Loan program
HELOC Home Loan
A flexible line of credit secured by your home — borrow only what you need.
A Home Equity Line of Credit (HELOC) gives you a revolving credit line backed by your home equity. Draw funds when you need them, pay interest only on what you use.
A HELOC is a uniquely flexible financial tool. Unlike a cash-out refi, you don't lock in a single lump sum and a new long-term mortgage. Instead, you open a revolving line you can tap whenever the need arises.
During the 10-year draw period, you pay interest only on the funds you've actually borrowed. After draw closes, you enter a repayment period — typically 20 years — and amortize the balance.
HELOCs are perfect for ongoing renovation projects, college tuition spread across years, real estate investors needing fast access to capital, or anyone who values optionality over a fixed structure.
What it gives you
Revolving Credit
Like a credit card, but secured by your home and at far lower rates.
Interest-Only Payments
During the draw period (typically 10 years), pay only interest.
Use As Needed
Borrow exactly what you need, when you need it.
Tax-Deductible
Interest may be tax-deductible when funds are used for home improvements.
How it runs, start to finish
- 1
Equity Check
We confirm available equity (typically up to 85% of home value minus first mortgage).
- 2
Apply
Standard income, credit, and property review.
- 3
Appraise
Often a desktop or AVM appraisal — fast and inexpensive.
- 4
Open Line
Line opens at closing; draw via check or transfer anytime.
Questions people ask about this one
Variable or fixed?
Most HELOCs are variable, tied to prime rate. Some offer fixed-rate conversion options on draws.
Do I have to use the full line?
No — borrow only what you need. Unused portions don't incur interest.
How long is the draw period?
Typically 10 years draw, then 20 years repayment. Some programs offer longer.
HELOC vs cash-out refi?
HELOC = flexible, variable, second-lien. Cash-out = fixed, predictable, replaces first mortgage. Depends on your goals.
Programs people look at next
The first step is a conversation, and it costs nothing.
No documents, no credit pull, no obligation afterwards. Just somebody explaining the part you are stuck on.
Or call(503) 555-0175and ask for whoever is free.
