A HELOC, or home equity line of credit, lets you borrow against the equity in your home as a revolving line of credit, drawing funds when you need them and paying interest only on what you use.
Best for
Homeowners who want flexible access to their equity for renovations, debt consolidation, or opportunities.
How is a HELOC different from a home equity loan?
A HELOC is a revolving line you can draw from repeatedly during a set draw period, similar to a credit card secured by your home. A home equity loan, by contrast, is a one-time lump sum. The HELOC's flexibility makes it ideal when your cash needs arrive over time.
What can you use a HELOC for?
Homeowners use HELOCs to fund renovations that add value, consolidate higher-interest debt, cover education costs, or keep capital ready for investment opportunities. Because the line is secured by your home, rates are typically far lower than unsecured borrowing.
Key features
- Borrow only what you need, when you need it
- Pay interest only on your outstanding balance
- Lower rates than most unsecured credit
- Reusable line during the draw period
- Ideal for renovations and consolidation
HELOC
FAQ
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