Home Equity Lines of Credit
A Home Equity Line of Credit (HELOC) is a flexible loan that uses the equity in your home as collateral. It works like a credit card—you can borrow money as you need it, up to a set limit, and only pay interest on what you actually use. Unlike a traditional home equity loan or a personal loan, you won’t start making payments until you withdraw funds. A HELOC can also be a great option for covering big or unexpected expenses, like home improvements for which you don’t have a set budget, or for which you’re unsure of the total cost. It’s also helpful for consolidating high-interest debt.
HELOCs vs. Personal Loans
Not sure which loan is right for you?
Home Equity Lines of Credit (HELOCs)
A revolving line of credit you can draw on when you need it
- Tied to your home’s equity
- Don’t pay until you start to withdraw
- Use as much or as little of the HELOC as you like
- Enjoy a lower interest rate
- Great for consolidating high-interest debt
- Interest can be tax-deductible
Traditional Home Equity Loans
Imagine your next home improvement project; powered by your home's equity