HELOC
How Does a HELOC Work?
01.
Tap into your home’s equity
Access the cash you need without altering the terms of your current mortgage. A HELOC allows you to borrow against the available equity in your home without going through a full refinance process, saving time, fees, and paperwork. This means you can keep your existing low interest rate while still unlocking extra funds.
02.
Lower interest rates
HELOCs are secured by your home, which typically results in much lower interest rates compared to unsecured debt like credit cards or personal loans. This makes them an attractive option for homeowners looking to finance larger expenses while minimizing interest costs over time.
03.
Interest-only payments
During the initial draw period—usually between 5 to 10 years—you’re only required to make payments on the interest for the amount you've borrowed. This flexible structure helps reduce your monthly payments in the early years of the loan, giving you financial breathing room while still accessing the funds you need.
04.
Pay interest only on what you use
Unlike traditional loans, a HELOC only charges interest on the funds you’ve actually withdrawn, not the full credit line available to you. This feature provides maximum flexibility, allowing you to manage costs by only paying for what you use—whether it’s a small repair or a major renovation.
05.
A repayment period
Once the draw period ends, your HELOC enters the repayment phase, typically lasting 10 to 30 years, depending on your loan terms. During this time, you’ll begin making regular monthly payments that include both principal and interest, allowing you to gradually pay down your balance over time with predictable installments.
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