Types of Loans
HELOC
Put your home equity to work.
A home equity line of credit (HELOC) is a revolving line of credit secured by your home. You draw what you need, when you need it, and pay interest only on what you use.
Who it fits
- Homeowners with built-up equity
- Renovations and home improvements
- Paying off higher-interest debt
- Education costs or other large expenses
Key features
- Borrow against your available equity, up to program limits
- Draw funds as needed during the draw period
- Interest charged only on the balance you use
- Rates are usually variable
- Keep your existing first mortgage and its rate
Your home secures the line of credit. Failure to repay could result in foreclosure. Eligibility, loan terms, down payment requirements, rates, fees and program features vary by borrower qualifications, property type and lender guidelines. Contact us to see which program fits you.