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Home Equity Line of Credit
Your Equity, Your Terms
A Home Equity Line of Credit (HELOC) gives you the flexibility to borrow as needed, so you can take on life expenses with confidence.
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Frequently Asked Mortgage Questions
Buying a home is a big step, and it’s natural to have questions along the way. We’ve gathered some of the most common mortgage questions to help you feel confident and informed as you explore your options.
What is a home equity loan?
A home equity loan lets you borrow a lump sum of money using the equity you’ve built in your home as a collateral.
How is a HELOC different from a home equity loan?
A home equity loan provides a one-time lump sum with fixed payments.
A HELOC works more like a credit card. You can borrow, repay, and borrow again during the draw period.
What is a Home Equity Line of Credit (HELOC)?
A HELOC is a revolving line of credit that allows you to borrow against the equity in your home. You can draw funds as needed, up to your approved limit, and only pay interest on the amount you use.
How much can I borrow with a HELOC?
The amount you can borrow depends on the equity in your home, your credit history, income, and other financial factors. Typically, lenders allow you to borrow up between 80 - 90 percent of your home’s appraised value, minus any existing mortgage balance.
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