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HELOC (Home Equity Line of Credit) / HELOAN (Home Equity Loan)
A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home’s equity, allowing you to borrow, repay, and borrow again as needed. It’s a flexible option for home improvements, large expenses, or emergency funds. In contrast, a HELOAN (Home Equity Loan) provides a lump sum payment based on your home’s equity, with a fixed interest rate and structured repayment plan. Both options allow homeowners to access cash without refinancing their primary mortgage, making them great solutions for debt consolidation, renovations, or major purchases. If you’re looking to leverage home equity for financial flexibility, a HELOC or HELOAN could be the right fit.
A Reliable Home Loan You Can Trust.
Flexible Access to Funds
Borrow only what you need, when you need it, up to your credit limit.
Interest-Only Payments During Draw Period
Lower your payments by paying interest only on the funds you use unless program requires Principal and Interest.
Use Funds for Any Purpose
From renovations to tuition, you can use HELOC funds for virtually anything.
Tax Deductible Interest
In many cases, interest paid on a HELOC may be tax deductible when used for home improvements (consult a tax professional).
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are HELOC/HELOAN best for?
HELOC (Home Equity Line of Credit) loans are ideal for homeowners who want flexible access to funds by leveraging the equity in their home. They’re a great choice for those planning home improvements, consolidating debt, or covering large expenses over time.
How do HELOC/HELOAN work?
A HELOC is a revolving line of credit secured by your home’s equity. During the draw period (typically 5–10 years), you can borrow as needed, paying interest only on the amount used. After the draw period, you enter the repayment phase, where you repay the principal plus interest over a set term.
What are pros and cons of a HELOC/HELOAN?
Pros:
- Flexible access to funds as needed.
- Pay interest only on the amount you borrow.
- Can be used for various purposes, such as renovations or debt consolidation.
Cons:
- Your home serves as collateral, increasing risk of foreclosure if payments aren’t made.
- Variable interest rates can cause monthly payments to fluctuate.
- Requires sufficient home equity to qualify.
Can I use a HELOC for anything I want?
Yes, HELOC funds can be used for various purposes, including home improvements, tuition, debt consolidation, or other major expenses. However, some lenders may impose restrictions, so it’s best to confirm with your provider.