What is a home equity line of credit?
A home equity line of credit, or HELOC, is a revolving credit line. It’s secured by the equity you’ve built in your home and can be used as needed — like a credit card. You only pay interest on what you draw from your HELOC.
Introductory rate for 6 months
Introductory rate available on new applications up to 60% Loan to Value. 1.99% introductory rate for applications greater than 60% LTV. Rates are subject to change at any time.
Variable rate after introductory period
Rates range from 3.65% APR to 8.80% and are subject to change at any time. Lowest rate assumes credit limit of $100,000, Loan to Value of 70%, FICO score of 730 and a U.S. Bank personal checking account.
How to get a home equity line of credit
The process for getting a HELOC is simple.
Submit requested documentation.
Benefits of a home equity line of credit
With HELOCs you can borrow funds over time as needed. They also offer flexible repayment options, including interest-only payments for those who qualify.
You can draw on your HELOC by using convenience checks, transferring money to your U.S. Bank checking account or by visiting a branch or ATM. You can also use your Visa® Access Card anywhere Visa® is accepted.
What could you do with a HELOC?
Whether you’re looking to remodel your kitchen or build an outdoor living area, a HELOC can be a great option.
You may be able to save money by using a HELOC to consolidate higher-cost debt, such as credit cards and student loans.
If you’re planning on funding major expenses, such as college tuition, the flexible as-needed availability of funds and the low interest rate may make a HELOC a wise choice for financing.