HELOC/Equity Lines

General Overview

A home equity line of credit, also known as a HELOC, is a line of credit secured by your home. Based on the value of your home and its equity, you can draw to pay for things at a minimal or 0% interest rate.

This can be used to make large purchases, consolidate debt, or when purchasing a home to assist in eliminating mortgage insurance premiums.


This loan is dependent on the equity you have in your home. It's typically available for a max loan amount of up to 89.99% of the value of the home.


Is there a difference between HELOC and an Equity Line of Credit?

No, they are the same thing. If you're using a standard line of credit, the difference would be in the interest rates. Other lines of credit are typically higher because they're coming from a bank or other financial entity. This is low or 0% interest, because it is your own equity.

How do limits work?

The limit is based off of the appraised value of the home, and usually allowed up to 89.99% of the value or LTV (Loan to Value).

Do any tax deductions apply with this?


Are there closing costs?