A HELOC is a home equity line of credit.

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A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other mortgages such as credit cards.

A HELOC often has a lower interest rate than some other common types of mortgages, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.

Benefits of a home equity mortgage

Convenient access to your funds

Funds are available in one lump sum and can be accessed from your checking or savings account. Funds can be used immediately to make a purchase, consolidate debt, or any other reason you need them for.

Affordable monthly payments

With competitive fixed rates, your monthly payment will stay constant for the life of your mortgage – which can last up to 30 years. The interest you pay may even be tax deductible.

No up-front costs or fees

There are no required application fees or closing costs for a home equity mortgage, and the origination fee is optional, making it convenient to borrow what you need now and pay it back over time.