A HELOC lets you access the equity in your home, giving you flexibility to fund home improvements, pay down higher-interest debt, or support other important financial goals. With a HELOC, you can manage your finances on your terms while making the most of your home’s value.
Turn your equity into opportunity
Home Equity Options
Home Equity Line of Credit
Flexible access to funds: Borrow as much or as little as you need, up to your credit limit, whenever you need it.
Pay interest only on what you use: Unlike a traditional loan, you don’t pay interest on the full line only on the funds you actually draw.
Ideal for ongoing expenses: Perfect for projects that take time or come in phases, like home renovations, education costs, or managing irregular expenses.
Potential tax benefits: Interest may be tax-deductible when used for home improvements (consult a tax advisor).
Revolving credit: As you pay down your balance, you can borrow again without reapplying.
Home Equity Loan
Lump-sum funding: Receive the full loan amount upfront, making it easy to budget for a large project or major expense.
Fixed interest rate: Enjoy predictable monthly payments that won’t change over time, providing financial stability.
Ideal for one-time projects: Great for home renovations, consolidating higher-interest debt, or covering major life expenses.
Structured repayment: Repay the loan over a set term, which can help you plan your finances.
Secured by your home: Typically offers lower rates than unsecured loans because it’s backed by your property.
Frequently Asked Questions
-
Your available HELOC / HELOAN amount is primarily determined by the equity in your home. Depending on your qualifications and property details, a HELOC may be approved with a combined loan-to-value (CLTV) ratio of up to 85%.
Loan amounts generally start at $20,000 and can go up to $750,000, though limits may vary by state. Your maximum available line may be less than $750,000 and is based on factors such as your home’s current value and existing mortgage balance at the time of application. Home value and equity are evaluated using independent data sources and automated valuation methods.
-
When reviewing a HELOC / HELOAN application, lenders consider several key factors, including credit history, overall debt obligations, available home equity, and property type. In general, a minimum credit score of 640 may be required, debt-to-income ratios may be allowed up to 50%, and the combined loan-to-value (CLTV) ratio typically cannot exceed 85%. Eligible properties often include single-family homes, townhomes, and condominiums, though guidelines may vary based on individual circumstances and location.
-
Once your line of credit is established, you can use your HELOC / HELOAN funds for a wide range of financial needs. Common uses include consolidating higher-interest debt such as credit cards, funding major expenses like home improvement projects, and managing ongoing costs such as education or tuition expenses.
-
Applying for a HELOC / HELOAN is designed to be simple and convenient, with a fully digital application that can be completed in just minutes. When you’re ready, you can get started by connecting with a home equity specialist or completing the online application and taking the next step toward accessing your home equity.