A home equity line of credit lets you borrow against the equity in your home as you need it, repay, and draw again — a revolving line rather than a single lump sum.
Share a few details and our team can Tell us the equity you have and what you plan to use it for — we will compare your options.
Prefer to talk now? 954-590-8464A HELOC is a revolving credit line secured by the equity in your home. During the draw period you can borrow, repay, and borrow again up to your credit limit — useful for a renovation that unfolds in stages or a reserve you want available but untouched.
During the draw period payments are typically interest-only, which keeps the monthly cost low while the line is open. When the draw period ends, the line converts to repayment and the balance amortizes over the remaining term.
A line of credit fits staged expenses that a lump-sum loan handles awkwardly.
Borrow what you need, repay it, and draw again during the draw period.
Payments during the draw period commonly cover interest only.
A HELOC is secured by your home, so it prices well below unsecured credit.
You pay interest on what you actually draw, not the full approved limit.
Renovations, debt consolidation, education, or a standby reserve.
Interest may be deductible when the funds improve the home — confirm with your tax advisor.
These are typical HELOC guidelines. Your exact scenario is reviewed one-on-one by a specialist.
Generally 620-680 minimum, with 740+ for the best rates and highest lines.
Usually require at least 15-20% equity remaining after the line is drawn.
Most lenders cap the combined first mortgage plus HELOC at 85% of appraised value.
Commonly up to 43%, with some programs allowing 50% for strong applicants.
W-2s, tax returns, or bank statements depending on the program.
Primary residences, second homes, and some investment properties are eligible.
Complete one application and tell us about your goals and timeline.
We review your file, check HELOC guidelines, and lock your rate.
We handle the details with your agent and title team — keys in hand.
A home equity loan pays a single lump sum at a fixed rate. A HELOC is a revolving line you can draw from repeatedly during a set draw period, typically with interest-only payments, then repay over the remaining term.
It depends on your equity. Most lenders cap the combined first mortgage and line at 85% of your home's appraised value, so the available line is whatever room remains below that ceiling.
The line converts to repayment. You can no longer draw, and the outstanding balance amortizes over the remaining years of the term, which raises the monthly payment.
Submitting the contact form does not trigger a credit inquiry. If a credit pull is needed, we explain the process and get your permission first.
Talk to an Eagles Funding Group specialist about your HELOC options — we'll guide you from application to keys.
