Home Equity
Line of Credit

HELOC overview

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.


HELOC Qualifications


To qualify for a HELOC, you need to have available equity in your home, this means the amount you owe on your home must be less than the value of your home. You can typically borrow up to 85% of the value of your home minus the amount you owe. Lenders will often look at your credit score and history, employment history, monthly income, and monthly debts, just as when you first got your mortgage.


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