Home Equity Line of Credit Your circumstances deserve support, not scrutiny.
What Is a Home Equity Line of Credit (HELOC)?
A Home Equity Line of Credit (HELOC) is a flexible, revolving credit option that allows you to borrow against the equity you’ve built in your home. Unlike a traditional loan, a HELOC works more like a credit card you can borrow, repay, and borrow again as needed, up to your approved limit.
My Mortgage Medics is here to help you secure the best available HELOC rates by comparing offers from top lenders and guiding you through the process—so you get a solution that fits your financial goals.
What to Look for in a HELOC
When comparing HELOC options, key features to consider include:
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Loan Limits:
Most lenders offer up to 80% of your home’s value, with varying minimum and maximum borrowing amounts. -
Revolving Access:
Borrow, repay, and borrow again without reapplying. Some HELOCs tied to your mortgage grow as you pay down the loan. -
Fixed-Rate Option:
You may be able to convert part of your balance to a fixed-rate loan. -
Second-Position HELOCs:
You can get a HELOC from a different lender than your current bank.
My Mortgage Medics can help you compare lenders and secure the best HELOC rates tailored to your needs.
Book A Free Consultation.
You should get the best mortgage possible! Request a free consultation and we’ll handle the rest.
Benefits of Working with Us
For First-Time Buyers:
- Compare rates from top lenders to secure competitive deals.
- Use advanced tools to identify the lowest rates quickly.
- Access tailored advice from experienced local brokers
- Explore special programs designed for first-time buyers
For All Homebuyers:
- Access competitive rates tailored to your unique financial goals.
- Refinance with ease to reduce monthly payments or shorten your term.
- Leverage home equity to fund renovations, education, or investments.
- Enjoy a stress-free experience with our step-by-step guidance.
Over 30+ Top-Rated Lending Partners
More Lenders, More Options, Better Rates
We have a pool of home loan options that allow us to find you the most ideal solutions. Our team of experts’ research and negotiate on your behalf to secure the best outcomes.
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Frequently asked questions
A Home Equity Line of Credit (HELOC) lets you borrow against your home's equity up to 65% of its value. Unlike a traditional loan, you only pay interest on what you use, and you can borrow, repay, and re-borrow as needed. It works like a credit card secured by your home, with much lower interest rates than unsecured credit.
You can typically access up to 65% of your home's current market value, minus any existing mortgage balance. For example, if your home is worth $500,000 and you owe $200,000 on your mortgage, you could potentially access a $125,000 HELOC ($500,000 x 65% - $200,000 = $125,000). We arrange appraisals to determine your available equity.
HELOC funds can be used for home renovations, investment properties, business purposes, education costs, debt consolidation, or any major expense. The interest may be tax-deductible if used for investment purposes. However, we don't recommend using HELOCs for daily expenses or depreciating assets like vacations or cars.
HELOC rates are typically prime rate plus 0.5% to 1.5%, currently ranging from 6.5% to 8.5%. Rates are variable and change with prime rate movements. You only pay interest on the amount you actually use. Some lenders offer promotional rates or better pricing for existing customers with good payment history.
Refinancing gives you a lump sum at a fixed rate with regular principal and interest payments. A HELOC provides flexible access to funds with interest-only payments and variable rates. Choose refinancing for one-time needs with payment certainty, or a HELOC for ongoing access to funds with payment flexibility.
You need at least 20% equity in your home, stable income, and good credit (typically 650+). Costs include appraisal ($300-500), legal fees ($800-1,500), and potentially an annual fee ($50-100). Many lenders waive setup costs to earn your business. The approval process is similar to a mortgage application but often faster.
