The Lowdown on Home Equity Lines of Credit...
Competitive Rates & Flexible Access to Your Equity
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home’s equity. Similar to a credit card, you can borrow what you need, when you need it, up to your approved credit limit. You only pay interest on the amount you actually use, giving you flexibility and control over your borrowing.
HELOCs typically have two phases: a draw period (usually 10 years) when you can access funds and make interest-only payments, followed by a repayment period (usually 20 years) when the line closes and you repay both principal and interest
We’re here to make the HELOC process easier, with tools and expertise to guide you along the way, starting with our no-cost HELOC Qualifier.
Key Benefits:
- Borrow only what you need, when you need it
- Revolving credit that replenishes as you pay down your balance
- Interest-only payment options during draw period
- Potential tax benefits when used for home improvements (consult your tax advisor)
Learn About HELOC Options
The HELOC Process
Here’s how our HELOC process works:
- Apply and get approved for a credit limit based on your available equity
- Access funds during the draw period using checks, cards, or transfers
- Make monthly payments on the amount you’ve borrowed
- During repayment period, pay both principal and interest to retire the balance
Common Questions About HELOCs
Your HELOC Could Be Fully Funded in 30 Days
Revolving Credit Line
Borrow, repay, and reuse funds during your draw period.
Interest-Only Options
Lower payments during the initial draw period.
Flexible Draw Period
Access funds anytime for up to 10 years.
Competitive Variable Rates
Rates adjust with market conditions.
Multiple Access Methods
Use checks, debit cards, or online transfers.
No Usage Restrictions
Use funds freely without lender approval.
All loans subject to credit approval. Rates, program terms, and conditions are subject to change without notice. Variable rate products have rates that adjust periodically based on market conditions. Not all products are available in all states or for all loan amounts. Property appraisal required. Loan-to-value limits apply. Consult a tax advisor regarding the deductibility of interest. Other restrictions and limitations may apply. This is not a commitment to lend.
Do I Qualify?
To qualify for a HELOC, most lenders evaluate your home equity (typically you’ll need at least 15-20% equity remaining after the credit line is established), credit score (generally 620 or higher), debt-to-income ratio, stable income verification, current property value, and occupancy status. Most HELOC programs allow you to borrow up to 85% of your home’s value minus your existing mortgage balance, subject to credit approval.
Not sure if you qualify? Our loan officers can review your home equity position and financial profile to help you understand how much credit you may be able to access and which HELOC options may be available to you.
- Check your HELOC eligibility in one minute
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