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HELOC & Home Equity
Tap into your home's equity for renovations, debt consolidation, or major expenses.
Max CLTV
90%
Min credit score
680
Draw period
10 years
Repayment
20 years
Overview
About the HELOC loan
A Home Equity Line of Credit (HELOC) lets you borrow against your home's equity as a revolving credit line. Home equity loans give you a fixed lump sum. Both let you keep your low first‑mortgage rate intact.
Best for
Who this fits
- Homeowners with 20%+ equity
- Renovation financing
- Debt consolidation
Pros
- Keep your existing low first‑mortgage rate
- Borrow only what you need (HELOC)
- Interest may be tax‑deductible
- Flexible repayment options
Things to consider
- Variable rates on HELOCs
- Home is collateral
- Closing costs apply
Requirements
What you'll need
- 20%+ equity in your home
- Credit score 680+
- DTI typically under 43%
- Stable income & employment
FAQ
Common questions
HELOC vs cash‑out refinance — which is better?
If your first mortgage rate is below 5%, a HELOC almost always wins. Cash‑out refis make sense when you need a large fixed sum and rates are favorable.
How fast can I close?
Most HELOCs close in 2–3 weeks.
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