Home equity
Home Equity Line of Credit (HELOC)
A home equity line of credit lets you borrow against your home's equity as you need it, up to an approved limit. You keep your current first mortgage.
Who it's for
- Homeowners who want flexible access to funds over time
- People with ongoing or uncertain costs, like renovations done in stages
- Anyone who wants to keep their current first mortgage
Requirements at a glance
EquityEnough equity after your first mortgage.
RateOften variable, so your payment can change.
RepaymentYou pay on what you use. Structure and terms vary by lender.
Credit and incomeYour credit and income are reviewed.
RiskYour home secures the loan, so missed payments put it at risk.
General information only. Eligibility, terms, and requirements vary by lender and borrower, and not everyone will qualify. This is not a commitment to lend.
How it differs
HELOC compared with a HELOAN.
| HELOC | HELOAN | |
|---|---|---|
| How you get the money | A line you draw from as needed | One lump sum at closing |
| Rate | Often variable | Often fixed |
| Payment | Based on what you use | A set payment on a set schedule |
| Best for | Ongoing or uncertain costs | A one-time, known expense |
Weighing both? See the HELOAN page
How it works
Four steps. Zero guesswork.
1
Tell me your goals
A short, no-pressure conversation about what you want and your numbers.
2
I compare lenders
I look across lenders to find the best HELOC option for your situation.
3
You apply, I run the file
One application. I manage the file and keep you updated.
4
Close with confidence
You know what to expect at every step, all the way to the keys.
Questions
Good to know.
A HELOC is a line you draw from as needed, often at a variable rate. A HELOAN gives you one lump sum with a set payment, often at a fixed rate.
Typically you pay interest on what you've drawn, not the full limit. Terms vary by lender, and I'll walk you through how yours works.
No. It sits behind your first mortgage, so you keep your current loan.
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Let's get started
Ready to see what you qualify for?
It takes five minutes and a soft credit check. No obligation, no pressure, just a clear picture of your options.