Home Select Checking Account Mortgage
Home Select is an all-in-one mortgage: a first-lien HELOC paired with a checking account. Your deposits work to reduce your balance every day, which may help you save on interest and pay off your mortgage faster.
- First-lien HELOC + checking
- Interest on your daily balance
- No prepayment penalty
The basics
What Is a Home Select Loan?
Home Select is a checking account mortgage, also called an all-in-one mortgage. It combines a first-lien HELOC with a checking account, so funds you deposit "offset" the principal balance of your home loan. Because interest is calculated on your daily balance, keeping your income and savings in the account may reduce the interest you pay and help you pay off your mortgage faster without changing your budget.
- Structure
- First-lien HELOC
- Built in
- Checking account
- Interest on
- Daily balance
How it works
Home Select in four steps
An all-in-one mortgage works differently from a traditional loan. Here's what the process looks like.
- 01
See if it fits
Your loan officer looks at your income, savings and spending to see whether an all-in-one mortgage may suit you.
- 02
Apply and get approved
Share income, asset and credit documents. The lender reviews your file against Home Select guidelines.
- 03
Close on your loan
Your mortgage becomes a first-lien HELOC with a checking account attached. Review your disclosures and sign.
- 04
Bank through your mortgage
Deposit your income and pay bills from the account. Money sitting in it reduces the daily balance interest is charged on.
Why borrowers choose Home Select
Home Select Benefits
As a first-lien HELOC with a built-in checking account, Home Select lets your income and savings offset your mortgage balance. This may lower the interest you pay and help you pay off your mortgage faster, while keeping your home equity available when you need it.
Step 1
Deposit your income
Your paycheck and savings go into the account and immediately reduce the loan balance.
Step 2
Interest on a lower balance
Interest is calculated on the daily balance, so money in the account may lower what you pay.
Step 3
Equity stays available
Pay bills as usual. Equity you've paid down can be drawn again during the draw period.
Features and guidelines
Key Features
Interest Savings
Deposits lower your daily balance, which may reduce interest
Reduced Monthly Payments
Interest is charged on your daily balance, so deposits help lower it
30-Year Equity Access
Works like a first-lien HELOC with 30-year equity access
Flexible Loan Terms
No balloon payment or prepayment penalties
Banking Features
Checking account features like online bill pay and debit access
Property Eligibility
Available for primary homes, second homes and investment properties
Home Select Guidelines
General program guidelines. Requirements may vary and change, and all loans are subject to credit approval and underwriting.
Check if you qualify- Minimum FICO
- 700 (primary/second home), 720 (investment), per published program terms
- Maximum LTV
- Up to 90% for qualifying primary-home purchases or rate-and-term refinances; up to 70% for qualifying investment properties
- Maximum DTI
- 43%
- Reserves
- Reserve requirements vary; your loan officer will confirm the current amount
- Rate Option
- Variable rate that adjusts monthly
- Loan Amount
- Loan amount limits and Texas availability are confirmed with the lender before you apply
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Home Select FAQs
Home Select is an all-in-one mortgage, also called a checking account mortgage. It combines a first-lien HELOC with a checking account, so your deposits reduce the balance interest is charged on.
Interest is calculated on your daily balance. Keeping your paycheck and savings in the account lowers that balance, which may reduce the interest you pay.
Yes. Funds in the account remain available up to your credit limit, and you can pay bills and make purchases from it like a checking account.
Generally, no. Because it is a HELOC, the rate is typically variable and can change over time within the terms of your loan agreement.
It may fit borrowers with steady income that regularly exceeds their monthly expenses and who are comfortable managing a credit line. It is usually not a fit if you carry little cash in the account.
A licensed loan officer can compare Home Select with a traditional fixed-rate mortgage using your income and spending.