A Home Equity Line of Credit is a revolving loan that uses your home as collateral. HELOCs allow for greater flexibility than a term home equity loan because they don't require you to draw on all of the available funds at one time, but rather, as needed. Choose the one that's right for you.
Fixed-Rate Home Equity Line of Credit
(Interest-Only)
Fixed-rate loan
15-year term
Initial draw minimum of $10,000
Draw money as you wish and repay up to available line amount for 5 years
Interest-only payment for the first 5 years
Quick closing in 30 days or less
Fixed-Rate Home Equity Line of Credit
(Principal + Interest Payment)
Fixed-rate loan
10 or 15-year terms
Initial draw minimum of $10,000 (15-year term) or $16,000 (10-year term)
Draw money as you wish and repay up to available line amount for 5 years
Quick closing in 30 days or less
Home Equity Line of Credit (Interest-Only)
Term
APR* (as low as)
Minimum Draw
15 years
5.25%**
$10,000
**Payments are interest-only for the first 5 years.
Home Equity Line of Credit (Principal + Interest Payments)
Term
APR* (as low as)
Minimum Draw
10 years
4.99%
$16,000
15 years
5.49%
$10,000
*APR is Annual Percentage Rate. The APR is as of 2/1/19.