What would I use a home equity line of credit for?
A home equity line of credit (HELOC) allows you to use the equity you've built in your home for home improvement projects, debt consolidation and other major purchases. Here are only a few reasons people apply for a HELOC.
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- Home Improvement
- A/C and Heating Units
- Debt Consolidation
- Education Expenses
- Emergency Funds
- Big Purchases
Why should I take out a HELOC?
HELOCs offer a better way to pay. Here are just a few reasons a HELOC might be the best option for you.
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- Use your home's equity as collateral
- Quick and convenient access to funds
- Rate may be lower than other loan options
- Low closing costs
- No prepayment penalty
- Interest may be tax deductible. Consult your tax advisor
What kind of documents will I need to provide?
Here's a list of documents we often ask for. This list is not comprehensive and can grow quickly depending on your personal situation.
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- Current paystubs to include the last 30 days
- Last year of W-2s (If retired, last year's Form 1099)
- Mortgage statement
- Proof of homeowners insurance
How can I use a HELOC to consolidate credit card debt?
Transfer your higher-rate balances to your home equity line of credit to help pay off your debt faster. Use convenience checks to quickly and easily complete your balance transfers.
Is it a secured loan?
Yes. A HELOC is a secured loan because it is obtained using your home's equity as collateral.
Are there closing costs?
Yes. In order to process and close the loan, you will be responsible for closing costs, which could include reporting, credit report and appraisal fees.
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