Plan for payments to change.
HELOCs usually have variable interest rates. Ask how the rate is set, when it can change, and what happens to your payment when the draw period ends.
Home Equity Line of Credit (HELOC)
Your home equity.
A considered decision.
Explore a home equity line of credit with a clear view of borrowing costs, repayment, and the risk to your home.
Talk about HELOC ↗Keep the full obligation in view.
Compare fees, borrowing limits, repayment terms, and your ability to cover both your existing mortgage and the new debt. Missing payments can put your home at risk.
A USEFUL FIRST CONVERSATION
Bring your questions.
We’ll start with what matters to you and explain the next step.
Helpful topics to have ready
- What you intend to use the funds for
- Whether you need funds at once or over time
- Questions about the draw period, repayment, rate changes, and fees
Keep sensitive documents for an approved secure application channel.
Your questions, answered.
Is a HELOC the same as a home equity loan?
No. A home equity loan generally provides a lump sum, while a HELOC lets you borrow against a credit line according to its terms. Compare actual offers.
Can I keep my existing mortgage?
A HELOC may be a separate loan alongside your mortgage. Confirm the lien position, lender requirements, and combined monthly obligation for your situation.
Learn more: CFPB: HELOCs
Let’s work through the details.
A conversation comes before choosing a loan.