HELOC
Flexible revolving access to your home equity
What is a HELOC?
A HELOC (Home Equity Line of Credit) functions like a credit card secured by your home's equity. You're approved for a maximum credit limit and can draw funds as needed during the draw period (typically 5–10 years), paying only interest on what you use. After the draw period ends, you enter the repayment phase and begin paying principal and interest. HELOCs are ideal for ongoing expenses such as home renovations, tuition, or as a financial safety net.
Key Features
- Draw funds anytime during draw period
- Interest-only payments during draw phase
- Variable rate tied to prime index
- Revolving — repay and reuse
- Access via checks, card, or transfer
- Possible tax deduction on interest (consult CPA)
Requirements
- Minimum 15–20% equity in your home
- Credit score 640+
- Stable income verification
- Debt-to-income ratio ≤43%
- Primary or second home only
At a Glance
Best For
- Homeowners needing flexible, ongoing access to equity
- Ongoing renovation projects
- Emergency financial reserves
- Education expenses
- Debt consolidation
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