HELOC Loans

A HELOC (Home Equity Line of Credit) is a type of loan that lets you borrow against the equity in your home—similar to using a credit card but secured by your property.

What is a HELOC?

HELOC = Home Equity Line of Credit
It's a revolving credit line, not a lump-sum loan
You borrow as needed, up to a set credit limit, and repay over time
Based on the available equity in your home (usually up to 85%)

Key Features

Revolving credit- Like a credit card—you can borrow, repay, and borrow again
Draw period- Typically 5–10 years (borrow and pay interest only)
Repayment period- Usually 10–20 years after the draw period ends (repay principal + interest)
Variable interest rate- Rate can change over time based on market conditions
Interest-only payments- During the draw period, payments may be interest-only

Common Uses

Home renovations
Debt consolidation
College tuition
Emergency expenses
Business funding

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