What is a HELOC and who is it for?
A HELOC is a revolving line of credit secured by the equity in a home, designed for homeowners who want flexible, draw-as-needed access to funds rather than a single lump-sum disbursement. Mortgage Go originates HELOCs through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Homeowners with equity who want flexible, draw-as-needed access to funds rather than a single lump-sum disbursement.
Who it's not for
Homeowners who need a fixed payment for a one-time expense — see Home Equity Loan instead.
Benefits
- Draw funds as needed during the draw period.
- Pay interest only on what you draw, not the full line.
- Keeps your existing first mortgage intact.
- Repeatable access to equity during the draw period.
Key facts
- Structure
- Revolving line of credit
- Lien position
- Typically second lien
- Rate type
- Typically variable during draw period
- Maximum loan-to-value
- Placeholder — pending compliance
Calculator
HELOC (Home Equity Line of Credit) calculator embeds here in Phase 2.
Frequently asked questions
What is a HELOC?+
A HELOC is a revolving line of credit secured by your home. You can draw funds as needed up to a credit limit during the draw period and repay the balance over time.
How is a HELOC different from a home equity loan?+
A HELOC is a revolving line you draw from over time. A home equity loan is a one-time lump-sum disbursement with a fixed payment.