Home Equity Line of Credit (HELOC)

Access up to $500,000 from your home

What are HELOCs? 

You can borrow money using the equity you’ve already accrued in your house with a HELOC, sometimes referred to as a home equity line of credit. A HELOC offers flexibility in terms of both borrowing and paying back money because it is a line of credit.

How does it work? 

HELOCs function relatively similarly to credit cards. You can borrow money up to the lender’s predetermined credit limit and then repay it to them together with interest. This choice may give you more flexibility; if required, you can even withdraw money and make payments on a daily or monthly basis.

How much can you borrow? 

Real example: 

Home’s market value: $500,000

97% of home’s value: $485,000

Minus mortgage balance: $250,000

Potential line of credit: $235,000

HELOC Length? 

Of course, determining eligibility is only the start. To learn more about the process of opening a HELOC, speak with one of our loan professionals today.