Dream Beyond the Blueprint with a Home Equity Line of Credit
The equity you've built can help you make improvements, add new space, or even pay for new adventures.
What is a Home Equity Line of Credit?
How does a home equity line of credit work?
With a HELOC, you can access a certain amount of money, up to a predetermined credit limit, over a set period of time, usually 10 years. You can use this money for anything you want, such as home renovations, debt consolidation, or other major expenses. HELOCs can potentially lower your monthly bills and boost your credit score by paying off high-interest credit cards, medical bills, and other debt.
Unlike a traditional loan, you don't receive the entire amount upfront. Instead, you can borrow and repay money as needed within the set time frame. You only pay interest on the amount you borrow, not the entire credit limit.
HELOCs typically have variable interest rates, which means that the interest rate can fluctuate over time based on market conditions. The interest rate on a HELOC is usually lower than other types of loans, such as credit cards or personal loans, but it can still be higher than your mortgage interest rate.
What are the benefits of a home equity line of credit?
HELOCs typically have lower rates than other types of loans because the loan is secured by your home's equity making it a cost-effective way to borrow and pay off other high-interest debt.
How long does it take to get a home equity line of credit?
Step 2. Work with an Advisor.
Step 3. Close on your HELOC.
Get answers to your frequently asked questions about home equity lines of credit (HELOC).