What is a HELOC?
A HELOC (Home Equity Line of Credit) is a flexible mortgage solution designed for homeowners who want to access their home's equity. It provides a revolving line of credit for major expenses, home improvements, or investment opportunities. Access funds as needed with competitive variable rates and terms tailored to your financial needs.
Key Benefits
- Access your home equity (cash) in as little as 6 days.
- Keep your current mortgage rate in place with a stand-alone Line of Credit to access your cash equity.
- Consolidate debts to reduce your monthly spend, pay for unexpected expenses, or make repairs and upgrades to the home.
- A HELOC is revolving and can be used like a credit card with a lower interest rate.
- You can take a Home Equity Line of Credit out on your primary or investment property.
- Billy Watkins - Sr Mortgage Broker - NMLS 384700
How to Apply for a HELOC
Initial Consultation
We start with a conversation to understand your goals and financial picture.
Application & Documentation
Complete the online application and provide necessary financial documents.
Underwriting & Approval
Our team reviews your file to issue a final loan approval.
Closing
Sign the final documents and get instant access to your funds.
What is the difference between a HELOC and HELOAN?
Side-by-side details to help you choose the right option.
| Feature | HELOC (Home Equity Line of Credit) | HELOAN (Home Equity Loan) |
|---|---|---|
| Best for | Flexible ongoing borrowing needs | One-time large expenses or projects requiring a fixed lump sum |
| Interest only period | Yes | No |
| Interest rate | Adjustable or Fixed | Fixed |
| How you receive and spend the funds | Revolving line of credit you can draw and repay (typical draw period applies) | One upfront lump sum |
| Payment structure | 10, 15, 20, or 30-year repayment terms (principal & interest) | 10, 15, 20, or 30-year fixed principal & interest |
| Get between | $50,000 – $700,000 | $50,000 – $700,000 |
| Borrow from | Primary residence • Second home • Investment property | Primary residence • Second home • Investment property |
| Minimum credit score | 640 | 640 |
| Keep your mortgage rate | Yes | Yes |
Best for
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Interest only period
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Interest rate
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
How you receive and spend the funds
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Payment structure
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Get between
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Borrow from
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Minimum credit score
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Keep your mortgage rate
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Success Stories with Billy Watkins
"Billy made the process of getting our HELOC incredibly simple. His communication was top-notch, and we closed faster than we ever thought possible. Highly recommend!"
Alex & Jamie R.HELOC Client with Billy Watkins
"As a self-employed individual, I thought getting a mortgage would be a nightmare. Billy guided me through the HELOC options and found the perfect fit. I couldn't be happier."
Samantha P.HELOC Client with Billy Watkins
