A home equity line of credit, or HELOC, is a revolving credit line that’s secured by the equity you’ve built in your home. The HELOC can be used as needed during your draw period, which is the timeframe between opening it, up until your repayment begins. You only pay interest on what you borrow from your HELOC.
To qualify for a HELOC, you’ll need a FICO score of 660 or higher. U.S. Bank also looks at factors including:
Want to learn more about credit scores? You can monitor your VantageScore® credit score from TransUnion® for free1 via the U.S. Bank Mobile App or online banking. (This score is for educational purposes and isn’t used by U.S. Bank to make credit decisions.)
The rate shown is the current national average. Enter your location details for rates in your area.
Rates range from 8.95% APR to 13.10% APR and are subject to change at any time. Lowest rate assumes a credit limit of $50,000 or more, loan to value (LTV) of 60%, FICO score of 730 or higher and a U.S. Bank personal checking account.
Prequalification helps you see how much you might be able to borrow, without affecting your credit score.
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.
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, a HELOC may be a good option. Its flexible availability of funds and low interest rates make it a smart choice for financing.
The process for getting a HELOC is simple.
You can easily upload documents using our secure online home equity application portal. (Requested documents may include paystubs, tax returns and W-2s, among other items.)
Home equity loans and lines of credit can be great ways to fund major purchases. Use our rate and payment calculator to find out what your home equity monthly payment may be.
Our home improvement calculator can help you estimate what your home remodeling project could cost. Get your personalized estimate by answering a few questions.
A HELOC is a flexible financing option that allows you to borrow as needed, up to your approved credit line. As you make payments to the outstanding principal balance, your available credit increases. Interest is paid during the repayment period only for what you’ve drawn from your HELOC that’s still outstanding.