Home Equity Line of Credit

Tap into your home's value with a flexible credit line for renovations, debt consolidation, or emergencies.

Program Overview

A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. Think of it like a credit card with a much lower interest rate and a much higher limit.

You are given a maximum credit limit and can draw funds as needed during the "draw period" (typically 10 years). You only pay interest on the amount you actually use. This makes it an excellent tool for ongoing projects or as a financial safety net.

Key Benefits

Pay for What You Use

Unlike a loan where you pay interest on the full amount, here you only pay on what you withdraw.

Revolving Credit

As you pay down the balance, the funds become available to use again.

Lower Rates

Interest rates are typically much lower than credit cards or personal loans.

Interest Only Options

Many HELOCs offer interest-only payments during the draw period to keep costs low.

Standard Requirements

  • Equity: You typically need to retain at least 15-20% equity in your home (Combined Loan-to-Value of 80-85%).
  • Credit Score: Good credit is usually required, often 680+.
  • Debt-to-Income: Lenders look for a reasonable DTI ratio to ensure you can afford the payments.

Documents Needed to Apply

  • Current mortgage statement
  • Pay stubs for the last 30 days
  • W-2 forms for the last 2 years
  • Homeowners insurance declaration page
  • Copy of driver's license
  • Social Security number

Access Your Equity Today

Get the flexibility you need for life's expenses.

Apply for a HELOC