HELOC
A revolving home equity line of credit you can draw against as needed, without refinancing your existing mortgage.
- Revolving credit line secured by your home's equity
- Draw and repay repeatedly during the draw period, similar to a credit card
- Your existing first mortgage stays in place, untouched
- Variable interest rate, charged only on the amount drawn
- Typical structure: a draw period followed by a repayment period
Ask About HELOC
A HELOC leaves your existing mortgage alone and adds a second-lien credit line behind it — useful when your current rate is good and you want flexible access to equity over time rather than a single lump sum from a full refinance.
Who This Is For
- Homeowners who want access to equity without refinancing a good existing rate
- Borrowers who need funds over time rather than a single lump sum
- Homeowners financing a renovation in phases
HELOC FAQs
How is a HELOC different from a cash-out refinance?
A HELOC sits behind your existing mortgage as a second lien and leaves your first mortgage's rate untouched; a cash-out refinance replaces your mortgage entirely.
Do I pay interest on the full credit line or just what I draw?
Only on the amount you've actually drawn and not repaid — undrawn credit doesn't accrue interest.
What happens when the draw period ends?
The line typically converts to a repayment period where you pay down both principal and interest on the outstanding balance; terms vary by lender.
Related Resources
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