HELOC Refinance
A Home Equity Line of Credit (HELOC) Program offers a flexible way to access cash by borrowing against the equity you’ve built in your home. A HELOC is a revolving line of credit-similar to a credit card but secured by your property-that allows you to borrow, repay, and borrow again as needed during the draw period.
Key Features
Borrow up to 85% of your home’s equity, depending on the lender and your credit profile
Flexible access to funds: draw what you need, when you need it, using checks, debit cards, or online transfers
Interest-only payments typically required during the draw period (often 5–10 years)
Repayment period usually lasts 10–20 years, during which you pay back principal and interest
Variable interest rates are standard, but some lenders offer options to lock in a fixed rate on all or part of your balance
Use funds for home improvements, debt consolidation, major expenses, or other financial needs
Eligibility:
Sufficient home equity, usually at least 15–20% ownership in your property
Minimum credit score requirements typically start at 620–640
Debt-to-income ratio generally below 40%
Proof of income, employment, and ability to repay
