Home Equity Line of Credit

What is a Home Equity Line of Credit?* (HELOC)

A HELOC is a type of home equity financing that allows you to borrow against the equity you’ve built in your home. It functions as a revolving line of credit with its own repayment schedule. The amount a homeowner may qualify for generally depends on the available equity in the property. Funds can be used for various purposes, such as paying for college tuition or consolidating debt with higher interest rates.

Popular Ways to Use a HELOC

Here are some of the most common and practical ways homeowners use their HELOC funds:

• Home Improvements - Make upgrades like kitchen remodels, bathroom renovations, or energy-efficient window installations to enhance your living space and increase home value.
• Emergency Expenses - Cover surprise costs such as HVAC repairs, medical bills, or unexpected car issues—so you're prepared when life throws a curveball.
• Debt Consolidation - Pay off high-interest credit cards or personal loans with a lower-rate HELOC and simplify your monthly payments.
• Weddings & Big Events - Help finance major milestones like weddings or family celebrations, turning meaningful moments into lasting memories.
• Business Needs - Fund startup costs, new equipment, or ongoing business expenses—ideal for entrepreneurs and small business owners.
• Pet Care - Manage unexpected veterinary bills and give your pets the care they need without financial stress.