Frequently asked questions

A HELOC (Home Equity Line of Credit) is a type of loan that allows homeowners to borrow money using their home's equity as collateral. You're approved for a maximum credit limit and can borrow against this credit line multiple times, repay what you've used, and borrow again as needed throughout the draw period.

Yes. The Trovy HELOC is a home equity line of credit that has the same basic legal structure as a bank HELOC. The difference is that the Trovy HELOC was built to make accessing home equity simpler and more flexible. Instead of a checkbook or wire transfer, you get a physical and virtual HELOC credit card, an application process built for your phone, and funding in days rather than weeks. With the Trovy HELOC, you can draw funds as you need them, and access your HELOC funds instantly with the Trovy HELOC credit card.

Yes! When you take cash out or transfer a balance to Trovy, you'll pay a fixed rate of interest. Trovy lets you choose your repayment term, ranging from 1 year to up to 30 years (15 years for investment properties). The Trovy HELOC credit card carries interest at a variable rate, but you can convert all or part of an outstanding card balance to a fixed rate of interest each month with Trovy FixedPay.

Not all HELOC-backed credit cards are created equal. Some involve lengthy application processes, large minimum upfront draw requirements, high fees, and limited flexibility. The Trovy HELOC was built to offer the fastest and most flexible HELOC credit card on the market. You can apply online in just a few minutes and, if approved, begin using your card in a few days. Trovy also offers customer support on demand, so you can talk to a real person and get the answer you need.

It's a credit card that pulls funds from your HELOC. Instead of requesting a draw or writing a check to access your HELOC funds, you can swipe or tap your Trovy HELOC credit card.

Once your account is open, you'll receive a virtual card that you can start using right away. We will also ship you a physical card in the mail. You should receive your card within 5 to 7 business days.

Your variable HELOC rate is the rate that applies to all your Trovy HELOC credit card purchases. Homeowners with the Trovy HELOC never need to pay typical credit card rates (which average 22.25%) again.

Traditional banks often rely on manual underwriting and in-person steps. Trovy's process is built digitally from the ground up, which can reduce the time from application to funding. There's no in-person appraisal requirement, and the application is 100% online.

Yes. Like most bank HELOCs, your APR is tied to the WSJ Prime Rate plus a margin based on your credit profile.

Trovy and Aven let you access home equity through a HELOC credit card. Trovy gives you a longer draw period, the ability to lock in a lower rate if rates drop, and payment allocation that pays down your highest-rate balance first. Trovy also lets you take cash out at fixed rates. Trovy also offers live phone and email support, backed by strong customer reviews on Trustpilot, so you have real help available through your application process and beyond.

Figure requires you to draw your full credit line at closing and pay interest on all of it right away. Trovy doesn't require you to draw your whole line upfront. Instead, you can use your HELOC like a credit card, using it when you need it. If you choose a HELOC credit limit that is over $100,000, Trovy will require you to draw the amount that exceeds $100,000 at the time you open your account, but beyond that, you're free to draw as needed. Another area that sets Trovy apart is that Trovy gives borrowers a HELOC credit card so they can use their HELOC instantly anywhere Mastercard is accepted. There are no draw fees on Trovy HELOC credit card purchases, and the HELOC interest rate applies to the card, which is a much lower rate of interest than a typical credit card. Finally, Trovy offers cashback rewards and other perks with its Trovy HELOC credit card.

Yes, there may be tax benefits to using the Trovy HELOC. When you use your Trovy HELOC funds for qualified home improvement expenses, the interest paid could be tax-deductible. You should consult a tax advisor to determine if your specific purchases qualify under current IRS guidelines.

Trovy's underwriting system is fully automated, and calculates offers based on an applicant's income, home equity, credit, and debt obligations.

The Trovy HELOC has a variable APR for Trovy HELOC credit card purchases. The APR is calculated by adding a margin to an interest rate index, which is the highest domestic Prime Rate published in The Wall Street Journal's Money Rates section. If you want predictable payments, you can convert all or part of your variable rate balance (of at least $100) to a fixed rate with regular monthly installments over a repayment period of your choosing with Trovy FixedPay.

Trovy FixedPay allows you to convert all or part of your purchases made with the Trovy HELOC credit card to a fixed rate of interest, at a repayment period of your choosing, which can range from 1 to 25 years (1 to 10 years for investment properties). If you don't use FixedPay, you'll pay interest on Trovy HELOC credit card purchases at your variable HELOC rate, which is much lower than a typical credit card interest rate.

Trovy does not charge any lender fees to open your account. You are, however, responsible for standard mortgage recording fees and taxes, and, if required, the cost of a mobile notary or attorney. Those fees and taxes will be added to your principal as a one-year installment loan. Draw fees will apply to balance transfers and cash advances, including those you take at account opening.

Cash advance and balance transfer fees are a percentage of the amount of cash drawn or transferred to a third-party lender. The fees are added to your HELOC balance. For example, if you request a $100 cash advance with a 2.99% fee, the fee ($2.99) will be added to your balance, making your total balance $102.99. The repayment term for your fee will match the repayment term you selected for the associated cash advance or balance transfer.

You can use your Trovy HELOC to request an ACH transfer to your bank account. It's fast, easy and 100% online. We do not offer checks to access your HELOC funds.

Trovy does not require any upfront draw when you open your HELOC if your loan size is $100,000 or less. If you need more than $100,000, you must take an upfront draw in the form of a cash advance and/or balance transfer at closing in an amount that exceeds $100,000. So, if your line size is $150,000, you'll be required to draw $50,000 at closing. From there, you can use your HELOC whenever you need it.

Yes. Consolidating debt with the Trovy HELOC can be a smart way to save interest and pay down debt faster. With a balance transfer, you can move high-interest debt to your Trovy HELOC, potentially saving you significant money.

You can apply in just minutes online, and once approved, access your funds in as few as 4 days. Some of our borrowers apply and open their HELOC on the same day. When you're ready to use your HELOC, you have multiple convenient options: use your Trovy HELOC credit card for purchases with $0 draw fees, transfer funds to your bank via ACH, or set up balance transfers to pay off existing debts. If your property is your primary residence, there is a 3-business-day waiting period before the funds will be sent to you.

Trovy HELOCs have an initial five (5) year draw period. The five-year draw period provides you with flexibility to draw and redraw as you need the funds. The draw period may be renewed for up to three (3) additional five (5) year periods at our sole discretion, for a maximum total draw period of twenty (20) years. We will notify you at least sixty (60) days before the end of the initial draw period or any renewal period whether you are eligible to renew your draw period. If you are eligible and wish to renew, you must notify us of your election to renew at least thirty (30) days before the end of the current draw period through your Online Account. The draw period for HELOCs on investment properties is 5 years, with a term of 15 years.

Trovy's debt consolidation allows you to pay off existing credit cards and personal loans using your Trovy HELOC. By selecting which debts to refinance during your application, we can exclude those payment amounts from your debt-to-income (DTI) ratio calculation, making it easier to qualify for your HELOC and potentially at a better rate.

During your Trovy HELOC application, we will give you the opportunity to select any non-mortgage debt you'd like to pay off. Once your HELOC is approved and funded, we'll use a portion of your credit line to pay down the debt on those selected accounts directly. Consolidating your debt with Trovy's SmartPay feature can qualify you for a larger loan size, a lower interest rate, or both. You can also consolidate debt throughout the draw period.

You can consolidate credit card balances, auto loans, student loans, and personal loans. You can also take cash out to pay down debt on any other loans outstanding, such as a mortgage or other secured debt. At this time, we do not offer the ability to refinance a mortgage or other home-secured debt directly.

Not always. Many customers use their Trovy HELOC for any purpose they choose. In some cases, though, paying off certain existing debts may be a condition of your offer, for example to meet our debt-to-income requirements. If that applies to you, we'll tell you which debts need to be paid off before you accept your offer.

Yes, unless you close the accounts, your credit cards will remain open with available credit.

The exact timing depends on how quickly your creditors process the debt transfers, typically within 5-10 business days.

Yes, there is a balance transfer fee of up to 2.99% (subject to a life of loan cap of 5%) of the total amount of debts you choose to consolidate. This fee is added to your HELOC balance.

Savings vary based on your current debt interest rates, your Trovy HELOC rate, and the amount of debt you consolidate. Many customers save hundreds or even thousands of dollars annually by consolidating high-interest credit card debt into a lower-rate HELOC.

No, you can only consolidate debts that are in your name or jointly held accounts where you're a borrower. We cannot pay off debts belonging solely to another person.

You can prioritize which debts to pay off based on your available credit line. We recommend prioritizing highest-interest debts first to maximize your savings and DTI improvement.

No. You can choose to pay down any amount toward your selected debts. However, if you intend to fully pay off accounts, you are responsible for ensuring the payment amounts cover the full balance, including any interest or fees that accrue between your application and when the payment is processed.

You can request to convert all or part of your variable rate balance to a fixed rate draw ("FixedPay") once each monthly billing cycle during your HELOC's draw period by logging into your online account. Simply select the balance you want to convert and choose your desired repayment term from the available options. The repayment term options may range from 1 to 25 years, and 1 to 10 years for investment properties. The system will show you the available term lengths and APRs and calculate your fixed monthly payment amount before you confirm. Once you complete the request, the conversion takes effect and you'll see the details on your next statement.

Your Fixed Rate Conversion Draw becomes a separate balance under your HELOC with its own fixed monthly payment that gets added to your regular HELOC minimum payment due. The rate is locked in permanently and will never change, unlike your regular variable-rate HELOC balance.

Yes. HELOC borrowers can pay back any balance amount at any time with no prepayment penalty.

Yes, Trovy offers a 0.25% reduction on your APR if you sign up for autopay for at least the monthly minimum payment.

Trovy accepts a range of residential properties, including single-family homes and duplexes, townhomes, condominium units, and units in planned unit developments. We do not support co-ops, mobile homes, commercially-zoned real estate, multifamily real estate, manufactured housing, mixed use properties, or raw land. We do support primary residences, investment properties, and second homes. All home values must be equal to or greater than $75,000. Property eligibility may vary by state.

You may qualify for a Trovy HELOC if your property is held in your name, jointly with others, or through a revocable living trust. The key requirement is that your name or your trust's name appears in the county records as the legal owner of the property. Trovy does not lend on properties held in LLCs or other business entities. If your property is held by a trust, you will need to submit a copy of your Certificate of Trust when you apply.

Yes. Trovy offers HELOCs on investment properties, second homes and primary residences.

Involuntary liens are liens that are placed on a property by an outside authority against the will of the property owner such as city, county, or federal tax liens, mechanics' liens, judgment liens, and HOA liens. Trovy uses public records to identify possible liens on the property. If liens are detected on the property and you have proof that the lien(s) have been paid off or released, please email them to us at support@trovy.com.

Trovy originates first, second and third lien HELOCs. Third liens require a credit score of 680 or above and are capped at a credit limit of $100,000.

We do not allow co-signers on HELOCs. Our HELOCs are for single borrowers only. The applicant must be on title and will be the sole person whose credit is evaluated. In general, we consider only the borrower's income. However, if you live in a community property state, you can include your spouse's income. Community property states include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Note: Anyone else on title or whose signature is required to grant a security interest in the property will be required to sign the mortgage.

The last step in the HELOC process is to sign the security instrument (mortgage/deed of trust) with a notary. Remote online notary sessions are available for most properties, though availability depends on state and county rules. Remote online notary sessions are conducted fully online, and each signer will have their own individual signing session. You will need an original, unexpired government-issued photo ID, a mobile phone or similar device with a working video camera and microphone, and high-speed internet access. If your property is in a state or county that does not allow for a remote online notarization, we will schedule you with a mobile notary who will meet you in person.

No, checking your rate with Trovy will not affect your credit score. We perform a soft credit inquiry, which is only visible to you and does not affect your score. However, submitting a full application will trigger a hard inquiry, which may affect your credit score. We will disclose to you on the application when the hard inquiry will be performed and obtain your permission before doing so.

Trovy uses an automated valuation model (AVM) to estimate your home's current market value. This allows for a fast and accurate property assessment without requiring an in-person appraisal.

Your home equity is calculated by subtracting your outstanding mortgage and any other home-secured debts from your home's estimated market value. This equity amount helps determine the maximum line of credit you can qualify for with Trovy.

You have the option of income verification by connecting your bank account through our third-party provider. Alternatively, you have the option of uploading income verification documents, such as pay stubs, W2s or your tax return. Further instructions will be provided to you when you apply. In some cases, we are able to verify your income without you providing any income documentation or bank connection.