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? 

The credit limit of a HELOC is mostly based on the market value of your house and the balance owed on your mortgage. Other criteria that affect the credit limit include your credit score and outstanding obligations.

Let’s make the math straightforward. Say the value of your house is $100. You are permitted to borrow up to 97 percent of the home’s worth (LTV), or $97. You have a $50 mortgage balance. You may borrow a total of $47 dollars.

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? 

HELOC terms might range, but they can last for up to 30 years (often with about a 10-year draw period and a 20-year repayment period). Although borrowers have the option of taking the available funds immediately, we can design HELOCs as long-term partnerships.

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.