Access home equity through a revolving line of credit.
A home equity line of credit lets you borrow against available home equity up to an approved limit during a draw period. It may let you keep your existing first mortgage while adding a separate payment.
- HELOCs usually have variable rates, so payments can change.
- Payments may increase when the draw period ends and repayment begins.
- Your home secures the debt; failure to repay can lead to foreclosure.
Review the combined payments, fees, and repayment plan before using your equity.
Ask Ben about HELOCsHow does a HELOC work?
A HELOC is a revolving credit line secured by your home. During the draw period, you can generally borrow up to the approved limit under the plan’s terms. After that period, borrowing ends and repayment rules change. Ask for both payment schedules before choosing a plan.
Can the payment change?
Yes. HELOCs usually have variable rates, and the repayment period may require higher payments than the draw period. Compare the rate structure, fees, minimum draws, and repayment terms. Your existing mortgage payment also belongs in the budget.
Can I keep my existing mortgage?
A HELOC may let you add a separate line of credit while retaining your first mortgage. Eligibility depends on equity and lender requirements. Your home secures the debt, so missed payments can put it at risk. Review the combined payments and your repayment plan with Ben.
Let’s review your options.
Call 770-841-1532 or email Ben to compare your goals, the payment, and the cash needed.
How to compare your home loan options · Compare all loan types
Program overview and resources
General program information, not a commitment to lend. Eligibility, availability, rates, fees, and terms depend on the borrower, property, lender, and applicable guidelines. Calculators are illustrative and may not reflect this program’s full costs.