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Point Mortgage Review

Reviews 1,664
Point
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Point
Point
Excellent
Reviews 1,664
Ryan Sze
Apr. 28, 2022
3 min read
Ryan Sze
Point Summary
If you’re a homeowner, you can use Point to turn your home equity into cash. The company’s home equity line of credit allows you to access cash in a flexible and convenient manner—all at an affordable interest rate. To qualify, you’ll need a 680+ credit score. If approved, you’ll be able to borrow as much as $500k in home equity, and can use your credit line to fund home renovations, investments, or other major expenses.

Pros

  • Quick and easy online application
  • Flexible revolving line of credit
  • Tap up to $500k in home equity

Cons

  • Must have 680+ credit score to qualify
  • Home equity line of credit only available in California

Point at a glance

6.8
Editorial score

Customer Service and Support

Email and phone support available
6.0

Variety of Loan Types

Purchase, FHA, VA, USDA, Jumbo, HELOC
8.0

Variety of Products

10-30 years, conventional
8.0

Online Experience

Access to learning materials
8.0

Geographical Availability

Available in 15 states
4.0

Point Point Visit Point

Overview

Point is a mortgage and home-backed lending company that provides financing options for prospective and current homeowners. Current homeowners can take advantage of Point’s home equity line of credit (HELOC), a flexible, low-interest revolving line of credit.

Depending on your credit score and the value of your home, you can borrow up to $500k. You can use your HELOC to finance anything you need, without restriction—be it a home renovation, a major expense like a wedding or tuition payment, or investments.

Suitable For?

Point’s HELOC program is relevant if you’re an existing homeowner in California who has an immediate or potentially upcoming need for cash. Once you establish your credit line, you’re free to borrow as much or as little as you want to until you reach the maximum amount you’re approved for.

Moreover, you will only be charged interest on the amount you borrow. Once you pay down your balance, you’re free to re-use and borrow against your line of credit again.

Types of Loans/Products

To qualify for Point’s Home Equity Line of Credit (HELOC), you’ll need to own property in California and have a credit score of 680 or higher.

Point’s HELOC interest rates can be as low as 3.5% or as high as 18%, and will depend on factors like hour credit score and the value of your home. Moreover, your initial draw must exceed $50,000 or 100% of your credit limit, whichever is less.

The Application Process

Point’s HELOC application can be completed online. To apply, follow these steps.

  1. Navigate to Point to check your personalized APR.
  2. If you’re prequalifed for a HELOC, you’ll be invited to submit additional documentation, like pay stubs and proof of address.
  3. Once you verify, sign, and notarize the required documents, you’ll be able to access cash via your line of credit.
  4. Funds should arrive in your bank account within several weeks.

Repayment Terms

Interest rates on outstanding HELOC balances will vary, but can be as low as 3.5% and as high as 18%. If you carry a balance, you may be required to make a minimum monthly payment, but you won’t be subject to annual fees, inactivity fees (if you don’t draw on your line of credit), or early termination fees.

Point’s HELOC can be established indefinitely and does not come with a fixed repayment schedule. If you’re drawing on your credit line for the first time, you’ll need to borrow the lesser of $50,000 or 100% of your credit limit. However, once you accumulate an outstanding balance, you can repay as little or as much as you want, so long as you meet or exceed the monthly minimum payment.

Help & Support

It’s easy to get in touch with Point. You can reach them via email or by phone between Monday and Thursday from 6AM to 6PM PST and on Friday from 6AM to 4PM PST.

How Point Compares


Point HELOCUS Bank HELOCThird Federal HELOC
Minimum Credit Score680+730+Unspecified
Available inCaliforniaNationwideNationwide
Maximum Credit Line$500,000Depends on state, max. $100,000 in NYUp to $200,000
HELOC APR3.5% to 18%3.70% to 8.85%From 2.49%
Best forHomeowners who need cashHomeowners who are existing US Bank clientsHomeowners who want low HELOC interest rates

Summary

Point’s versatile, low-APR HELOC allows you to turn your home equity into cash and can give you access to as much as $500k in revolving credit.

To qualify for a HELOC, you’ll need to complete an online application, have a credit score of 680+, and live in California. Once you’re approved, you’ll receive your funds within a few weeks.

With interest rates from 3% to 18%, no early repayment or termination fees, and no annual fees, Point’s home equity line of credit is an affordable and easy way to tap into your wealth.

FAQs

How can you use Point HELOC funds?

You can use your HELOC for anything, whether that’s to renovate your current home, to fund major non-home-related expenses, or even to purchase other assets.

What’s the difference between a HELOC and a home equity loan?

A home equity loan is an arrangement where you borrow a lump-sum payment and repay the lender via fixed monthly recurring payments.

With a home equity line of credit, you don’t have to borrow a pre-determined amount or borrow all at once. Simply tap into your HELOC when you need it, pay it down when you have the funds, and let it sit idle when you don’t need access to cash.

How much can I borrow?

Your credit limit will depend on your creditworthiness and the amount of equity you have in your home. The maximum credit limit is $500,000.

What interest rates do Point HELOCs feature?

Interest rates are anywhere between 3.5% to 18%. However, your exact interest rate will depend on your borrower profile.

Physical Address

444 High Street, Fl 4

Palo Alto, CA 94301

Point Point Visit Point

Methodology

This review was compiled using information from the Point website.

Ryan Sze
Written by
Ryan Sze
Ryan is a freelance personal finance and investments writer, with more than 3 years of experience trading and writing informative financial content. A chemical engineer by degree, Ryan's interest in finance grew out of a love of data science and computational statistics. His byline can be found on well-known sites such as The Motley Fool, Investing In The Web, and Top10.com.

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