A Home Equity Line of Credit (HELOC) gives you a flexible way to access the equity in your home. Instead of receiving one lump sum, a HELOC establishes a revolving line of credit that allows you to borrow funds as needed, up to your approved credit limit.
This can make a HELOC a useful option when you have ongoing expenses or aren't sure exactly how much you'll need.
A HELOC is a revolving line of credit secured by your home. Once approved, you can generally access available funds during the draw period and make payments based on the amount you’ve borrowed and the terms of your line.
As you repay what you’ve borrowed, your available credit may become available to use again during the applicable draw period.
A HELOC may provide access to funds for expenses such as:
You don’t necessarily have to borrow the entire approved amount. You can access funds as needed, subject to your HELOC’s terms and available credit.
Not sure which option makes sense for you?
Home Equity Loan: Receive a lump sum upfront and typically make payments over a predetermined term.
HELOC: Access a revolving line of credit and borrow funds as needed, subject to the terms of the line.
The right choice depends on how much you need, how you plan to use the funds, and your overall financial situation.
All loans are subject to credit approval and program guidelines. Terms, rates, fees, and availability may vary. Your home is used as collateral for a home equity loan or HELOC, so it’s important to understand the risks and repayment requirements before proceeding.
If you've built equity in your home, you may have options for accessing some of that value without selling your property.
Let's review your goals, explain the available options, and help you determine whether a Home Equity Loan or HELOC may be a good fit.
