Frequently Asked Questions (FAQ)
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The amount you can borrow with a home equity line of credit (HELOC) is based on your home’s value and your mortgage balance. Depending on your credit score and outstanding debt, you may be able to borrow up to 89% of the appraised value of your home less the amount you owe on your first mortgage.
Most home equity line of credit loans have variable interest rates. These rates may offer lower monthly payments at first, but during the rest of the repayment period, the payments may change. There is a chance monthly payments may go up.
Similar to a real estate mortgage, HELOCs require you to use your home as collateral for the loan. This may put your home at risk if your payment is late or you can't make your payment at all.
