A home equity line of credit is a revolving credit line secured by your home, sitting behind your current mortgage.
A good fit for
- Homeowners who want to keep a low first-mortgage rate
- Projects paid for over time
How it works
- Draw what you need during the draw period
- Interest is usually variable and charged only on what you use
Keep in mind
- Payments can change with rates
- Your home secures the line
Is a HELOC right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.