Put your home's equity to work for you
A Home Equity Line of Credit (HELOC) lets you borrow as needed, giving you financial flexibility for home improvements, debt consolidation, or unexpected expenses.
Who's it for?
A HELOC is perfect for homeowners who want ongoing access to their home’s equity without refinancing their mortgage. Suppose you need funds for renovations, education, medical expenses, or other large purchases. In that case, a HELOC provides a revolving credit line with lower interest rates than most personal loans or credit cards.
HELOC benefits
- Borrow only what you need, when you need it
- Lower interest rates compared to personal loans or credit cards
- Interest-only payment options during the draw period
- Use funds for home improvements, debt consolidation, or major expenses
- Flexible repayment options
- Access funds multiple times without reapplying
Eligibility requirements
To secure a HELOC, you’ll need to meet the following requirements:
- Minimum credit score of 620 (higher scores may qualify for better rates)
- At least 15-20% equity in your home
- Stable income and ability to repay the loan
- Debt-to-income (DTI) ratio typically under 43%
- Property must be a primary or secondary residence
Find out if a HELOC loan is right for you
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