Payment and rate are estimated based on accessing:
You may apply for a line of credit up to:
A home equity line of credit is the most flexible type of home financing available. During your 10-year draw period, you can borrow as little or as much as you need, up to your approved credit line. You have the option to choose a minimum monthly payment of 1% or 2% of your outstanding balance, though some may qualify to make interest-only monthly payments. The minimum monthly payment shown in your results reflects interest-only monthly payments.
As your payments during the draw period are applied to the principal amount you owe, your available credit increases. Once the draw period ends, the repayment period begins.