Home Equity Line of Credit (HELOC)

Description

About this loan type

A Home Equity Line of Credit (HELOC) allows you to borrow against the equity you’ve built up in your home, offering a revolving line of credit that you can use as needed. HELOCs are a versatile and cost-effective way to finance a wide range of needs, from home improvements and education costs to medical bills or other large expenses. You only pay interest on the amount you borrow, giving you financial flexibility and control. Unlike traditional loans, a HELOC works much like a credit card—draw funds as needed during the draw period, then repay with flexible terms during the repayment phase.

Why Choose This Loan?

• • • • Flexible Access: Borrow as much or as little as you need up to your approved limit, with easy access to funds.

      • Interest-Only Payments: During the draw period, you can choose to make interest-only payments, making monthly payments more manageable.

      • Competitive Rates: Lower rates compared to credit cards and personal loans, making it a cost-effective way to fund projects or expenses.

      • Ideal For: Homeowners looking to finance renovations, pay off high-interest debt, or manage large, unexpected costs.