How does a HELOC work?

A HELOC gives you a credit limit based on your equity. During the draw period (often ten years) you borrow, repay, and reborrow, paying interest only on the balance. After that, you repay principal and interest over the remaining term.

It works like a credit card secured by your home, usually at a variable rate. We'll size the line to your equity and explain the draw and repayment phases.

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