All loans
Home loan
Borrow against your home for renovations or big costs, and pay interest only on what you use.
Time to fund
14 days on average
Overview
Use the value you have already built
A home equity line of credit, or HELOC, works like a credit card secured by your home. You draw what you need, when you need it, and pay interest only on the amount you have used.
It is a common way to pay for renovations, tuition or to replace higher-interest debt. We compare lines from banks and credit unions and show the draw period, repayment period and any fees in plain numbers.
Good for
Kitchen and bathroom renovations
Paying off credit card debt
Tuition and education costs
Emergency funds you may not need
Who qualifies
At least 15% equity after the loan
Credit score of 660 or higher
Debt-to-income ratio under 43%
Home used as your main residence
What you will need
Photo ID
Driver license or passport
Mortgage statement
Most recent month
Pay stubs
Last 30 days
Property tax bill
Most recent year
Homeowners insurance
Current policy page
Loan facts
Rate type
Variable line of credit
Term
5 to 20 years
Amount
$25k to $500k
Fees
No annual fee
Time to fund
14 days on average
Soft check only. It does not affect your credit score.
Calculator
Run the numbers.
Start from today’s rate, then change the amount, rate or term. The payment updates as you move.
Questions
Questions about this loan.
Fine print
Representative example: borrowing $75,000 over 15 years at 7.45% (7.62% APR) costs $693 a month. Total amount payable $124,763, including $49,763 interest. Your rate depends on your credit profile and circumstances.
