Refinance Your Home: A Comprehensive Guide
Reading Time: 3 minutesRefinancing your home can be a game-changer for your financial strategy, whether you want to lower your monthly payments, access
Tap into your home’s equity when you need it. Whether it’s upgrading your space, paying down debt, or funding life's next chapter, a HELOC gives you flexible access to cash—without disturbing your existing mortgage.
Unlock Your Equity
Borrow what you need, when you need it. Draw from your line of credit during the initial draw period.
Enjoy lower monthly payments with interest-only options for the first 10 years, giving you more breathing room in your budget.
A HELOC lets you access your equity without changing the terms of your existing mortgage.
If your details are close to these guidelines, we encourage you to apply or talk to us. Even if a Home Equity Loan isn't the right fit, we may have other options that work for you.
You'll need enough equity to secure a minimum line amount of $25,000. Available for primary, second homes, and investment properties.
To qualify, no more than 50% of your income should be going toward debt payments.
A credit score of 640 or higher is required, depending on the product. Higher scores can help you qualify for larger lines of credit.
Closing costs typically range between 2–6% of the total line amount, similar to a standard mortgage.
Your home’s value might surprise you. See how much equity you can access — whether it’s for upgrades, investments, or something big.
See how refinancing can lower your monthly payment or help you access cash. Compare options and find out how much you could save.
Common Questions About This Loan — Answered for You
Home equity is the difference between your home's current value and the balance you owe on your mortgage. For example, if your home is worth $300,000 and your mortgage balance is $200,000, you have $100,000 in home equity. It’s a valuable asset you can leverage for major financial goals.
A Home Equity Line of Credit (HELOC) is a revolving credit line secured by your home. It lets you borrow against your available equity as needed, rather than receiving one lump sum.
Here’s the process:
Funds from a Home Equity Line of Credit (HELOC) can be used for a wide range of financial goals. Homeowners often use HELOCs to pay for renovations, consolidate debt, cover major expenses like education costs, or manage unexpected needs. Real estate investors may use HELOCs to fund property improvements, acquire additional properties, or boost cash flow for new opportunities. With flexible access to funds, you can use your HELOC when and where you need it most—without refinancing your existing mortgage.
Opening a new HELOC may cause a slight, temporary drop in your credit score. However, your score may increase after opening the line of credit since your total available credit will go up.
Dive deeper into how a Home Equity Line of Credit gives you flexible access to cash for major expenses without refinancing your mortgage. Learn how you can use your equity for home improvements, debt consolidation, or other big financial goals.
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