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HELOC (Home Equity Line of Credit)

Revolving credit line secured by your home equity. Lets you borrow against equity without refinancing your first mortgage.

A HELOC is a revolving credit line secured as a second lien on your home. You can draw funds during a 10-year draw period (interest-only payments), then repay over a 15-20-year repayment period. Rate is typically variable (Prime + margin). HELOCs preserve your existing first-mortgage rate, making them attractive when you have a low-rate first and need to access equity.

Related terms

Cash-Out Refinance

Refinancing your existing mortgage into a larger loan and taking the difference in cash. Used to access home equity.

CLTV (Combined Loan-to-Value)

All liens against the property combined, divided by property value. Used when you have a first mortgage plus a HELOC or second.

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Today's mortgage rates

Conventional

6.000%

6.038% APR

FHA

5.500%

5.529% APR

VA

5.490%

5.519% APR

Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.

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