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.
Home equity line of credit rate1
Rates range from 7.95% APR to 11.70% APR and are subject to change at any time. Lowest rate assumes a credit limit of $100,000, loan to value (LTV) for 70%, FICO score of 730 or higher 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.
Get answers to frequently asked questions about home equity lines of credit (HELOC).
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.