HELOC and Home Equity Financing

A home equity loan generally provides a lump sum with a repayment schedule. A home equity line of credit allows borrowing during a defined draw period, subject to its terms. Both can add a lien on your property.

HELOC rates may be variable and payments can increase when a draw period ends. Compare fees, available equity, repayment terms and any balloon payment. Your home can be at risk if you fail to repay.

Review your specific options

Availability depends on credit, income or eligible cash flow, assets, property, location and current program requirements. This information is educational and is not an approval, rate quote or commitment to lend.