Flexible home equity, on your terms.
A HELOC lets you borrow against the equity you've built without touching the mortgage you already have. Draw what you need, when you need it, and pay interest only on what you use.
No SSN required. Zero impact to credit. Your information is never sold.
A credit line backed by your home's equity
A Home Equity Line of Credit is a revolving line secured by your home's equity. Like a credit card, you borrow what you need up to your approved limit, and you only pay interest on what you actually use.
HELOCs run in two phases: a draw period (usually 10 years) when you can access funds and make interest-only payments, then a repayment period (usually 20 years) when the line closes and you pay down principal and interest.
- ✓ Borrow only what you need, when you need it
- ✓ Revolving credit that replenishes as you pay it down
- ✓ Interest-only payment options during the draw period
- ✓ Potential tax benefits when used for home improvements (consult your tax advisor)
The HELOCs process
Four steps, explained in plain English at every one.
Apply and get approved
Your credit limit is based on the equity available in your home.
Draw as needed
Access funds during the draw period by check, card, or transfer.
Pay on what you use
Monthly payments apply only to the amount you've actually borrowed.
Repay
During the repayment period, the line closes and you retire the balance.
No credit pull. No obligation.
HELOC qualification, in plain English
Most lenders look for at least 15-20% equity remaining after the line is established, a credit score around 620 or higher, a workable debt-to-income ratio, stable income, and the property's current value. Most programs let you borrow up to 85% of your home's value minus your existing mortgage balance, subject to credit approval.
Not sure how much equity you have? Ky can review your position and show you what a line could look like, and whether a HELOC or a cash-out refinance is the smarter tool for your situation.
HELOC Qualifier
Check your eligibility in one minute. No SSN, no credit pull, no pressure.
Takes about a minute.
Why homeowners reach for a HELOC
Revolving credit line
Borrow, repay, and borrow again during your draw period.
Interest-only options
Lower initial payments while the draw period runs.
Keep your first mortgage
Your existing rate and payment don't change. The HELOC sits alongside.
Flexible draw period
Access funds when you need them for up to 10 years.
Multiple access methods
Checks, debit cards, or online transfers.
No usage restrictions
Renovations, tuition, consolidation, reserves. Your call.
Common questions about HELOCs
Have one that's not here? Just reach out.
What's the difference between a HELOC and a home equity loan?
A HELOC is a revolving credit line. You borrow what you need when you need it, typically at a variable rate. A home equity loan is a lump sum at closing with a fixed rate and payment. Flexibility vs. predictability.
What's the difference between a HELOC and a cash-out refinance?
A cash-out refinance replaces your whole mortgage with a new, larger one. A HELOC leaves your existing mortgage untouched and adds a credit line on top. That matters a lot if your current rate is better than today's. Ky can run both scenarios side by side.
Are HELOC rates fixed or variable?
Most are variable, tied to the Prime Rate plus a margin. Some lenders let you convert portions of your balance to a fixed rate for predictability.
What happens during the draw period vs. repayment period?
Draw period (typically 10 years): access funds up to your limit, interest-only payments allowed. Repayment period (typically 20 years): the line closes to new draws and you pay principal and interest until it's retired.
Can I pay off my HELOC early?
Yes. Most HELOCs have no prepayment penalties, and paying the balance down during the draw period frees that credit up again.
Is HELOC interest tax-deductible?
It may be, when funds are used to buy, build, or substantially improve your home. Tax treatment depends on how you use the money, so check with a tax professional.
Your equity is already working. Put it to use.
Apply directly, or start with a no-cost quote and an honest HELOC-vs-refi comparison from Ky.
Direct application • Your current mortgage stays as-is
All loans subject to credit approval. Rates, program terms, and conditions are subject to change without notice. Variable rate products have rates that adjust periodically based on market conditions. Not all products are available in all states or for all loan amounts. Property appraisal required. Loan-to-value limits apply. Consult a tax advisor regarding the deductibility of interest. Other restrictions and limitations may apply. This is not a commitment to lend. Licensed in Minnesota.