A Home Equity Line of Credit (HELOC) lets you leverage the value you’ve built in your home to access funds as you need them. Unlike a traditional fixed loan, a HELOC works more like a credit card, providing flexible borrowing options based on your available equity. You can draw from the line, repay, and draw again—up to your approved limit—during the set draw period.

 

Key Features:

• Flexible Access: Borrow what you need, when you need it, without reapplying.

• Pay Interest Only on What You Use: Interest is charged only on the amount drawn, not your entire approved limit.

• Variable Rates: Rates typically adjust with the market, allowing potential savings during lower interest rate environments.

 

Important Considerations:

• Changing Terms: Credit limits, interest rates, and eligibility criteria may vary and are subject to change.

• Ongoing Approval: Access to funds depends on maintaining good standing and meeting lender guidelines.

• Legal Requirements: All offers must comply with federal, state, and local regulations, including the Real Estate Settlement Procedures Act (RESPA).

 

Next Steps:

Always review all terms and conditions and consult with a qualified, licensed mortgage professional such as LaTonia Knox before making any financing decisions. For more information and personalized guidance, click Contact Us.

 

Disclaimer: This is not a commitment to lend. All loan products, terms, and conditions are subject to underwriting approval and availability.