Flexible HELOC Loans to Fit Your Lifestyle
HELOC — Home Equity Line of Credit
What it is: A revolving line secured by your home’s equity. Draw what you need, when you need it.
Best for: Renovations, debt consolidation, phased projects, “just-in-case” liquidity.
How it works:
- Draw & repay: You get a credit limit (e.g., 10-year draw). You pay interest only on the amount you’ve drawn.
- Repayment period: After the draw, the line typically converts to a fixed repayment term (e.g., 10–20 years).
- Variable rate: Most HELOCs track an index (e.g., Prime) plus a margin; the payment can change.
Eligibility snapshot
Equity available (CLTV limits apply), acceptable credit history, verifiable income/ability to repay, property condition and occupancy eligibility (primary, second home; some lenders allow investment).
Typical terms/features
Variable rate; interest-only during draw; annual/transaction fees may apply; early closure/termination fees possible.
Docs you’ll need
ID/SSN, income docs (W-2s/pay stubs or self-employed returns/bank statements), mortgage statement, insurance declaration, property tax bill, possibly an appraisal.
Do we process this loan type ?
We make borrowing easy
The amount a lender is willing to lend to financing your purchase fact in your ratio of debt to income, among other things.
- Fixed rate loan terms of 1 to 5 years with interest-only payments**
- Up to 20 years fully amortized
- 30 year amortization schedule with a balloon payment due in 15
- Customized loan terms to fit your unique needs
Get in Touch with Mortzee
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