Home Equity FAQs
What is a home equity line of credit?
A home equity line of credit is a type of revolving credit that uses your home as collateral, or security for the debt.
Here’s how it works:
- The interest rate is variable.
- The monthly payment amount is based on the outstanding balance and will include principal and interest.
- The term includes a draw period followed by a repayment period. During the draw period, you can borrow as much or as little as you need, whenever you need it.
- As you repay your outstanding balance, the available credit amount is replenished. This means the amount you can borrow increases, up to your credit limit.
Am I eligible? How do I apply?
What are my payment options?
Get a Chase home equity line of credit today.
First, find out if you’re eligible.