A home equity line of credit, or HELOC, lets eligible homeowners borrow against available home equity through a revolving credit line. It may be useful for projects with costs that arrive over time. A HELOC can often be added without replacing your existing first mortgage.

How a HELOC Works

During the draw period, you can generally borrow, repay, and borrow again within your approved limit. After the draw period ends, repayment terms change. Most HELOCs have variable interest rates, so payments can change. Some programs offer fixed-rate features.

What Determines Your Available Credit?

Lenders typically review:

• Home value and current mortgage balances.

• Credit history.

• Income and existing debts.

• Property type and occupancy.

Compare the Full Cost

Your home secures the line, and missed payments can put it at risk. We’ll review rates, fees, minimum draws, and repayment terms, then compare a HELOC with other equity options.