HELOC
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home. Draw funds as needed during the draw period, making it ideal for ongoing expenses like home renovations or education costs.
15-20%
Min. Equity
10 years
Draw Period
Variable
Rate Type
Key Features
- Revolving credit line
- Draw period typically 10 years
- Variable interest rates
- Interest-only payments during draw period
Benefits
- Access funds as needed
- Pay interest only on amount borrowed
- Lower interest rates than credit cards
- Interest may be tax-deductible for home improvements
Requirements
- At least 15-20% equity in home
- Credit score of 620+
- Debt-to-income ratio below 43%
- Property appraisal required
Ideal For
- Home renovation projects
- Emergency fund access
- Debt consolidation
- Education expenses
Ready to Get Started?
Contact Jimmy Joseph MBA to discuss your heloc options.
Jimmy Joseph MBA
NMLS #1577754
Branch NMLS #2477715
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