Mortgages
Home equity line of credit
Borrow what you need, when you need it, using the equity in your home.
Flexible access to your home’s value
A home equity line of credit (HELOC) works like a credit card secured by your home. You’re approved for a credit limit and can borrow, repay and borrow again during a 10-year draw period, paying interest only on what you use.
HELOCs are popular for renovations, education costs and consolidating higher-interest debt. There are no closing costs on lines up to $500,000.
HELOC highlights
Variable rate from 7.25% APR
Interest-only payments during the draw period.
No closing costs
On lines up to $500,000.
Access funds easily
Transfer online or use HELOC checks.
Frequently asked questions
Usually up to 85% of your home’s value, minus your mortgage balance.
Important information
- HELOC rates are variable and based on the Prime Rate. Your home is used as collateral; failure to repay could result in foreclosure. Property insurance is required.