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Refinance & equity

HELOC (home equity line of credit)

The short answer A home equity line of credit (HELOC) lets you borrow as needed up to an approved limit during a draw period. It commonly has a variable rate, followed by a repayment period that can raise your required payment. Fees, minimum draws, line freezes and fixed-rate conversion options depend on the agreement.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You want flexible access to funds over time, such as for staged projects.
  • You want to keep your current first mortgage.
  • You can handle a payment that may change with rates and draws.

Tradeoffs to weigh

  • A variable rate can raise your payment.
  • Payments can increase when the draw period ends and repayment begins.
  • The lender may freeze or reduce the line under the agreement's terms.

What to have ready

  • A rough home value and your first mortgage balance.
  • How much access you want and what it's for.
  • Whether you'd prefer a line or a fixed lump sum.
  • How you're paid and your main monthly debts.

Questions people ask

Do I owe interest on the whole approved line?

Generally you owe interest on the amount you've drawn, though other fees can apply.

Will the minimum payment stay the same?

Not necessarily. Rate changes, new draws and the repayment period can change it.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

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Related topics

Rate-and-term refinance Cash-out refinance Home-equity loan Reverse mortgages See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
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