A HELOC lets you borrow against the equity you've built in your home, similar to a credit card: you're approved for a credit line and can draw against it as needed, paying interest only on what you use. It's a popular way to fund renovations, cover large expenses, or keep a flexible financial cushion available without refinancing your entire first mortgage.
Who it's for
- Homeowners with meaningful equity who want flexible, as-needed access to funds
- Anyone planning a renovation, addition, or other project with costs spread over time
- Borrowers who want to keep their existing low first-mortgage rate untouched
- Homeowners consolidating higher-interest debt with equity-secured borrowing
Key features
- Revolving credit line — draw, repay, and draw again during the draw period
- Interest generally charged only on the amount you've actually drawn
- Keeps your existing first mortgage in place rather than replacing it
- Funds can be used for renovations, debt consolidation, or other major expenses
- Applied for separately through our HELOC partner, with a dedicated online application
