Trovy HELOC vs. Chase HELOC: How the Trovy HELOC Compares

Trovy HELOC vs. Chase HELOC: How the Trovy HELOC Compares

Chase Bank recently re-launched their HELOC offering for the first time since pausing the program in the midst of the COVID crisis. Given this news is making a splash in consumer credit markets, we wanted to show you how the Trovy HELOC compares to the Chase HELOC reboot.

Chase HELOC vs. Trovy HELOC

	Chase HELOC	Trovy HELOC
Min. Credit Score	720	680
Min. Upfront Draw	85% of credit limit	$0
Draw Period	3 years	25 years
Origination Fee	Up to 4.99%	$0. Up to 3% draw fees for cash advances and balance transfers, and $0 draw fees when you use your Trovy Card
Card access	None	Card with cashback rewards

How Trovy Compares

• Better availability for prime borrowers: the Trovy HELOC is currently available to borrowers with a 680 or greater credit score versus the Chase HELOC, which is only available to borrowers with a 720 minimum credit score.
• Draw period of 25 years: Trovy allows you to access your funds for 25 years of a 30 year loan term, with the remaining 5 years reserved for repayment, versus Chase’s 3-year draw period. Borrowers may also make purchases at any time with their Trovy HELOC Card without needing to take cash disbursements.
• No mandatory upfront draw: With the Trovy HELOC, you are not required to make upfront draws on your HELOC; you can simply take out money as you need it, sending money to your bank account, requesting a balance transfer, or spending on your Trovy Card. Chase requires you to draw 85% of your credit limit up front.
• No draw fees on card purchases: When you use your Trovy Card to access your HELOC, you pay $0 in draw fees, versus Chase’s up to 4.99% origination fees. When you take cash out or do a balance transfer, Trovy charges a draw fee of up to 3%, capped at up to 4.99% of the credit limit over the life of the loan.
• Get your HELOC entirely on your small screen: Trovy lets you complete the entire process on your phone within minutes. Once you get preapproved, just take a picture and upload your ID, and then close with our on-demand digital notary service.
• Flexible access: Trovy lets you access your home equity on demand with a credit card, giving you the ultimate flexibility.

The Bottom Line

Putting it all together, if you get a $100,000 line of credit on your home from Chase. Expect to be compelled to draw $85,000 on day 1, and pay $4,990 in origination costs. If you need additional access to your funds, you will not have access after the first 36 months, and any disbursements within that 36 months will incur a 4.99% origination fee.

In summary, while Chase has an offering for existing Chase customers with pristine credit scores who want rigid, large-balance loan products, Trovy’s offer is more compelling for people who want access to flexible credit products on their own terms.

Ready to Experience the Trovy Difference?

See how Trovy’s flexible HELOC offering can give you better access to your home equity with competitive rates, longer draw periods, and the convenience of card access.