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.

The Trovy HELOC is the most flexible HELOC on the market. There is no minimum upfront draw so you can draw on your HELOC when you need the funds, and only pay interest on the amount you use. Your HELOC funds are easy to access - you can transfer money to your bank account, request a balance transfer, or use your Trovy Card wherever Mastercard is accepted. If you pay your balance in full each month, you won't owe any interest on your card purchases. You also pay no draw fees when you access your HELOC funds through the Trovy Card. It's a flexible, affordable, and modern borrowing solution for homeowners.

With your Trovy HELOC, you will receive a Trovy Card that you can use to access your line of credit. You can use it for purchases or cash advances anywhere Mastercard is accepted, giving you flexible access to your home equity funds when you need them.

You can use your Trovy HELOC to request an ACH transfer to your bank account, and you can use your Trovy Card to take cash out at an ATM. This gives you quick access to your home equity when you need it most. Each cash advance will be subject to a fee of up to 3% of the amount drawn, up to a 5% life of loan cap.

No. Trovy does not require any upfront draw or charge an origination fee when you open your HELOC. You can draw funds whenever you need them. While balance transfers and cash advances are subject to a draw fee, there are never draw fees on purchases made with your Trovy Card.

Yes. Balance transfers let you move high-interest debt from other credit cards or personal loans to your Trovy HELOC, potentially saving you significant money with Trovy's lower interest rates and more flexible repayment options. Balance transfers are subject to a fee of up to 3% of the total balance transferred and a life of loan cap of up to 5% of the credit limit.

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.

The Trovy HELOC starts with a variable rate, but offers you the best of both worlds. You can convert all or part of your balance to a fixed rate, locking in predictable monthly payments for that portion while keeping the flexibility of variable-rate borrowing on your remaining balance. This gives you control over your payment structure as your needs change. You can convert all or a portion of your outstanding HELOC balance at the end of any calendar month, or the full amount of specific purchases, cash advances, or balance transfers.

Not all HELOC-backed credit cards are created equal. Some involve lengthy application processes, 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 under two minutes and, if approved, begin using your card in just a few days.

Monthly payments on the Trovy Card are calculated similarly to a traditional credit card. You'll pay the greater of (i) $40 or (ii) 1% of your outstanding principal balance, plus any applicable fees and interest as outlined in your HELOC agreement. Importantly, you will only be subject to a minimum payment if you have an outstanding balance. If you convert any of your outstanding draws or balance to a fixed rate draw with Trovy FixedPay, you’ll owe the minimum monthly installment amount.

To qualify for the Trovy HELOC, you must meet certain eligibility requirements related to your home equity, credit score, debt-to-income ratio, and property type. Trovy uses a streamlined process to assess your qualifications and provide instant decisions.

The Trovy HELOC is currently available in the following states: AZ, CO, FL, IL, OH, MI, NC, NJ, OR, PA, UT, WA, and WI. We're expanding regularly, so join our waitlist and we'll send you an email when we're available in your state.

The Trovy HELOC has no annual fee, no origination fee, and no hidden costs. Trovy does charge fees for balance transfers, late payments, cash advances, and returned payments. There are no draw fees when you access your HELOC funds using your Trovy Card. You will also be responsible for recording fees and taxes charged by local agencies, although we waive 100% of those fees if you use your card within the first year. We believe in transparent pricing and smarter borrowing.

Trovy accepts a range of residential properties, including single-family homes (1-4 units), 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 $100,000. 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.

The Trovy HELOC has a 25-year draw period—during which you can borrow as needed—followed by a 5-year repayment period with no additional draws.

Trovy offers credit lines ranging from $10,000 to $100,000, depending on your home equity, creditworthiness, and other qualifying factors.

You can request to convert a draw or balance to a fixed rate draw (“FixedPay”) at any time 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 system will show you the available term lengths 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. If you make extra payments, your monthly payment amount stays the same but you'll pay off the balance sooner.

No, checking your rate with Trovy will not impact 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.

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.