up in your home.

The first is a home equity line of credit (HELOC). With this product, you can access the funds as needed. Then, in a similar manner to a credit card, the monthly payment is based on the balance. This approach gives you control over your finances and provides a good amount of flexibility to how (and when) you access your funds.

The next option we offer is a home equity loan, which gives you a lump sum of money when the loan is established. You can then use those funds as needed.

After your application, our Financial Solutions Guides will help you determine which solution best fits you and your personal scenario.

We keep it simple. There’s no application fee. You can apply online, over the phone, or in a branch. Credit, income, and collateral qualifications apply; note that your credit will be pulled. After reviewing your application, an Elevations loan officer will be in touch with next steps.

We understand that each individual situation is unique. The amount you're able to borrow varies based on different factors like your credit score, available home equity, and more. The best option is to complete an application so that one of our local Financial Solutions Guides can help you evaluate which solution is the best fit for you.

Here’s some general industry standards that may also help guide you. The industry standard is to lend up to 80% combined loan to value. Some lenders may have programs that allow the borrower to go to 89.99% CLTV, typically at a higher interest rate.

To explore your situation further, try our home equity calculator.

Not always! We live here too and understand the Colorado real estate market.

We also use an automated valuation model that attempts to generate an estimated value for the home based on recent sales, market data, and predictive software. If we feel confident in that estimated value, we may be able to move forward without an appraisal.

Larger loan amounts may require the completion of an appraisal.

While there are no fees associated with pre-paying your balance early, there is a $75 annual fee on open lines of credit starting on the first anniversary of your loan. There are also some fees tied to opening a HELOC or home equity loan:

• Appraisal
• Title work
• Filing fee
• Etc.

One of the benefits of working with Elevations is our underwriting team is all in-house. Since we're based in Colorado and understand the market, we can move very quickly. In many cases, you'll receive your funds in as little as 2-4 weeks from the time we get your application.

Here are a few of the factors that may impact the timeline of your home equity loan application:

• Document collection
• Appraisals
• Scheduling around you, your family, and your personal situations
• Etc.

Start your application today.

With an Elevations Home Equity Loan, you have access to funds from the lump sum that was either deposited into your Elevations account or made payable to you by check.

With an Elevations Home Equity Line of Credit, you can access funds by using your Home Equity Visa® Card, transferring money to your checking account, or writing a check.

With an Elevations Home Equity Loan, you have access to funds from the lump sum that was either deposited into your Elevations account or made payable to you by check.

With an Elevations Home Equity Line of Credit, you can access funds by using your Home Equity Visa® Card, transferring money to your checking account, or writing a check.

You can check your balance by logging into your online banking account or the Elevations mobile app. The current balance reflects what you owe, and the available balance reflects what is available to use.

Yes, you can pay by cash, check, or online transfer directly to your home equity loan or line of credit.

If you are selling the property securing the loan, the lien, including the entire loan balance, will need to be satisfied by the sale of the house. If you are retaining the property, you can continue to use the HELOC and make payments.

You can request a fixed rate on a portion of your advanced funds from your Home Equity Line of Credit.

You can request up to three “fixed pools” on a home equity line of credit. These are a portion of your total advanced funds that – at your request – you may have the interest rate locked and begin paydown.

The combined loan to value is the total amount of a homeowner’s mortgages and loans secured by the property, including all lines of credit or liens against the property, divided by the value of the property.