Put your home equity to work, as a flexible line or a fixed loan.
Home equity lines of credit (HELOCs) and fixed-rate home equity loans (HELOANs) for primary residences, second homes and investment properties, starting at $25,000.
Two ways to tap your equity.
| Home equity line of credit (HELOC) | Home equity loan (HELOAN) | |
|---|---|---|
| How it works | Revolving credit. Draw what you need, when you need it, up to your approved limit, and pay back only the portion you use. | One lump sum at closing, repaid in equal monthly installments of principal and interest. |
| Rate | Variable rate, with an option to lock all or part of your balance at a fixed rate. | Fixed rate for the life of the loan, so your payment stays predictable. |
| Amounts | $25,000 and up | $25,000 and up |
| Getting your money | Online or mobile transfer, by phone, by check, in person at a branch, or with an optional access card. | A single lump sum by check or direct deposit to your account. |
| Best for | Ongoing or uncertain costs: renovations in phases, a reserve for investments, flexible cash on hand. | One known expense: a single project, paying off other debt, or buying another property. |
| Property types | Primary residences, second homes and investment properties | |
What homeowners use it for
- Renovations and additions. Fund the work without refinancing your first mortgage.
- Buying another property. Use equity in one home toward a second home or rental.
- Paying off higher-rate debt. Consolidate into one payment.
- Investors: pull equity from a rental to fund your next deal or a rehab.
- Education, business or a cash reserve you can draw on when needed.
Buying a home? Pair it with your mortgage.
A line or loan can close at the same time as your purchase mortgage, in one of two ways:
- Piggyback: the home equity funds are used at closing alongside your first mortgage, which can reduce the cash you need to bring.
- Convenience line or loan: it closes with your mortgage but isn't used for the purchase. The money is there afterward for furniture, upgrades or a reserve.
Lock in part of a HELOC
With the fixed rate option, you can convert all or part of your outstanding HELOC balance to a fixed rate for a set term. That gives you the flexibility of a line and the predictability of a loan.
Ways to save
Fees or closing costs may apply depending on property type and amount. You may qualify for programs that waive certain fees or offer rate discounts. Your specialist will tell you which ones apply.
Home equity FAQ
Can I get a HELOC on an investment property or second home?
Yes. Lines and loans are available on primary residences, second homes and investment properties.
Which is better, a line or a loan?
If you know exactly how much you need, a fixed loan gives you a predictable payment. If your costs will come in stages or you want money available just in case, a line is usually the better fit.
Can I switch part of my HELOC to a fixed rate?
Yes. The fixed rate option lets you convert all or part of your balance to a fixed rate for a set term.
Can I get one when I buy a home?
Yes. It can close at the same time as your purchase mortgage, either to help fund the purchase or as a separate line or loan for later.
What's the minimum?
Lines of credit and fixed loans both start at $25,000.
Are there closing costs?
Fees may apply depending on property type and amount, but you may be eligible for programs that waive fees. Ask your specialist.
Home equity lines and loans are subject to credit approval, property eligibility and underwriting, and are not available in all states. A HELOC has a variable rate that can change. Fees and closing costs may apply. Programs, rates and terms may change without notice.