What is a Home Equity Line of Credit?
A Home Equity Line of Credit (HELOC) gives homeowners flexible access to the equity they’ve built over time. Unlike a traditional loan, a HELOC provides a revolving credit line—similar to a credit card—secured by your home. You can borrow what you need, when you need it, up to a set limit based on your home’s value and mortgage balance.
HELOCs typically feature variable interest rates, which are often lower than those on personal loans or credit cards. Many borrowers use this option to cover home improvements, emergency expenses, tuition, or other large purchases while maintaining financial control. You only pay interest on what you use, and in many cases, interest-only payments are available during the draw period.
Why you may need a HELOC
Why Choose a HELOC?
HELOCs offer a combination of flexibility, affordability, and long-term utility:
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Borrow as needed rather than taking a lump sum
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Make interest-only payments during the initial draw period
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Use funds for renovations, debt consolidation, or unexpected expenses
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Potentially lower rates than other forms of credit
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Maintain your existing mortgage while accessing additional equity
Ready to explore how a HELOC fits into your financial strategy? We’re here to help you get started.
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