HOME EQUITY LINE OF CREDIT

A HELOC gives qualified homeowners access to a revolving line of credit secured by their home’s equity. Borrow only what you need, when you need it, and use available funds for renovations, major expenses, debt consolidation, or other financial goals.

Purchase Get Pre-Approved Or Refinance Rate Options

OVERVIEW

What Is a Home Equity Line of Credit?

A Home Equity Line of Credit (HELOC) is a revolving credit line that allows homeowners to borrow against the equity they've built in their property.

Unlike a traditional home equity loan, which provides one lump sum, a HELOC allows you to draw funds multiple times during the draw period, up to your approved credit limit. As you repay the balance, available credit may become available again, depending on the terms of your plan.

Revolving
Access to Funds

Use Only What
You Need

Flexible
Borrowing
Structure

Multiple Uses
for Available
Equity

Draw &
Repayment
Periods

Beautiful residential home representing HELOC equity financing

How Does a HELOC Work?

Simple. Flexible. Designed for You.

Your Home
Builds Equity

Your available equity is generally based on your home's value compared with the debt secured by the property.

You Receive a
Credit Limit

Based on your application, property, equity, credit profile, income, and lender requirements, you may receive an approved line of credit.

Draw Funds
When Needed

During the draw period, you can generally access funds up to your available credit limit.

Repay & Continue
Accessing

As you repay the balance, available credit may become available again during the draw period, depending on your plan.

Enter the
Repayment Period

When the draw period ends, additional borrowing generally stops and repayment begins. Monthly payments can increase as you may begin paying principal and interest.

WHO IT'S FOR

Is a HELOC Right for You?

Homeowners With
Significant Equity

Use the equity you've built in your home.

Home Renovators

Ideal for projects that happen in stages over time.

Low First-Mortgage
Rate Holders

Access equity without replacing your existing low-rate mortgage.

Borrowers Seeking
Flexibility

Borrow what you need, when you need it.

STRUCTURE BREAKDOWN

DRAW PERIOD vs. REPAYMENT PERIOD

DRAW PERIOD

Borrow as needed during the draw period up to your credit limit.

Some HELOCs have interest-only minimum payments during part or all of the draw period.

KEY POINT

Flexible access to funds

REPAYMENT PERIOD

Once the draw period ends, you start repaying the outstanding balance.

Payments may increase as you may be required to repay principal and interest.

KEY POINT

Focus shifts to repayment

FINANCING OPTIONS

Make Your Home Equity Work Smarter

HELOC

Keep your existing first mortgage

Access funds through a revolving line

Borrow as needed

Usually variable rate

Great for phased or ongoing expenses

Cash-Out Refinance

Replaces your existing mortgage

Receive cash from increased loan amount

May provide a different rate/term

Useful when restructuring your entire mortgage makes sense

SIMPLE PROCESS

Get Your HELOC in 4 Simple Steps

Review Your Equity

We review your property value, existing mortgage balance and potential available equity.

Review Your Profile

Credit, income, debt obligations, property information and other lender requirements are evaluated.

Compare Your Options

Understand your potential credit line, rates, fees and repayment terms before you decide.

Access Your Funds

Once approved and closed, access your funds according to your HELOC agreement.