Overview
A Home Equity Line of Credit (HELOC) works like a credit card secured by your home. You're approved for a maximum credit limit based on your equity, and you can draw from it as needed during the draw period (typically 10 years). You only pay interest on what you borrow. HELOCs are ideal for ongoing expenses like home renovations, education costs, or as an emergency fund — situations where you don't need all the money at once.
Who It's For
How It Works
Equity & Needs Assessment
We determine your available equity and discuss your borrowing needs to confirm HELOC is the right fit.
Application & Appraisal
We apply with lenders offering the best HELOC terms. Your home is appraised to determine the credit limit.
Approval & Access
Once approved, you receive checkbook or card access to your credit line.
Draw & Repay
Use funds as needed during the draw period. Interest-only payments during draw; principal + interest during repayment.
Requirements
These are general guidelines, not a quote or commitment to lend. Actual terms depend on credit approval, income, and underwriting — not all applicants will qualify, and programs and requirements are subject to change without notice. Through Movement Mortgage we have access to additional programs with different requirements. Contact David & Bri for options specific to your situation.
Pros & Cons
Advantages
Considerations
Calculator
Quick estimate
Estimate your monthly payment
Estimated monthly payment
$3,490
30-year fixed at 6.875%
FAQ
3 questions
HELOC vs. cash-out refinance — which should I choose?
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HELOC if you need flexible, ongoing access to funds and want to keep your current mortgage intact. Cash-out refi if you want a lump sum at a fixed rate and are okay replacing your existing mortgage.
Are HELOC rates fixed or variable?
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Most HELOCs have variable rates tied to the prime rate. Some lenders offer fixed-rate options or the ability to lock portions of your balance at a fixed rate.
Can I lose my home with a HELOC?
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Yes — a HELOC is secured by your home. If you default on payments, the lender can foreclose. This is why we emphasize only borrowing what you can comfortably repay.
Ready to explore heloc?
Schedule a complimentary consultation. We'll review your situation and tell you honestly whether this is the right move.