HELOC
Turn Your Home Equity Into a Flexible Line of Credit.
HELOC
A Home Equity Line of Credit (HELOC) gives you ongoing access to the equity in your home. Instead of receiving a lump sum, you draw what you need, when you need it, and only pay interest on what you use.
Highlights
- Borrow against the equity you have built in your home.
- Draw funds as needed during the initial draw period.
- Interest-only options available during the draw period.
- Use for renovations, debt consolidation, investments, or emergencies.
Best For
- Homeowners with significant equity who want flexible access to cash
- Borrowers funding ongoing renovations or projects
- Those looking to consolidate high-interest debt with a lower rate
How it works
During the draw period (typically 10 years), you can access funds up to your credit limit. The repayment period follows, usually 10–20 years.
Rates
HELOC rates are typically variable and tied to a benchmark index, meaning your payment can change over time.
Combined loan-to-value
Most HELOCs allow a combined first mortgage + HELOC balance up to 80–90% of your home's value.
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