Tap your home's equity with a flexible HELOC.
A Home Equity Line of Credit (HELOC) lets you access funds as you need them—often with interest-only payments during the draw period. Use it for home improvements, debt consolidation, major purchases, or a financial cushion for the future.
We’ll walk through your goals, estimated available equity, and how a HELOC compares to other refinance or cash-out options.
See your HELOC options
Share a few details and we’ll estimate how much equity you may be able to access and walk through HELOC guidelines.
What is a Home Equity Line of Credit?
A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. Instead of receiving all of your funds at once, you get a line you can draw from as needs come up, similar to a credit card—but typically with lower interest rates because it's backed by your home.
During the draw period, you’ll usually have flexibility in how much you borrow and may have interest-only payments. After the draw period, you’ll enter the repayment period and pay principal plus interest on the amount you’ve borrowed.
HELOC highlights
- Access funds as you need them, up to an approved limit
- Pay interest only on the amount you use
- Use for home improvements, debt consolidation, tuition, or other large expenses
- Can be a flexible alternative to a traditional cash-out refinance
Things to keep in mind
- A HELOC is secured by your home, so responsible use is important.
- Rates may be variable depending on program and market conditions.
- You'll need enough available equity and to meet credit and income guidelines.
- We can help you compare a HELOC to other refinance or home-equity options.
When a HELOC may—and may not—be the right fit
Your goals and your timeline matter. We’ll help you see where a HELOC could make sense—and where another path might be better.
A HELOC may be a good fit if you:
- Have built up equity in your home
- Want flexibility to borrow over time instead of all at once
- Are planning projects or expenses that may come in phases
- Want to consolidate higher-interest debt with potentially lower rates
It may not be ideal if you:
- Prefer a one-time lump sum with a fixed payment (a cash-out refi might fit better)
- Are uncomfortable with a line of credit secured by your home
- Plan to move very soon and may not have time to benefit from the line
How the HELOC process works with WeLoan
We keep the process focused on what matters: how much equity you may be able to access, what your payments could look like, and how a HELOC fits your overall plan.
1. Review your goals and equity
- Talk through your goals—projects, debt, or a safety net
- Estimate your available home equity
- Confirm basic credit and income guidelines for HELOC programs
2. Explore HELOC options
- Review line amount, draw period, and repayment terms
- Understand variable vs. fixed-rate structures
- Compare HELOC to alternative refinance or equity strategies
3. Apply and open your line
- Complete your application online or with a WeLoan team member
- Provide documentation as needed for approval
- Once approved, access funds as you need them within your draw period
HELOC FAQs
How is a HELOC different from a cash-out refinance?
With a cash-out refinance, you replace your existing mortgage with a new one and receive your equity as a lump sum. With a HELOC, you keep your existing mortgage and open a separate line of credit that you can draw from as needed. We’ll help you compare both in terms of payment, flexibility, and overall cost.
How much can I borrow with a HELOC?
The amount depends on your home’s value, your current mortgage balance, and program guidelines. We typically look at your combined loan-to-value (CLTV) ratio and your credit and income to estimate a potential line amount.
What can I use a HELOC for?
Common uses include home improvements, debt consolidation, tuition, medical expenses, or other large purchases. Because your home secures the line, it’s important to use it thoughtfully—we’ll help you think through the plan.
Are HELOC rates fixed or variable?
Many HELOC programs have variable rates, though some offer options to fix portions of your balance. Program details can vary, so we’ll walk through the specific options available to you today.
Ready to see what a HELOC could do for you?
We’ll estimate your available equity, show you potential payments, and compare a HELOC to other options so you can make a confident decision.
Exploring other ways to use your equity too? You can also review home equity options, conventional refinance, or FHA streamline to compare strategies.