Home Equity Line of Credit (HELOC)
A HELOC gives homeowners access to revolving credit based on their home's equity, offering flexible funds for major expenses or projects.
Home Equity Line of Credit (HELOC) Features
Revolving Credit Line
Borrow, repay and borrow again up to your approved limit during the draw period.
Based on Home Equity
Your credit limit is based on the equity you've built in your home and your qualifications.
Draw & Repayment Periods
HELOCs typically have a draw period followed by a repayment period.
Keep Your First Mortgage
A HELOC is usually a second lien, so you can keep your existing first mortgage in place.
Home Equity Line of Credit (HELOC) Benefits
- 01
Flexible Access to Funds
Use funds as needed for renovations, education or other major expenses.
- 02
Pay Interest on What You Use
Interest is generally charged only on the amount you've drawn.
- 03
Preserve Your Current Rate
Avoid refinancing a first mortgage that has a rate you want to keep.
- 04
Potential Tax Advantages
Interest may be tax-deductible in some cases; consult a tax advisor.
Loan Program Frequently Asked Questions
What is a HELOC?
A line of credit secured by your home that lets you borrow against your available equity.
Is the rate fixed or variable?
Most HELOCs have a variable rate that can change over time. Ask your loan officer about available options.
How much can I borrow?
It depends on your home's value, your existing mortgage balance, credit and income. Your loan officer can estimate your available equity.
What can I use a HELOC for?
Common uses include home improvements, debt consolidation and large expenses. Your home secures the line, so borrow responsibly.