Archives

Common uses include home improvements, major purchases, education expenses, unexpected expenses, and debt consolidation. Consider your budget carefully because your home secures the line of credit.

During the draw period, you can borrow available funds as needed. When you repay principal, that amount generally becomes available to borrow again, subject to your agreement. Interest is charged on the amount borrowed, not the entire credit limit.

A Home Equity Line of Credit (HELOC) is a revolving line of credit secured by your home. It allows you to borrow against available equity, up to an approved credit limit, during the draw period.