Put your home
equity to work.

Equity is your home’s value minus what you owe on it. You cannot borrow all of that equity. Your approved limit depends on the property value, mortgage balance, credit, and verified income. Options reach $750,000, but your amount may be lower.

Yes. A HELOC is a separate line secured by your home. It does not replace your existing mortgage, so you keep that mortgage’s rate and payments.

A home equity loan generally provides one lump sum. A HELOC is a credit line with rules for drawing and reusing funds. Some HELOCs require an initial draw, so check both the opening payment and the conditions for borrowing again.

Equity helps determine what may be available to borrow, but it does not show how you will make payments. Income and existing obligations help the lender assess repayment. Having equity alone does not guarantee approval.

An automated property valuation may be used. An appraisal is required for amounts above $400,000, and other valuation checks may apply to your property.

Compare the origination fee and any valuation, appraisal, notary, or recording costs. Ask how much you will receive after fees. Our calculator excludes fees and assumes the same rate with no further draws, so its estimate is not your final payment quote.

Not necessarily. Your estimate is a starting point. The lender uses its valuation process to assess the property, which may produce a different figure. That can change the amount of equity available for financing.

No. It estimates payments using the amount, rate, and term you enter. It assumes you borrow the full amount upfront, keep the same rate, and make no further draws. Fees are excluded. Your approved terms may produce a different payment.

Fixed-rate and variable-rate options may be available. With the fixed-rate option, a later draw gets the rate available at that time, which may be higher. Variable rates and payments can change. Review the option in your offer.

Your home is collateral for a HELOC. If you cannot repay, you could lose your home. Contact the lender promptly if you are struggling to make payments.

It is the part of the agreement when you can request funds, subject to its conditions. Confirm when that period ends and how repayment works afterward. Do not assume payments during the draw period are interest-only.

You may be able to redraw during the draw period, subject to your agreement and account standing. Check the minimum draw, available balance, and rate for the new draw. Future access is not guaranteed simply because you have repaid part of the balance.

Review the payoff and account-closure terms before signing. Ask whether early repayment or closing the line triggers a fee, and whether paying down the balance leaves the line open. Paying the balance to zero and closing the account can be separate steps.