Unlocking Your Home's Value: A Complete Guide to HELOCs

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Reviewed byTimothy Manni
Contributions by6+ experts
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Reviewed byTimothy Manni
Edited byJonathan Ramos
Contributions by6+ experts
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Updated: May 20, 2024

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Imagine you're a homeowner with a portion of your mortgage paid off and a wish list of home improvements. Perhaps you're dreaming of a kitchen renovation or need to cover unexpected expenses. This is where a home equity line of credit (HELOC) becomes a viable option. It's like having a credit card with a limit based on your home's value and the amount you've already paid on your mortgage.

Whether you're looking to fund a major project, consolidate debt or start a financial backup plan, understanding how a HELOC works can open doors to new possibilities. We'll walk you through the ins and outs of HELOCs, from borrowing limits and interest rates to repayment strategies. Our guide provides you with the knowledge to decide if a HELOC is the right fit for your financial needs.

Key Takeaways

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A home equity line of credit (HELOC) is a line of credit that uses your home as collateral.

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To take out a HELOC, you will typically need at least 15% of your home’s equity, a decent credit score and a qualifying debt-to-income (DTI) ratio.

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HELOCs, given their lower interest rate than other loans, can be used for various needs like renovations, debt consolidation or emergency expenses.

What Is a HELOC?

A home equity line of credit (HELOC) is a unique type of loan that lets you borrow against your home's equity — the portion of your home that you truly ''own.'' It's the difference between your home's market value and the amount you still owe on your mortgage. For example, if your home is valued at $300,000 and you owe $200,000 on your mortgage, you have $100,000 in equity. With a HELOC, a portion of this equity can be converted into a flexible loan.

HELOCs are revolving lines of credit, similar to credit cards, offering flexibility in borrowing and repaying funds. They allow you to borrow what you need, when you need it, up to a certain limit. Understanding how HELOCs work is key to utilizing them effectively. This involves investigating various elements like draw periods, repayment phases and interest rates.

HELOC Draw and Repayment Periods

HELOCs consist of two main phases: the draw period and the repayment period, which differs from traditional home equity loans that typically provide a lump sum upfront. During the HELOC draw period, which can last up to 10 years, you can access funds up to your credit limit as needed. Some lenders offer the option of making interest-only payments during this time. As it implies, you only pay the interest on the amount you've borrowed — not the principal. While this can lower your payments initially, you're not reducing the loan balance during this phase.

The repayment period, often over 10 or 20 years, is when you start paying back the borrowed amount plus interest. Payments usually increase because you're now paying off the principal as well. The transition can be a significant financial shift, so consider these strategies to help you prepare for it:

  • Budget Adjustment: Begin by identifying areas where you can cut back on expenses to accommodate the increased payments. This may involve prioritizing necessary expenses over discretionary ones. Consider setting up a revised budget plan months before the repayment period starts so you're accustomed to the new spending pattern.

  • Extra Payments Toward Principal: If your budget allows, make additional payments towards the principal balance during the draw period. This reduces the overall amount you'll owe once the repayment period begins. Even small extra payments can significantly reduce the loan balance, decreasing the interest you'll pay over the life of the loan.

  • Building or Maintaining an Emergency Fund: Establishing an emergency fund is crucial. Aim to save a portion of your income to cover unexpected expenses. This will provide a safety net, ensuring that you don’t have to rely excessively on your HELOC for emergencies, which can increase your debt burden during the repayment period.

  • Monitoring Interest Rate Fluctuations: Stay informed about interest rate trends, especially if your HELOC has a variable rate. This can help you anticipate changes in your repayment amount. If rates are expected to rise, it might be wise to pay off more of your HELOC during the draw period. This allows you to avoid the impact of future rate increases.

  • Exploring Refinancing Options: If the upcoming repayment terms seem unmanageable, look into refinancing options. Refinancing your HELOC might provide more favorable terms, such as a lower interest rate or an extended repayment period. Discuss these options with your lender to understand any potential costs associated with refinancing.

The HELOC draw and repayment periods offer flexibility, but it's important to plan ahead for the financial transition. In some cases, you might be able to renew your draw period, extending your access to funds. However, it depends on your lender and your financial circumstances.

HELOC Borrowing Limits

The maximum HELOC amount you can borrow is directly tied to the equity you have in your home. Lenders use it to determine your borrowing limits, typically through the loan-to-value (LTV) ratio. This ratio compares the amount you owe on your home to its value. Generally, the higher your equity, the higher your potential credit limit.

Here are strategies to increase your home's equity:

  • Making Larger or Additional Mortgage Payments: Pay more than the minimum monthly mortgage payment whenever possible. This will reduce your mortgage balance and help you build equity at a faster rate.

  • Home Improvements and Upgrades: Invest in renovations that add value to your home. Focus on projects with a high return on investment, such as making your home more spacious, enhancing outdoor living or elevating curb appeal. These can substantially increase your home's market value, thereby increasing your equity. It's important to research which renovations yield the best returns in your specific area.

  • Regular Home Maintenance: Keep your property in excellent condition with regular maintenance. Addressing repairs promptly and maintaining the quality of your home can prevent value depreciation. Over time, a well-maintained home can have a higher market value than a similar property that needs repairs.

  • Monitoring Market Conditions: Stay informed about your local real estate market trends. Increasing home values in your area can naturally raise the amount your home is worth. Understanding these trends can also guide your decisions regarding the timing of taking out a HELOC or making significant home improvements.

Although the maximum HELOC amount is based on your home's equity, you're not required to use the full amount. Instead, it serves as a borrowing limit, offering you the flexibility to access funds as needed.

HELOC Interest Rates

HELOC interest rates can significantly impact how much you end up paying back. Most HELOCs come with variable interest rates, which means the rate can change over time based on the market. Some lenders offer fixed-rate HELOCs, which lock in your rate for the duration of the loan. The main difference here is predictability — with a fixed rate, you'll know exactly what your payments will be, whereas a variable rate can fluctuate and impact your monthly payments.

Factors like your credit score and current market conditions heavily influence HELOC interest rates. According to Experian, the average interest rate for HELOCs is around 9%. However, securing the best possible rate requires some strategy. Here are tips to help you find lower HELOC interest rates:

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    Improve Your Credit Score

    A higher credit score signals lenders that you're a lower-risk borrower, often resulting in lower interest rates. Pay down existing debt, make timely payments and correct any errors on your credit report to improve your score.

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    Shop Around

    Don't settle for the first offer. Compare rates from multiple lenders, including banks, credit unions and online lenders. Exploring multiple options gives you a broader view of available rates and can help you negotiate better terms.

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    Consider the Timing

    Interest rates fluctuate based on economic conditions. If you're not in a rush, monitor the rates and apply when they're relatively low. Understanding market trends can help you lock in a better rate.

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    Negotiate with Lenders

    Use offers from other lenders as leverage to negotiate a lower rate with your preferred lender. If you have a good relationship with your bank or credit union, discuss your options and ask for a better rate.

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    Consider Relationship Discounts

    Some financial institutions offer better rates to existing customers, especially those with multiple accounts or significant deposits. Check if your bank or credit union provides such discounts, which can lead to a lower interest rate on your HELOC.

While HELOC interest rates vary, understanding how they work and what affects them can help you secure a more favorable rate. Remember, interest is calculated only on the amount you borrow, not your total credit line, giving you control over your loan costs.

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You might be surprised to see how HELOC rates differ between different lending institutions. For example, you may be able to gain membership to a local credit union and find out they offer lower rates than a bank or online lender. In addition to comparing rates, it's essential to ensure that the credit union, for example, offers the latest online capabilities you need to manage your line of credit effectively in the long term. — Timothy Manni, Mortgage and Real Estate Consultant

HELOC Closing Costs

Closing costs are fees associated with setting up a loan, including a HELOC. These might include appraisal fees, attorney fees and application fees. These costs, which can range between 2% and 5% of your line of credit, can differ significantly depending on the lender and where you live. That's why it's best to shop around and consider these fees when choosing a lender. Some lenders offer no-closing-cost HELOCs, but this doesn't mean the loan is free. Instead, they may roll the costs into the loan's interest rate or require repayment under specific conditions.

To manage these costs effectively, ask lenders about the possibility of waiving or reducing fees. Negotiating closing costs or choosing a no-closing-cost option can make a significant difference in your loan's affordability. Understanding HELOC closing costs is crucial — overlooking them can lead to unexpected expenses, adding to the overall cost of your loan.

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Say you're considering a HELOC to renovate your kitchen but wondering how it'll affect your finances. A HELOC calculator, like the one from MoneyGeek, can help. By entering details such as your home's value, mortgage balance, credit score and how quickly you wish to repay, it estimates your monthly payments and the total cost of the loan. It can also help you compare different HELOC offers effectively. A HELOC calculator can be invaluable for planning, allowing you to see potential financial commitments before applying and ensuring you make an informed decision about leveraging your home's equity.

5 Ways to Use Your HELOC

Despite a 28% drop in HELOC originations from 2022 to 2023, it remains a go-to for many homeowners. Almost 300,000 HELOCs had been originated by the third quarter of 2023, according to TransUnion's Credit Industry Insights Report. Their popularity lies in their flexibility and the control they offer borrowers over loan amounts and repayment timelines. Here are the top five ways to use a HELOC effectively:

Home Improvements and Renovations

Investing in your home can increase its value and enhance your living space. A HELOC is particularly suited for this because it allows you to borrow exactly what you need as your project progresses.

Consolidating High-Interest Debt

Using a HELOC to pay off high-interest debts, such as credit cards, involves trading unsecured debt for debt secured against your home. However, the lower interest rates on HELOCs compared to credit cards can result in significant savings on interest payments.

Funding Education Expenses

A HELOC can provide a flexible way to cover education costs, offering lower interest rates than some private student loans. This makes it a smart option for financing tuition or other educational expenses.

Emergency Fund

Access to a HELOC can serve as a financial safety net for unexpected expenses, such as medical bills or sudden home repairs, giving you peace of mind without needing high-interest loans.

Investment Opportunities

If a promising investment opportunity arises, a HELOC can provide the funds you need to capitalize on it. This could be anything from real estate to starting a business, where the potential return outweighs the cost of borrowing.

Understanding what you can use a HELOC for opens up multiple possibilities for managing and investing in your financial future. Their flexibility and relatively low interest rates make it an appealing option for a wide range of needs, from enhancing your home to consolidating debt or even seizing new investment opportunities.

Pros and Cons of Using a HELOC

A HELOC comes with benefits, like the flexibility to use funds as needed for home improvements, which can increase your property's value. However, focusing solely on positives without considering potential downsides can be risky. Overlooking risks, such as the possibility of accumulating debt beyond your means to repay, can lead to financial strain.

Understanding the advantages and disadvantages puts you in a better position to make informed financial decisions. Here's a table outlining the pros and cons of a HELOC:


Flexibility in Use and Repayment: HELOCs offer the flexibility to borrow as needed and often have flexible repayment options.

Risk of Overspending: The easy access to funds can lead to overspending and accumulating unnecessary debt.

Lower Interest Rates than Credit Cards: HELOCs typically have lower interest rates than credit cards, making them a cost-effective option for borrowing.

Variable Interest Rates: Most HELOCs have variable rates, which can increase your payment amounts unexpectedly.

Potential Tax Benefits: Interest paid on a HELOC may be tax-deductible if the loan is used for home improvement projects.

Requirement of Equity: You must have sufficient equity in your home to qualify, which may not be feasible for recent homebuyers.

Large Credit Limits: Based on home equity, HELOCs can offer larger credit limits than other types of loans or credit lines.

Risk of Foreclosure: Failing to repay a HELOC can lead to foreclosure since your home is used as collateral.

No Usage Restrictions: HELOCs can be used for various purposes, from home renovations to debt consolidation.

Closing Costs and Fees: There may be closing costs and ongoing fees associated with a HELOC, adding to the loan's cost.

Understanding the pros and cons of a HELOC is essential for assessing whether it aligns with your financial goals and current situation. Before making a decision, consider your ability to repay the loan and the potential impact on your financial health.

Understanding HELOC Requirements

Navigating through the pros and cons of a HELOC paves the way to understanding what's next: meeting the lender's requirements. Knowing what they look for in your HELOC application prepares you for approval. It can also help you position yourself to receive the best possible terms. Before diving into the application process, getting familiar with HELOC requirements can significantly influence the outcome.

Here are the key HELOC requirements and why they matter:

  • Minimum Credit Score: A credit score for a HELOC is typically above 680. Lenders use your credit score to assess risk; having a higher score indicates you're a responsible borrower, which can help you get better terms.

  • Sufficient Home Equity: How much equity do you need for a HELOC? Ideally, lenders want you to have at least 15% to 20% equity in your home. It serves as collateral for your line of credit, reducing the lender's risk.

  • Stable Income Proof: HELOC income requirements include stable and verifiable income. Lenders need to know you have the means to repay the borrowed funds, ensuring your financial stability.

  • Good Repayment History: Lenders look for a pattern of timely payments to predict future behavior, underscoring the importance of maintaining a good repayment record.

  • Debt-to-Income Ratio Considerations: A lower debt-to-income ratio, usually less than 43%, is preferable. This ratio helps lenders evaluate your ability to manage monthly payments alongside your existing debts.

  • Home Insurance: Proof of home insurance is required to protect the lender's investment in your property. It ensures the home, serving as collateral, is covered against damages.

Aligning with these HELOC requirements enhances your chances of approval and can help you secure more favorable loan terms. Familiarizing yourself with the specifics equips you with the knowledge to navigate the application process confidently.

How to Find a HELOC Lender

Finding the right HELOC lender is as crucial as understanding the loan itself. Your choice will affect not just the rates and terms you get but also your experience throughout the borrowing period. Picking the best lender for your needs can make the process smoother and more cost-effective. Here's how to navigate this critical step.

  • Researching various lenders online: Start by exploring online to gather information about different lenders. Websites, reviews and comparison tools can provide insights into what each lender offers.

  • Asking for recommendations: Personal recommendations can be invaluable. Friends or family who've had positive experiences can guide you to reliable lenders. A financial advisor can also provide professional insights based on your financial situation, helping you find a lender that matches your specific needs.

  • Comparing rates and terms from multiple lenders: Don't settle on the first lender you find. Comparing interest rates, repayment terms and fees across multiple lenders can highlight differences that could save you money or provide greater flexibility in the long run.

  • Checking for customer service and support: You want a lender who is responsive, helpful and available when you need assistance. Read customer reviews to gauge the lender's support quality, which can be particularly helpful during the application process or if issues arise later.

  • Ask about flexibility: Flexibility in terms of repayment options and the ability to adjust your draw period or make interest-only payments can be crucial. Ask lenders about how they accommodate changing financial situations, which can provide peace of mind if your circumstances shift.

Finding the best HELOC lender involves multiple thorough steps. Remember to include local banks and credit unions in your search — they often offer competitive rates and personalized service. This approach can help you find a HELOC lender that meets your financial needs and supports your goals.

How to Apply for a HELOC

Before diving in, understanding how to apply for a HELOC can help you avoid potential pitfalls. Rushing into the process without a clear understanding might result in unfavorable terms, higher costs or even rejection. Knowing what to expect empowers you to prepare effectively, ensuring a smoother application process and better outcomes. Here's a step-by-step guide to applying for a HELOC:

Review Your Financial Health

Assess your current financial situation, including your credit score, debt-to-income ratio and home equity. Having a strong credit score and considerable home equity improves your chances of approval.

Research Lenders

Explore different lenders, including banks, credit unions and online options. Look for competitive interest rates, favorable terms and low fees.

Gather Required Documentation

Prepare necessary documents, such as proof of income, recent tax returns and information on your mortgage and home value. Keeping these documents organized in advance can speed up the application process.

Submit Your Application

Once you've chosen a lender and prepared your documents, submit your application. You can usually do this online or in person if your lender has a physical branch. Double-check your application for errors or omissions to avoid delays.

Undergo a Home Appraisal

Many lenders require a home appraisal to determine your home's current market value. This helps in calculating the available equity. Keep your home in good condition to ensure a favorable appraisal value.

Wait for Approval and Closing

After submitting your application and completing the appraisal, wait for the lender's approval. This process can take two to six weeks. Afterward, you'll go through the closing process, which may involve signing documents and paying closing costs.

Knowing how to apply for a HELOC involves more than just filling out an application. It requires preparation, research and understanding each step of the process. These guidelines can help you navigate the application process confidently, ensuring you secure a HELOC that fits your financial needs and goals.

HELOCs vs. Other Loan Products

While HELOCs offer a flexible way to tap into your home equity, other funding options exist. Knowing your options allows you to compare and choose the best financing solution for your needs.

Whether you're looking for a lump sum with fixed interest or a more structured repayment plan, exploring different loan products can help you make an informed decision. Each HELOC alternative comes with benefits and limitations. It's best to see how HELOCs stack up against other loan products to find the right fit for you.

Home Equity Loan

A home equity loan, often called a second mortgage, allows homeowners to borrow a lump sum against the equity in their home, typically at a fixed interest rate with a set repayment period. Unlike a HELOC, which functions more like a credit card with a revolving balance and variable interest rate, a home equity loan provides stability with predictable monthly payments.

When considering a home equity loan, weigh the advantages and disadvantages to determine which suits your financial needs better. Here's a quick look:


Fixed Interest Rates: Offers stability and predictability in budgeting with the same monthly payment amount.

Less Flexibility: You receive a one-time lump sum without the ability to borrow more without a new loan.

Lump Sum: Ideal for large, one-time expenses, providing immediate access to a significant amount of money.

Higher Upfront Costs: They often come with closing costs and fees similar to your original mortgage.

Potential Tax Deductions: The interest may be tax-deductible if the loan is used for home improvement or purchase.

Risk of Foreclosure: Just like a HELOC, failing to repay can lead to foreclosure, as your home is used as collateral.

A home equity loan might be better than a HELOC if you're facing a significant one-time expense, such as a major home renovation project or consolidating high-interest debt. Their predictable repayment structure and fixed interest rate could be more appealing. This is especially true if you prefer the certainty of knowing exactly how much you'll pay each month without the worry of fluctuating interest rates affecting your payments.

Cash-Out Refinance

A cash-out refinance allows homeowners to refinance their mortgage for more than they owe and take the difference in cash. Unlike a HELOC, which is a separate loan in addition to your mortgage, a cash-out refinance consolidates your mortgage and equity loan into one, often at a lower interest rate, depending on current rates. Here are its benefits and drawbacks:


Potentially Lower Interest Rates: Refinancing may secure a lower interest rate compared to your original mortgage or a HELOC.

Closing Costs: Refinancing involves closing costs, which can be significant and reduce the net benefit.

One Loan Payment: Simplifies your finances by consolidating your mortgage and equity loan into one payment.

Longer Loan Term: Can extend the time it takes to pay off your home, leading to more interest paid over time.

Access to Large Sum: Provides a lump sum of cash for significant expenses or investments.

Risk of Foreclosure: Failing to repay could lead to foreclosure, as with any mortgage product.

In some cases, a cash-out refinance could be more suitable than a HELOC. For instance, if current mortgage rates are significantly lower than when you first bought your home, refinancing could reduce your interest rate and monthly payments while also giving you access to cash. It’s particularly appealing for long-term investments, such as home renovations that increase property value, paying off high-interest debt or funding significant life events.

Personal Loan

A personal loan is unsecured, meaning it doesn't require collateral like your home or car. Borrowers can use them for various purposes, though some lenders impose restrictions. Unlike a HELOC, which is secured against the equity in your home and may offer a larger amount and lower interest rate, a personal loan is typically for a smaller amount and comes with fixed interest rates and monthly payments.


No Collateral Required: Personal loans don't jeopardize your home or other assets since they're unsecured.

Higher Interest Rates: Without collateral, personal loans often come with higher interest rates compared to HELOCs.

Fixed Repayment Terms: Offers predictability with fixed interest rates and monthly payments, making budgeting easier.

Limited Borrowing Amount: Loan amounts are usually smaller than what you can access with a HELOC, limiting how much cash you can get.

Quick Funding: Personal loans can be approved and funded quickly, sometimes within a day or two, making them ideal for urgent needs.

Strict Qualification Requirements: Good to excellent credit is often required to qualify for the best rates on personal loans.

Sometimes, a personal loan might be a better choice than a HELOC. For instance, if you need funds quickly for a one-time expense and don't want to put your home at risk, a personal loan offers a straightforward solution. It's also a good option if you don't have much equity in your home or prefer not to use your home as collateral.

Credit Cards

A credit card is a financial tool that allows you to borrow funds up to a certain limit to make purchases, withdraw cash or transfer balances. You must pay back the borrowed amount, plus any interest if the balance isn't paid in full by the billing cycle's due date. Unlike a HELOC, which is secured by your home's equity and typically has lower interest rates and higher credit limits, credit cards are unsecured and can have higher interest rates.


Flexibility in Spending: Credit cards can be used for virtually any purchase or emergency expense.

Higher Interest Rates: Credit cards usually come with higher interest rates compared to HELOCs, making them more expensive for carrying a balance.

Rewards and Benefits: Many credit cards offer rewards, cash back or travel points on purchases.

Easier to Overspend: The convenience and ease of use can lead to impulse buying and accumulating debt.

No Collateral Required: Unlike a HELOC, credit cards do not require your home as collateral.

Impact on Credit Score: High balances relative to your credit limit can negatively affect your credit score.

In certain scenarios, a credit card might be a better option than a HELOC. For example, if you're making smaller purchases or need to cover expenses while traveling, a credit card offers convenience and the opportunity to earn rewards. They're also useful for those who pay off their monthly balances. Additionally, a credit card can provide immediate access to funds for short-term financing needs or emergency expenses without the need for home equity.

Experts' Insights on Home Equity Lines of Credit (HELOC)

  1. How do HELOCs' variable interest rate work, and what are the key risks that borrowers should be aware of?
  2. Will a HELOC hurt my credit score?
  3. How long does the closing process take for a HELOC?
  4. What strategies can borrowers use to negotiate lower HELOC interest rates with lenders?
  5. Can you provide some instances of how a HELOC might be misused and discuss the potential consequences borrowers could face in those situations?
Mark Levine, Ph.D.
Mark Levine, Ph.D.Professor, Daniels College of Business at The University of Denver
Dr. Kareem Tannous
Dr. Kareem TannousReal Estate & Mortgage Broker at Alliance Realty & Financial Services, Inc.
Todd Nagata, CMA
Todd Nagata, CMAVP, Mortgage Loan Manager at Central Pacific Bank
Axel Meierhoefer, Ph.D.
Axel Meierhoefer, Ph.D.Founder of Ideal Wealth Grower
Edward Nelling, Ph.D., CFA
Edward Nelling, Ph.D., CFAProfessor and Finance Department Head at Drexel University
Nick Gromicko
Nick GromickoFounder of InterNACHI and Certified Master Inspector®
Karen McGrath, Ph.D.
Karen McGrath, Ph.D.Assistant Professor of Finance at Bucknell University
Jacquelin Curry, Ph.D.
Jacquelin Curry, Ph.D.Associate Professor at California State University, Fresno and Broker
Nathan Young
Nathan YoungSr. Loan Officer at North Star Mortgage Network
Pratish Patel
Pratish PatelAssociate Professor of Finance at Orfalea College of Business, Cal Poly
Jesse Hurst, CFP®, AIF®
Jesse Hurst, CFP®, AIF®Founder of Impel Wealth Management
Job Hammond
Job HammondAssociate Professor of Real Estate & Finance at Austin Community College
Matthew Falconer
Matthew FalconerBranch Manager and Certified Mortgage Planner at CrossCountry Mortgage
Dr. David L Tuyo II
Dr. David L Tuyo IIPresident and CEO of University Credit Union
Philip Bennett
Philip BennettPresident at Bennett Capital Partners Mortgage
Scott DiGregorio
Scott DiGregorioProducing Branch Manager at Neo Home Loans
Robert Van Order, Ph.D.
Robert Van Order, Ph.D.Professor of Finance & Economics at George Washington University - School of Business
Lily Shen, Ph.D.
Lily Shen, Ph.D.Associate Professor of Finance at Wilbur O. and Ann Powers College of Business
Ryan Grant
Ryan GrantDivision President at NEO Home Loans
John Yeressian
John YeressianProfessor and Department Chair of Real Estate at El Camino College
Dr. Vance Lesseig
Dr. Vance LesseigAssociate Professor of Finance & Economics at Texas State University
Eric Sztanyo
Eric SztanyoOwner at Team Sztanyo and We Buy NKY Houses


We've compiled a list of frequently asked questions to provide clarity on home equity lines of credit. These can help enhance your understanding of HELOCs, covering everything from how they work to their impact on your financial health.

What exactly is a HELOC, and how does it work?
Is a HELOC considered a second mortgage on my home?
How does obtaining a HELOC impact my credit score?
Can I refinance an existing HELOC?
Is it possible to acquire a HELOC from a different lender?
Are the interest payments on a HELOC tax-deductible?
Can I repay my HELOC earlier than the agreed term?
What happens to my HELOC if I decide to sell my home?
Are there any restrictions on how I can use the funds from a HELOC?