What is a HELOC?
A ‘home equity line of credit’ is a second mortgage secured by the equity in a borrower's home. Options include a lump-sum payout with a fixed rate, or a revolving line of credit with a variable rate. HELOCs are designed to help a borrower access equity without altering the terms of their first mortgage.
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HELOCs can access equity up to 80% of the home’s appraised value.
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HELOCs require a credit score of 680 or greater.
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HELOC loans can be paid back in fixed rate installments or as a revolving line of credit.