A HELOC lets you tap your home equity without refinancing your mortgage. Draw what you need, keep your existing rate, and get approved in as few as 5 minutes. Clear2 is licensed in 22 states with a 100% online application.
The Clear2 HELOC is powered by Figure, one of the largest home equity lenders in the country. The process is 100% online, there is no paperwork to gather, and you can have funds in as few as 5 days from application.
Answer a few questions and link your accounts. No paperwork, no documents to dig up. A soft credit pull shows your rate in as few as 5 minutes without affecting your credit score.
If you move forward, a hard credit pull is required to finalize the application. A property condition report (not a full appraisal) is used to confirm your home's value. The entire process is online, including notary signing in most states.
Your full approved amount is funded at closing at a fixed rate. As you pay down the balance, you can redraw those funds again — giving you ongoing access to your equity without a new application. Additional draws carry a variable rate tied to Prime at the time of the draw.
The right product depends on whether you want to keep your first mortgage rate, how fast you need funds, and how much flexibility you want after closing.
The Clear2 HELOC through Figure has straightforward eligibility. No income documents to gather — you link your financial accounts during the application.
Your initial draw rate is fixed at approval based on your credit score, home equity, and line amount. It does not move with the market after you close. If you use the redraw feature later, those additional draws are variable and priced at Prime Rate plus a margin at the time of the draw.
Your exact rate is shown during the online application after a soft credit pull. Rates vary by state, CLTV, and line amount. Rates are subject to change without notice. Additional draws after your initial funding carry a variable rate tied to Prime Rate at the time of the draw.
The full line amount is funded at close, so you have access to your equity immediately. Here are the most common reasons homeowners use it.
Consolidating $25,000 in credit card debt at 22% APR into a fixed-rate HELOC at a lower rate can save thousands per year in interest. One payment replaces several, and your rate is fixed so the math stays predictable. Your home secures the loan, so calculate carefully before proceeding.
Kitchen remodels run $40,000–$80,000. Bathrooms, $15,000–$40,000. With the full line available at close, you pay contractors without waiting for draw approvals. As you pay down the balance, the redraw feature lets you access remaining equity for future phases of the project.
Solar installations average $20,000–$35,000. An ADU addition can run $100,000–$200,000. Both increase property value while the HELOC funds the work. The fixed rate keeps monthly costs predictable from day one.
Opening a HELOC on your current home before listing it gives you a down payment source for your next home without waiting for the sale to close. With funding in as few as 5 days, you can move fast when you find the right property. Pay off the HELOC when your current home sells.
Clear2 Mortgage is a licensed mortgage broker in 22 states. HELOC products are available in all states where we hold a license. Your loan officer will confirm eligibility for your specific location and property type.
Not sure if your state is covered? Contact a Clear2 loan officer and we will confirm eligibility for your location before you start an application.
Five-star reviews from Clear2 clients on Google.
"We used a HELOC through Clear2 to fund our kitchen renovation. The process was straightforward and our loan officer kept us informed every step of the way. The draw period structure worked perfectly for paying contractors as work was completed."
"I wanted to consolidate some credit card debt without touching my mortgage rate. Clear2 found me a HELOC at a rate that cut my monthly interest payments nearly in half. The approval was faster than I expected and there was no application fee."
"Clear2 made the HELOC process easy to understand. My loan officer walked me through the rate structure and repayment timeline before I ever signed anything. I felt confident I was making the right call for my family's finances."
What is the maximum HELOC amount I can get?
The maximum depends on your home's value, your mortgage balance, and the lender's CLTV limit. Clear2 offers HELOCs up to 90% CLTV, meaning if your home is worth $400,000 and you owe $220,000, you could qualify for up to a $140,000 credit line ($400,000 × 90% = $360,000 minus $220,000). Line sizes go from $25,000 to $500,000 depending on equity and credit profile.
Can I get a HELOC if I already have a second mortgage?
Yes, but the combined balance of all liens cannot exceed the lender's CLTV limit, typically 90%. If you have a first and second mortgage, a new HELOC would be a third lien, which most lenders do not allow. In that case, you would need to pay off the second mortgage first or explore other equity products. Your loan officer will review your full lien position at application.
How long does it take to get a HELOC approved?
Most HELOC approvals take 2 to 4 weeks from application to funding. An appraisal or automated valuation model (AVM) is required and accounts for the majority of the timeline. Having your income documents, mortgage statement, and homeowners insurance ready at application speeds things up significantly.
Is HELOC interest tax deductible?
HELOC interest may be deductible if the funds are used to buy, build, or substantially improve the home securing the line. Under the Tax Cuts and Jobs Act of 2017, interest on home equity debt used for other purposes, such as debt consolidation or tuition, is not deductible. Consult a tax advisor for guidance specific to your situation.
What happens to my HELOC if my home value drops?
If your home value drops significantly, the lender may reduce or freeze your available credit line to stay within their CLTV limits. Any balance you have already drawn remains yours to repay on the original terms, but unused credit availability can be reduced. This is one reason borrowers often draw what they need early in the draw period rather than leaving the full line untouched.
Can I get a HELOC on a rental property or investment property?
Most HELOC programs are limited to primary residences and second homes. Investment property HELOCs exist but come with stricter terms, lower CLTV limits (typically 70–75%), higher margins, and stronger credit requirements. Ask your Clear2 loan officer about current lender availability for investment property equity lines in your state.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving credit line with a variable rate — you draw what you need, pay interest only on what you use, and can reuse the line during the draw period. A home equity loan is a fixed-rate lump sum disbursed at closing, like a second mortgage with a set payment schedule. HELOCs suit ongoing expenses or projects with uncertain costs. Home equity loans suit single large expenses with a defined amount.
Does getting a HELOC hurt your credit score?
Applying for a HELOC triggers a hard credit inquiry, which typically reduces your score by 5 to 10 points temporarily. Once the HELOC is open, your score may improve over time if you keep the utilization low relative to the credit limit. The impact is similar to opening any other revolving credit account and usually resolves within 12 months.
No application fee. Check your eligibility in minutes, then decide if a HELOC fits your plan.
Clear2 Mortgage, LLC. NMLS #1911663. Licensed Mortgage Broker. 2600 W Big Beaver Rd, Suite 100, Troy, MI 48084. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, appraisal, and underwriting guidelines. HELOCs are variable rate products and rates are subject to change. Your home is collateral. Rates and terms subject to change without notice.
