HOME EQUITY LINE OF CREDIT (HELOC)
Need cash? Think home equity line of credit
- Get cash with a HELOC—rates are usually lower than credit cards
- Keep your current mortgage rate with no refinancing required
- Use up to 80% of your home's value minus your mortgage balance
Remodel your home
Renovate to create the home you’ve always imagined.
Consolidate your debt
Bring all your debt together into 1 payment.
Invest in education
Cover large expenses like paying for college tuition.
Here's what a HELOC could look like
Variable rate of 8.12% in ZIP code 43240 as of June 22nd, 2026
Sample variable APR assumes a new 30-year $100,000 HELOC with a combined loan-to-value (CLTV) ratio of up to 55% on a single-family detached primary residence in Ohio and a borrower with excellent credit. The actual APR may vary and be higher or lower than the rate shown. APR is based on the Prime Rate (the index) as published in the Wall Street Journal combined with a fixed margin and will not exceed 18%. As of June 22nd, 2026 Prime Rate is 6.75%.
How does our HELOC work?
Access up to 80% of your home’s value
Borrow up to your total line of credit during the draw period and spend on what matters most to you.
Get cash without refinancing
A HELOC is a line of credit. You don’t need to refinance your existing mortgage to get one.
Draw-as-you-need flexibility
Take 85% of your line of credit in cash, with interest‑only payments during the 3‑year draw period.
Curious about a cash-out refinance, instead?
Replace your existing mortgage and get cash from your available home equity all at once.
FAQs
A home equity line of credit (HELOC) is a form of credit that allows you to use the equity in your home as collateral. It lets you borrow against your available equity for your immediate cash needs. HELOCs can be used to pay for home improvements, consolidate debt or handle unexpected expenses. If you’re considering one, think about how borrowing and repaying fits into your financial situation. You may qualify for our HELOC if:
- You own a primary or secondary home
- You want to access up to 80% of your home’s value
- Your credit score is 680 or higher.
Our HELOC is available for homes in the U.S, except Texas.
A HELOC lets you borrow from the equity in your home when you need it, acting as a flexible option for cash while keeping your current mortgage in place. A cash-out refinance replaces your existing mortgage with a new, larger one and provides your equity as a one-time lump sum with fixed monthly payments.
If you prefer flexibility and ongoing access to funds, a HELOC may be the right fit. If you want predictable payments with 1 loan, a cash-out refinance could make more sense. To explore cash-out refinance options, use our refinance calculator to estimate your payments, savings and costs.
The equity in your home is calculated as the current market value of your home minus all secured debts, including mortgages, HELOCs and liens. Learn more about how to calculate your home equity.
With us, you can typically borrow up to 80% of your home value. To estimate your maximum line of credit, multiply your home value by 0.8 and then subtract your mortgage balance. Sign in and use our HELOC tool to get a personalized estimate.
A home equity line of credit (HELOC) can be used to pay for a variety of things, and can help you turn your goals into reality. Here are some ways you can utilize a HELOC:
- Home renovations
- Debt consolidation
- Education expenses
- Investment funding
- Emergency funds
The key requirements for getting a HELOC are:
- Maintaining a good-to-excellent credit score
- Demonstrating stable income
- Having enough available home equity
- Keeping a low debt-to-income ratio (DTI)
Learn more about HELOC eligibility. If a HELOC isn’t the best option for you, don’t worry. There may be plenty of alternatives like home equity loans, personal loans, cash-out refinancing and credit cards.
A home equity loan has fixed interest rates and a predictable repayment schedule, which could work if you prefer stability and structured payments. With a HELOC, you may have a variable interest rate on the amount you borrow and would access funds as needed during the draw period. This could be a good option if you need ongoing access to credit. When deciding between a home equity loan and a home equity line of credit (HELOC), consider which option aligns best with your financial goals and needs.
Home equity resources
HELOC eligibility: Qualifications & requirements
Unlock your home’s equity in cash with a HELOC
Sign in and try our calculator to see what your monthly payments might look like.