Russell Cox, Executive Mortgage Advisor at Trust Mortgage LLC
Russell Cox, Executive Mortgage Advisor
Trust Mortgage LLC
Phone: (586) 864-2848
Email: [email protected]
NMLS# 1159730
Company NMLS# 2491461
Licensed in: MI, FL
This HELOC is currently available. It requires a full-draw of the credit limit at account opening into a Simple Loan with a fixed-rate term of 10, 15, 20, or 30 years. The 30-year term is only available for lines over $25,000. As that initial draw is paid down, the line becomes available for subsequent cash outs, card purchases and balance transfers.
It is a true revolving line of credit secured by the home. The mandatory initial full-draw funds a fixed-rate Simple Loan; once that balance is reduced, the borrower can redraw against the line via cash outs, card purchases or balance transfers.
Common uses include home improvement, debt consolidation, and cash-out. The line opens with a full initial draw into a fixed-rate Simple Loan. As that balance is paid down, you can redraw for cash-outs, card purchases, or balance transfers during the 5-year draw period.
These are the two payback options under a single account:
Revolving Plan (used for card purchases): Floating-rate plan with a minimum payment of 1% of principal per month plus interest. The rate is a floating index (WSJ Prime) plus a fixed margin set at origination.
Simple Loan (used for cash outs and balance transfers): Fixed-rate, fully amortizing simple-interest loan with payment terms of 10, 15, 20, or 30 years. The 30-year term is only available for lines over $25,000. The rate is determined at the time of draw.
Terms of 10, 15, 20, and 30 years are available. The 20-year term has been added and the 5-year term has been retired. The 30-year term is available only for credit limits greater than $25,000.
Yes. This HELOC requires a 100% draw of the credit limit at origination. That full initial draw funds a fixed-rate Simple Loan. There is no interest-only period on the Simple Loan.
The draw period is 5 years. Unlimited additional draws are allowed within that draw period. Once the initial Simple Loan balance is paid down, available credit can be used for cash outs, card purchases, and balance transfers.
Rates for additional draws are set at the time of draw. Cash outs and balance transfers use fixed rates on a Simple Loan. Credit card purchases use variable rates on the Revolving Plan, based on the WSJ Prime index plus a fixed margin set at origination.
Credit scoring depends on line size:
Line size of $400,000 or less: Experian FICO v9 and Experian Vantage v4. When there are co-borrowers, both borrowers must exceed 620 FICO and Vantage score.
Line size greater than $400,000: median of Experian, Equifax, and TransUnion FICO. When there are co-borrowers, both borrowers must exceed 760 tri-bureau FICO.
An automated home valuation is used in place of a full appraisal for line sizes of $400,000 or less. A full appraisal is required for line sizes greater than $400,000.
Eligible property types include single-family residences, condos (including detached condos), 2–4 unit properties, PUDs, and townhomes.
Ineligible property types include 5+ units, cooperative homes, manufactured homes, non-standard construction (log, dome, geodesic), non-residential properties (agricultural, commercial, industrial), and high-rise condos.
Apply through Russ Cox’s dedicated HELOC application at Trust Mortgage LLC. Use the Apply Now button on this site to open the HELOC application, or contact Russ first to review eligibility. This is not a commitment to lend. All products are subject to credit approval and lender underwriting.
HELOC questions
Straight answers on the HELOC available today — product structure, draws, credit, appraisal, and how to apply with Russ Cox.
Program FAQ
Russ Cox can walk through HELOC guidelines before you apply. Use the dedicated application link when you are ready.
Advisor
Russ Cox
NMLS · Trust Mortgage LLC NMLS
Open Russ’s dedicated HELOC application, or reach out first if you want eligibility reviewed before you start.
Trust Mortgage LLC
Russ Cox · Executive Mortgage Advisor
NMLS · Company NMLS
2530 S Rochester Rd Rochester Hills, MI 48307
Contact
Equal Housing Opportunity
This HELOC is offered through the application linked on this site. This is not a commitment to lend. All products are subject to credit approval and lender underwriting.