Home Equity Line of Credit
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit acts more like a credit card than a mortgage loan and is perfect if you anticipate spending needs over time. For example, if you’re making home improvements in stages, consolidating credit card debt, or managing unexpected financial emergencies such as medical bills or car repairs.
Using your home as collateral, a HELOC allows you to borrow against the equity in your home (up to 100% of your home’s value) and only pay back the amount used. The interest rate tends to be lower than with a Home Equity Loan, and since it’s a variable rate, it can fluctuate. Additionally, you have the flexibility of making interest-only payments for the first several years, also known as the “draw period.”
Once you close on your HELOC, you’ll have quick access to cash! Watch the video below to find out how.
Access your HELOC funds in 30 seconds
Questions about how to prepare before applying, next steps, and more? Visit Frequently Asked Questions.
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APR = Annual Percentage Rate