Home Equity Line of Credit — flexible access to your home's value.
A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home as needed. Unlike a lump-sum loan, a HELOC works like a credit card — you draw funds when you need them and only pay interest on what you use.
HELOCs typically have a draw period (5–10 years) followed by a repayment period (10–20 years). During the draw period, you may only need to make interest payments.
Understanding your options helps you make the best decision for your financial situation.
| Feature | HELOC | Home Equity Investment | Cash-Out Refinance |
|---|---|---|---|
| Monthly Payments | Yes (interest) | No | Yes (new mortgage) |
| Interest | Variable rate | None | Fixed rate |
| Income Required | Yes | No | Yes |
| Credit Score | 680+ | 500+ | 620+ |
| Access Amount | Up to 85% CLTV | Up to $600K | Up to 80% LTV |
| Repayment | Monthly over term | When you sell or refinance | Monthly over 15–30 yrs |
| Best For | Ongoing expenses | Lump sum, no payments | Lower mortgage rate |
Every homeowner's situation is different. Here's a quick guide.
You need flexible, ongoing access to funds and can comfortably make monthly interest payments. Ideal for home renovations done in phases.
You want a lump sum with no monthly payments, no interest, and no income requirements. Ideal for debt consolidation or large expenses.
You can qualify for a lower mortgage rate than your current one and want to tap equity at the same time.
Talk to our team to explore which home equity solution fits your needs.
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