Quick highlights
- Borrow only what you need, when you need it
- Variable rate, typically lower than credit cards
- Interest-only payments during draw period
- Use for renovations, debt consolidation, education
- 10-year draw / 20-year repayment typical
- Possible tax deduction (consult your tax advisor)
Best for:
Homeowners who want flexible access to their equity for renovations, large expenses, or as a financial safety net — without refinancing their primary mortgage.
HELOC vs. cash-out refinance
A HELOC is a second mortgage that sits on top of your existing first mortgage — so your great low first-mortgage rate stays intact. A cash-out refinance replaces your existing mortgage with a new, larger one. If you have a low rate on your current mortgage, a HELOC usually makes more sense than refinancing.
How much can I borrow?
Most lenders let you borrow up to 80-90% of your home's value minus your existing mortgage balance. So if your home is worth $500K and you owe $250K, you may be able to access $150-200K through a HELOC.
Ready to see what you qualify for?
Every situation is different. Let's talk through your specific scenario and shop it across our lender network for the best terms.