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Home Equity Line of Credit
What is a Home Equity Line Of Credit?
Home Equity Line of Credit (HELOC) is a revolving line of credit with an adjustable interest rate (indexed to the prime rate) that allows you to leverage the equity in your home into cash for purchases, refinancing or debt consolidation. As an added benefit, the interest on a Home Equity Line of Credit is often tax-deductible.
The interest rate (APR) for all home equity lines of credit offered to customers on this site with a prime credit rating will be below the prime rate for the life of the loan.
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What is the minimum amount I can borrow for a home equity line of credit (HELOC)?
The minimum amount on a home equity installment loan is $25,000.
What is the minimum Draw required for a home equity line of credit (HELOC)?
Most home equity lenders require you to draw the entire line amount at closing. You can always put the amount you draw back down on the HELOC, so you will not have to pay interest on the money you do not need at the time.