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. There are no draw fees when you access your HELOC funds through the Trovy Card and no interest on card purchases when you pay your monthly balance in full. 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. There are no draw fees when you use your Trovy card for purchases.

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. We do not offer checks to access your HELOC funds. 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.

Trovy does not require any upfront draw 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 of up to 3%, there are no draw fees on purchases made with your Trovy Card.

Yes. With a balance transfer, you can move high-interest debt from other credit cards or personal loans to your Trovy HELOC, potentially saving you significant money. Trovy HELOCs tend to carry lower interest rates than credit cards, and you also have the option of converting HELOC draws and balances to fixed rate installment loans.

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 and 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 any draw or balance over $100 to a fixed rate installment loan.

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 HELOC are calculated similarly to a traditional credit card. You'll pay the greater of (i) $40 or (ii) the sum of 1% of your outstanding principal balance (excluding any fixed rate conversion draw balances) the periodic finance charge that accrued on that balance during the billing cycle, any late and returned item fees, any past due amounts, any unpaid amounts outstanding which exceed your credit limit, and any fixed rate conversion draw monthly payment. Importantly, you will only be subject to a minimum payment if you have an outstanding balance; as a result, you won’t have to make any payments until you actually draw on the HELOC. 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.

Use our payment calculator to estimate what your intended usage could cost you each month.

To qualify for the Trovy HELOC, you must meet certain eligibility requirements related to your home equity, credit score (minimum of 640 credit score), debt-to-income ratio, property ownership, and property type. Trovy uses a streamlined process to assess your qualifications and provide instant decisions. To qualify for a Trovy HELOC, you'll need to meet the following minimum requirements, among others: (1) Credit Score: Minimum of 640, (2) Combined Loan-to-Value (CLTV): Maximum of 85%, and (3) Debt-to-Income Ratio (DTI): Maximum of 45%. Meeting these minimums doesn't guarantee approval, as we evaluate each application holistically based on your complete financial profile.

The Trovy HELOC is currently available in the following states: AL, AZ, CA, CO, FL, IL, IN, MI, MN, NC, NJ, OH, OK, OR, PA, TN, UT, VA, 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 upfront fee and no lender fees due at closing. You are responsible for paying recording taxes, and we add the amount of such taxes to your loan balance at closing. We pay standard government recording fees and charges on your behalf, as well as mobile notary and attorney fees (up to $370) where required, and you are required to reimburse us for those fees if you do not draw at least $10,000 within the first three months of opening your account. These fees, charges and taxes will be added to your balance as a one-year fixed-rate installment loan and are not subject to interest charges. Trovy does charge standard fees of 1 to 3% of the draw amount for balance transfers, late payments, cash advances, and returned payments. There are no fees when you make purchases with your Trovy Card.

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. Trovy does not lend on properties held in LLCs or other business entities.

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 repayment term options may range from 1 to 30 years. 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. 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.

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

Trovy does not charge any lender fees to open your account. Standard mortgage recording fees and taxes apply, and you are responsible for the cost of a mobile notary or attorney if required at closing.

You are responsible for standard government recording fees and taxes associated with your HELOC, but Trovy waives the recording fees if you draw at least $10,000 on your HELOC in the first three months of your account.

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, mechanic's 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.

To comply with federal regulations, Trovy is required to retain applicant information for at least 5 years or longer, depending on the type of information.

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

Trovy originates first, second and third lien HELOCs.

No, Trovy does not charge interest on fees. Fees are added to your loan balance and are not subject to interest.

Your APR is calculated by adding a margin (ranging from -0.100% to 7.00%) to an interest rate index, which is the highest domestic Prime Rate published in The Wall Street Journal's Money Rates section. Your APR can change anytime the Index changes, with no limits on how frequently changes can occur or the amount of each change. However, your APR is capped at a maximum of 18% and has a floor of 5%. The APR reflects interest costs only and does not include other fees or charges associated with your HELOC.

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

No, 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. 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.

When fees apply (such as cash advance or balance transfer fees), Trovy adds them directly to your HELOC balance. For example, if you request a $100 cash advance with a 3% fee, the fee ($3) will be added to your balance, making your total balance $103.

Trovy's HELOC requires signing 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. 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.

Trovy HELOCs offer fast closing and funding: you can apply in minutes and access funds in as few as 4 days after applying. Trovy HELOCs have lower rates than typical credit cards and personal loans, and with no upfront draw requirement, you only pay interest on what you use. You can access your HELOC funds through an ACH transfer, balance transfer from a higher interest loan, or with your Trovy Card anywhere Mastercard is accepted. Plus, there are no draw fees when you use your Trovy card for purchases. Finally, Trovy offers white-glove customer service, with help available when you need it.

You can apply in just minutes online, and once approved, access your funds in as few as 4 days. When you're ready to use your HELOC, you have multiple convenient options: use your Trovy Card for purchases with $0 draw fees, transfer funds to your bank via ACH, withdraw cash at ATMs, or set up balance transfers to pay off existing debts. Best of all, there's no upfront draw required - you only pay interest on what you actually use, giving you complete control over your borrowing.

Trovy HELOCs have an initial ten (10) year draw period. The ten-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 two (2) 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.

In states and for loan sizes that require income verification, 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.

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, you'll have the opportunity to select which debt from credit cards and personal loans 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.

You can consolidate credit card balances and personal loans. At this time, other debt types (auto loans, student loans, other mortgages) are not eligible for consolidation through this program.

When you elect to pay off debts with your Trovy HELOC, we exclude those monthly payments from your DTI calculation. This effectively lowers your DTI ratio, which can increase your likelihood of approval, help you qualify for a lower interest rate, and potentially increase your approved credit line amount.

No, debt consolidation is completely optional. You can apply for a Trovy HELOC without selecting any debts to pay off. However, if you have high-interest debt, consolidation could improve your approval odds and terms.

Yes, unless you close the accounts, your credit cards will remain open with available credit. However, using them again would add back to your debt obligations and could affect your overall financial situation.

Your selected debts will be paid down shortly after your Trovy HELOC closes and funds. The exact timing depends on how quickly your creditors process the payoff transactions, typically within 5-10 business days.

You can update your debt consolidation selections any time before your HELOC closes. Once the loan has closed and the paydowns have been initiated, changes cannot be made.

Yes, there is a balance transfer fee of up to 3% of the total payoff amount for debts you choose to consolidate. This fee is added to your HELOC balance. For example, if you consolidate $10,000 in debt, you may pay up to $300 in balance transfer fees, bringing your total HELOC balance to $10,300.

Savings vary based on your current debt interest rates, your Trovy HELOC rate, and the amount of debt you choose to 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.

The consolidated debt becomes part of your Trovy HELOC balance, so you'll pay your HELOC interest rate on that amount. HELOC rates are typically much lower than credit card rates, which often range from 18-29% APR.

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.