Home Equity Line of Credit
Explore a flexible line of credit secured by the equity you have built in your home.
A home equity line of credit (HELOC) is a revolving credit line secured by your home. You can draw funds as needed during a draw period and repay over time.
Potential benefits
- Access funds as needed rather than all at once.
- Interest is typically charged only on the amount you draw.
- Can be used for many purposes, such as improvements.
General eligibility considerations
- Sufficient equity in your home is required.
- Credit, income, and existing debts are reviewed.
- Property type and occupancy may affect availability.
Important limitations
- Rates are often variable, so payments can change.
- Your home is collateral and could be at risk if you do not repay.
- Payments may increase once the draw period ends.
Common questions
Is a HELOC the same as a cash-out refinance?
No. A HELOC is a separate credit line, while a cash-out refinance replaces your current mortgage with a new loan.
Is interest tax-deductible?
It depends on how funds are used and your situation. Please consult a tax advisor.
Is Home Equity Line of Credit right for you?
Every situation is different. Book a no-pressure consultation and a licensed loan expert will review your goals and walk through the options that may fit.
Program descriptions are general information, not a loan offer or commitment to lend. Eligibility, rates, fees, and terms depend on your circumstances and lender requirements and are subject to change. Not all applicants will qualify.
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