topic Re: Any experience out there with Aven? Calif-only HELOC w/ debit access. in Mortgage Loans

Any experience out there with Aven? Calif-only HELOC w/ debit access.

CBetc — Fri, 24 Sep 2021 17:50:36 GMT

I searched the forums and there were no real references to #Aven#. No targeted contact, but I did see a Facebook ad pop up and I clicked through. Looks to be a highly-automated/online-only HELOC that uses a Visa card for access and transfers. Before I go any further with them (looking at a re-fi or HELOC, but a HELOC might let me go above 80% more easily), I figured I'd see what others' experiences might

This appears to be a California-only product, so that might explain it having a lower profile:

Not available for properties located in Special Flood Hazard Areas. Only available to US residents whose primary residence is in California. No 3rd lien positions. Not available for multi-unit homes.

https://www.aven.com/

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

CBetc — Fri, 08 Oct 2021 00:33:01 GMT

@CBetc wrote:
I searched the forums and there were no real references to #Aven#. No targeted contact, but I did see a Facebook ad pop up and I clicked through. Looks to be a highly-automated/online-only HELOC that uses a Visa card for access and transfers. Before I go any further with them (looking at a re-fi or HELOC, but a HELOC might let me go above 80% more easily), I figured I'd see what others' experiences might be.

Just to follow up: Went ahead and pulled the trigger on this. Soft pull to qualify, HP after doing the online notary signing. Closed faster than even my Figure HELOC did; I'm not sure how it could have been any simpler.

Based on the valuation, they went up to a total of 89% LTV on a condo.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

URHomeInvestments — Wed, 24 Nov 2021 16:29:51 GMT

Awesome! I collect DPs on HELOCs.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

texasguppie — Thu, 09 Jun 2022 13:19:15 GMT

Any experience with how and what AVEN reports the HELOC to the three bureaus as?

My BK7 wiped out the reporting of my mortgage so I'm hoping my AVEN HELOC reflects some type of real estate/mortgage/home ownership trade line.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

cashorcharge — Sat, 11 Jun 2022 02:45:32 GMT

WooHoo!! Congratulations on your Aven HELOC Approval!!👏🏼🍾🥂

Guessing it's a typical 10 year drawn down with a 20 year repayment?

I know your rate will adjust over time but with an 89% LTV, what rate did they start you out at?

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

texasguppie — Sat, 11 Jun 2022 03:18:01 GMT

7.74.
Not the best but then again, with a five year old BK7, I cannot complain. I used the money to pay off much higher rate debt.
Very curious to see how it reports.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

cashorcharge — Sat, 11 Jun 2022 03:33:41 GMT

@texasguppie wrote:
7.74.
Not the best but then again, with a five year old BK7, I cannot complain. I used the money to pay off much higher rate debt.
Very curious to see how it reports.

Agreed...that's pretty good! Thanks again for sharing @texasguppie

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

CBetc — Sat, 11 Jun 2022 03:39:57 GMT

@texasguppie wrote:
Any experience with how and what AVEN reports the HELOC to the three bureaus as?
My BK7 wiped out the reporting of my mortgage so I'm hoping my AVEN HELOC reflects some type of real estate/mortgage/home ownership trade line.

My Aven HELOC only reports to Experian. It seems to be considered in the Revolving calculation, and is listed as Revolving and "Line of Credit" on MyFICO. At Experian's site under Account Type it shows "Home Equity Line Of Credit."

For mortgage application purposes, lenders seemed to see it as a true HELOC, but I have a suspicion it's being counted as regular Revolving and not a LOC for some scoring models. So I guess it depends.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

SoCalGardener — Thu, 16 Jun 2022 18:38:51 GMT

@CBetc wrote:
Just to follow up: Went ahead and pulled the trigger on this. Soft pull to qualify, HP after doing the online notary signing. Closed faster than even my Figure HELOC did; I'm not sure how it could have been any simpler.

Based on the valuation, they went up to a total of 89% LTV on a condo.

You mentioned Figure, so I figured I'd ask some questions about it. I just mentioned a mailing [in another thread] I got from them--one of many I get from them. Until I started receiving these pre-approved HELOC offers, I had never heard of Figure. Are they good? Would you use them again? Any negative things you can think of?

As for Aven, I realize you have limited experience with them right now, but it sounds like you're pleased so far. If you had to compare Aven and Figure, what would you say?

I've never had any kind of home equity loan, and I'm pretty ignorant on the whole topic. You said that Aven gave you 89% LTV. I'm guessing that's loan-to-value? Or loan-to-...something? So you have a mortgage, correct?

Thanks.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

23matched — Tue, 21 Jun 2022 14:56:20 GMT

As a point of reference, I applied for a HELOC with Discover, Lower.com (not impressed with their service), Figure, and Aven. NFCU turned me down during the soft credit check (690 ish mortgage scores). My mortgage is with them, not sure if that matters. Anyhow, these are the preapproved amounts:

Figure $50k

Aven $55k

Lower $87K -$5k in fees. And my credit was pulled 3 times after these guys. Not to mention the 8 different people reaching out to me. Just did ot seem legit. Finally, an email that said I needed to get over a 700 credit score to move forward........

Discover $90k no fees

I am working with Discover, problem is they won't accept wife's income as she has been on the job 1 yr, though same position different city. We had moved and she had to quit her other job. They want 2 years on the same job. So we might no get Discover based on DTI alone.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

DSTforlife — Tue, 21 Jun 2022 15:10:43 GMT

Is it a HELOC with Discover or a HEL? There is a big difference as a HELOC is a revolving line of credit, but a HEL is not...it's an installment loan that does not revolve.

Make sure you are completely clear with the lenders. When I was looking for a HELOC, I noticed a lot of the online lenders only offered HEL (Home Equity Line) and were very vague in their explanations....I had to specifically ask to get a clear answer.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

Dalmus — Mon, 24 Jul 2023 21:49:10 GMT

I'm curious how the one year anniversary worked.

According to their online disclosure, Aven chooses whether or not to continue it's relationship with you each year for up to 15 years. If they decide to terminate, you are on the hook to pay back principal and interest over a 60 month period. This would make me a little leery if I were looking at them for funding a large home repair or debt consolidation...

They are also vague on their website on how they amortize payments... Since they can drop you on any given year, are your payments based on a 12 month amortization of P&I, or interest only for 15 years or....?

Thanks for being a guinea pig on this.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

CBetc — Tue, 25 Jul 2023 06:49:28 GMT

@Dalmus wrote:
I'm curious how the one year anniversary worked.

According to their online disclosure, Aven chooses whether or not to continue it's relationship with you each year for up to 15 years. If they decide to terminate, you are on the hook to pay back principal and interest over a 60 month period. This would make me a little leery if I were looking at them for funding a large home repair or debt consolidation...

They are also vague on their website on how they amortize payments... Since they can drop you on any given year, are your payments based on a 12 month amortization of P&I, or interest only for 15 years or....?

Thanks for being a guinea pig on this.

So far there's been no change, other than the APR on revolving charges going up along with the general collapse of the last year and change. I took out the bulk of my line as a 10y installment loan and the then-lowest rate, so if they're thinking of closing up shop or shutting down less profitable lines I'm sure I'd be a fine candidate, however as far as I can tell it's business as usual. I'll update this thread if anything changes in that regard.

One thing to note is that they're not currently approving line increases and aren't sure when they'll start again. This is reasonable IMHO given the uncertainty in the market. I've not heard of any decreases personally, and mine has not been otherwise affected. Still impressed with their service.

Re: Any experience out there with Aven? Calif-only HELOC w/ debit access.

rustraven — Wed, 08 May 2024 03:31:51 GMT

This company's marketing tactics are shady. Less than 2 months after buying a house jointly with my wife, they start sending ads addressed to her only, who's credit score is better than mine, to take out a loan. I'm not sure why someone would get an equity secured loan, two months into a 3.5% down FHA deal, but that's apparently what they're trying to get her to apply for.