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You may be asked for income verification, mortgage statements if applicable, homeowners insurance information, and other financial documents. Requirements vary by applicant.

Yes, homeowners without an existing mortgage may qualify based on property value, credit, income, and other lending requirements.

You may generally repay your balance before maturity. Ask about any early closure fees or other applicable conditions in your agreement.

Yes, you can generally make additional principal payments to reduce your balance and the interest you pay. Check your agreement for payment instructions and any applicable conditions.

The draw period and loan term end, and any remaining balance becomes due in a balloon payment. You should plan ahead for how you will pay this amount. Refinancing or another financing option may be available, but approval is not guaranteed.

A balloon payment is the remaining unpaid principal balance, together with any other amounts due under your agreement, that must be paid in full at maturity. Because the HELOC has a 20-year term and allows advances during the draw period, regular monthly payments may not fully pay off your balance by the maturity date.

APR is variable and based on Prime Rate as published in The Wall Street Journal on the last day of the previous month + margin.

No. Interest is charged on the outstanding amount you have borrowed. For example, if your credit limit is $100,000 and your balance is $20,000, interest is charged on the outstanding balance rather than the full credit limit.

Our current HELOC requires principal-and-interest payments, not interest-only payments. Payments are calculated according to your loan agreement using the outstanding balance, applicable interest rate, and payment terms. Your payment may change when your balance or rate changes.

Our current HELOC has a 20-year draw period. The total loan term is also 20 years, meaning the line matures at the end of that period. There is no additional 20-year repayment period.