Your equity, available when you need it
A home equity line of credit lets you borrow against your home's equity without refinancing the mortgage you already have. You are approved for a line, draw on it as you need funds, and pay interest only on what you have drawn. As you repay, the line becomes available again during the draw period.
Why keep your first mortgage
If your first mortgage has a rate worth keeping, refinancing all of it just to reach your equity can raise the cost of the whole loan. A HELOC sits behind the first mortgage in second position and leaves it untouched.
Common uses
- Renovations and additions, drawn as the work progresses
- Paying off higher-cost debt
- Education or other planned expenses
- A standing cash reserve for opportunities or emergencies
How a HELOC is structured
Most HELOCs have a draw period, when you can borrow and repay freely, followed by a repayment period, when the balance is paid down. Many carry a variable rate tied to an index. We walk through exactly how your payment can change over the life of the line, so nothing about it surprises you later.
HELOC or home equity loan?
If you need the money all at once — a large payoff or a single purchase — a fixed-rate home equity loan gives you a lump sum and a predictable payment. If you need flexibility over time, a line usually fits better. We compare both with you.
Every file is different. Guidelines, pricing and eligibility vary by lender and are subject to credit approval and property eligibility — we’ll walk you through exactly what applies to yours.