A HELOC stands for a Home Equity Line of Credit. With this loan, you are borrowing against the equity in your home. A HELOC, or second mortgage, helps current homeowners use the equity they have built-in their home to fund other purchases.
Borrow up to 95% of your home’s equity, enjoy up to a $500,000 credit line, low rates, and interest-only payments for 10 years. So go ahead! Start a business. Pay off credit card debt, or buy that cottage on the lake.
What can you use a HELOC for?
If you’re looking to borrow more money, but still want the flexibility of interest-only payments during the 10-year draw period, our Interest-Only RealtyLine may be the product for you.
Here are some of the benefits you’ll enjoy
At Geneva, we offer several exciting HELOC programs that could be right for you!
The process of applying for a HELOC is similar to what you likely experienced when applying for your home mortgage. Initially, you will complete and submit an application online. Then, for verification purposes, you may also need to provide documents including:
Want to see the difference between a Heloc and Cash out Refinance? Use our interactive Calculator below: