Access your equity as your plans unfold.
A home equity line of credit, or HELOC, provides access to a revolving credit line secured by your home. Compare the draw period, repayment structure, and costs before choosing a line.
Could this fit your plans?
- You own a home with available equity.
- You may need funds at different times instead of one lump sum.
- You want to compare a HELOC with a home equity loan or cash-out refinance.
What to have ready
Your exact checklist depends on the lender and your situation. A helpful starting point:
- Current mortgage statements and information about other property liens.
- Income and asset records requested by the lender.
- Property information, insurance, and details about how you plan to use the funds.
How lenders review this loan
These lender-specific examples show details that can shape your options. Your loan team will help you compare the requirements for your situation.
Draw and repayment periods
Understand when you can access the line and when the balance must be repaid through scheduled payments.
Changing rates
A variable-rate line can change your payment. Review the rate structure and repayment terms with your loan officer.
The full credit line
The example reviews the payment for the full line when qualifying, not just the amount you initially draw.
A clear path forward.
Tell us what you have in mind
Start with your goal, property plans, and how you document income. Your loan team will help identify the relevant programs.
Review options with your loan officer
Compare the documentation, estimated costs, and payment structure. Understand what the lender needs before you move forward.
Build your application together
Your team guides you through the requested documents, lender review, and remaining steps toward closing.
Questions about home equity lines of credit?
How is a HELOC different from a home equity loan?
A HELOC is a revolving credit line with a defined draw period. A home equity loan generally provides a lump sum with its own repayment schedule. Terms and rate structures depend on the lender.
Does a HELOC replace my first mortgage?
A HELOC may be structured as an additional lien rather than a replacement of your existing mortgage. Your loan officer will review lien position and how the proposed loan affects your overall payments.
What should I compare besides the rate?
Review fees, rate changes, draw and repayment periods, minimum draws, and any early closure requirements. Ask what your payment could look like once the draw period ends.
Let’s find the right next step.
Start with a few details, then work with our loan team to compare your options.
Programs are subject to lender availability, borrower and property eligibility, and underwriting approval. This information is not a commitment to lend.