Benefits

• Flexible Access to Funds
  • You can borrow what you need, when you need it—similar to a credit card—up to your approved limit.
• Lower Interest Rates
  • HELOCs usually offer lower interest rates than credit cards or personal loans because they are secured by your home.
• Interest-Only Payment Options
  • During the draw period, many HELOCs allow you to make interest-only payments, which can ease cash flow temporarily.
• Revolving Credit
  • As you repay what you’ve borrowed, the available credit is replenished, giving you ongoing access to funds without reapplying.

Requirements

• Five, ten, fifteen, or thirty-year terms 
• Owner-occupied, second homes, and investment properties
• Minimum FICO score; 600
• Maximum combined loan-to-value (CLTV): eighty-five percent
• Pay off debt to qualify

HELOCs are ideal for home improvements, debt consolidation, or covering unexpected expenses, and often come with lower interest rates than traditional loans.