Refinancing and Home Equity
HELOC / Home Equity Loan
Tap your equity. Keep your mortgage.
Overview
A HELOC or home equity loan is a second loan secured by your home, so your current first mortgage and its rate stay exactly where they are. A HELOC works like a line of credit you draw from as needed; a home equity loan pays a fixed lump sum up front.
HELOCs usually have a draw period followed by a repayment period, and rates are often variable, so payments can rise. Home equity loans typically have fixed payments. Either way, your home secures the debt and missed payments can put it at risk.
Solution highlights
- Leave your existing first mortgage untouched
- Choose a flexible line of credit or a fixed lump sum
- Use funds for renovations, big expenses or debt consolidation
Your home secures the debt and is at risk if payments are not made. HELOC rates are often variable and payments can change after the draw period.
Program information is educational. Your team will confirm availability, eligibility, costs and terms for your state and situation. Not a commitment to lend.
Personal guidance. A clear next step.
Let’s see how this solution fits your plans.
Your team will help compare the options and put the numbers in context.