Home Equity Line of Credit
A Home Equity Line of Credit* (HELOC) allows you to borrow against the available equity in your home and the house is used as collateral for the line of credit. A HELOC is typically used for large expenses, such as home improvement projects or to consolidate debt.
During the draw period (typically 5 years), you may borrow against this revolving credit line as often as you desire. As you repay the outstanding balance, the amount of available credit is replenished. At the end of the draw period, the repayment period (typically 20 years) begins.
* Loan requirements and membership eligibility apply. Loan approval is subject to credit approval and based on program guidelines.