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WHAT IS A HELOC?
Flexible Access to the Equity in Your Home
A Home Equity Line of Credit, or HELOC, allows you to borrow against a portion of the equity you’ve built in your home without refinancing your existing mortgage.
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Unlike a traditional loan that provides funds in one lump sum, a HELOC is a revolving line of credit. You can access funds as needed during the draw period, repay what you borrow, and typically use the available credit again.
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Access Funds as Needed
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Draw from your available credit when you need it rather than borrowing the full amount upfront.
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Keep Your First Mortgage
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Your existing first mortgage stays in place, which may be important if you already have favorable loan terms.
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Pay Interest on What You Use
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Interest is generally charged on the amount you've borrowed, rather than the full amount of your available credit.
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HOW CAN YOU USE A HELOC?
Put Your Equity Toward What Matters
A HELOC can provide access to funds for planned expenses, unexpected needs, or opportunities along the way. Because you draw only what you need, when you need it, you have flexibility in how you put your home equity to work.
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Home Improvements
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Renovations, repairs and updates
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Debt Consolidation
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Consolidate higher-interest debt
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Major Expenses
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Education, medical or other needs
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Financial Flexibility
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Funds available when needs arise
HOW DOES A HELOC WORK?
A Line of Credit You Can Use as You Need It
01:
Establish Your Credit Line
Your available credit is based on factors such as your home’s value, existing mortgage balance, credit profile, income, and lender guidelines.
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02:
Draw Funds as Needed
Access all or a portion of your available credit during the draw period rather than taking the full amount upfront.
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03:
Make Payments
Your payment is based on the terms of your HELOC and the amount you’ve borrowed. HELOCs typically have variable interest rates, so payments can change over time.
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04:
Repay & Reuse
As you repay principal during the draw period, those funds may become available to borrow again, up to your approved credit limit.
Your existing first mortgage stays in place.
A HELOC is a separate loan secured by your home, allowing you to access available equity without refinancing your existing first mortgage.
EXPLORE YOUR OPTIONS
Let’s Talk About What’s Possible
Every homeowner’s goals and financial picture are different. Our team can help you understand how a HELOC works, what you may qualify for, and whether it fits what you’re looking to accomplish.