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Home Equity Frequently Asked Questions

HELOC Frequently asked questions

While Chase is not offering new Home Equity Lines of Credit, here are answers to commonly asked HELOC questions. Learn about repayment options and what to use your existing home equity line of credit for.

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 a collateral, or security for the debt.

Here’s how it works

  • The interest rate is variable.
  • The term includes a draw period followed by a repayment period. The monthly payment amount during the draw period is based on the outstanding balance and will at a minimum include the interest due and may also include principal. The monthly payment amount during the repayment period will include both interest and principal.
  • The current value of the property will need to be determined.
  • 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. Make sure you understand our eligibility requirements before you apply.  
  • You can borrow up to the approved credit limit. Once established, a credit line limit cannot be increased.

What are the benefits?

With a home equity line of credit, you can:

  • Use what you need, when you need it. Borrow the money you need for home improvements or home repairs and to consolidate high-interest debts.
  • Reduce your interest payments. Interest rates for a home equity line of credit are generally lower than credit cards and personal loans. By consolidating your debt into a new line of credit, you may be able to lower your interest payments, which will save you more money over time.
  • Enjoy potential tax benefits. When you use a home equity line of credit for home improvements, a portion of your interest may be tax deductible. Because tax laws vary from state to state, talk with your tax advisor about what interest may be deductible based on your situation.

You can use a home equity line of credit for home improvements or home repairs and consolidating debt (e.g., paying off high-interest credit cards). We encourage you to borrow responsibly.

What are my home equity options?

Yes, the Chase Fixed-Rate Lock Option allows you to lock in an interest rate on all or a portion of your outstanding balance during your draw period. If you want a fixed monthly payment amount for major purchases, this option lets you set up a regular payment schedule, while maintaining easy access to your remaining line of credit funds.
 

Contact us to learn more or request a lock.

For a home equity line of credit, comparing the annual percentage rate (APR) of different options and lenders may not be enough to find the right option for you because the APR only considers the interest rate on the line of credit. You should ask lenders about any fees, payment options and the length of their draw and repayment periods when comparing your options.

How do I access my home equity line of credit?

We make accessing your line of credit easy. You can:

  • Request a cash advance to your Chase checking account, you can call 1-800-836-5656 or go to your nearest branch.
  • If your account includes check access, you can use your line of credit checks to draw money from your account.
  • Transfer funds to your deposit account on Chase.com

Yes, you can use funds from your line of credit to pay off other balances. Or we can combine those other balances into your line of credit—returning your other balances to zero—and you’ll make one monthly payment.

What are my repayment options?

Automatic or one time payments will be applied to principal and interest unless your contract states the billing is interest only. As a general rule, you should always tell us how to apply any additional funds you send in, so that they're applied the way you want.

 

A home equity line of credit is based on a variable rate, which means your monthly payments will vary.

  • During the 10-year draw period, which is the period of time you’re allowed to use your line of credit, your minimum monthly payment will include principal and interest. Of course, we encourage you to pay more than the minimum amount due to rebuild the equity into your home.
  • During the 20-year repayment period, which is the period of time after the draw period when you’re repaying the outstanding balance, your monthly payment will be a combination of principal and interest.

Depending on the terms of your credit agreement, the interest rate of your line of credit may be variable, which means your minimum payment amount may change when your rate changes.

Yes, you may make additional principal payments online, in person at any Chase branch or by mail using the payment coupon attached to your monthly statement.

When you begin your repayment period, you can choose to:

  • Continue making your monthly payments. No action is required on your part for this change to happen. You’ll see your new payment amount on your monthly statements. You can also pay off the outstanding balance at any time.
  • Refinance your outstanding balance into a new home equity account or new mortgage. If you meet current credit criteria, you could refinance your outstanding balance into a new home equity line of credit or mortgage loan. However, Chase is no longer offering this product or accepting new applications for HELOC accounts.

Contact us before your draw period ends to find the best option for you.

What happens at the end of my draw period?

Your repayment period can last up to 20 years, depending on the terms of your credit agreement. You can continue to make monthly payments throughout the repayment period to pay off your outstanding balance. Or, you can pay off the total balance at any time.

Chase is no longer offering this product or accepting new applications for HELOC accounts. The draw period for your existing account cannot be extended.

Your minimum monthly payment amount may be adjusted when your repayment period begins, depending on the terms of your credit agreement.

No action is required on your part for this automatic payment service to continue. However, please consider the impact on your checking account if your minimum payment amount is expected to increase.

Follow these steps to close your line of credit:

  1.  Request a payoff quote by calling 1-800-836-5656 or by visiting chase.com. We'll fax or mail you a quote the same day we receive your request. Please allow 10 days for postal delivery.
  2.  Pay all amounts due on your account (including principal, interest, charges, lien-release and/or other fees) with secured funds (such as a cashier's check sent to the address below or an online wire transfer made on chase.com) to bring your balance to $0.
  3.  Sign the authorization form enclosed with the payoff quote confirming that you want to close your account. Make sure to include your full account number on the form and return it by mail or fax to:

Regular Mail:

Chase
Mail Code LA4-6455
700 Kansas Lane
Monroe, LA 71203

 

Fax:
1-614-422-7575

Yes, please contact us to request a payoff quote because you may be required to pay a lien-release fee from your county clerk's office to close your account. After you pay this and/or any other amounts listed on the quote, send us your signed authorization form to the address or fax number above.

Your county clerk's office charges a fee for processing the release of the lien on your property. Your payoff quote will show this fee, which you're required to pay to close your home equity line of credit.

If you have any questions about your home equity line of credit, please call us at 1-800-836-5656.

HELOC Resources