Access your home’s equity with flexibility.
A Home Equity Line of Credit (HELOC) is a flexible financing option that allows homeowners to borrow against the equity they have built in their property. Unlike a traditional loan, a HELOC works more like a credit card — providing access to funds as needed, up to a predetermined limit, while only requiring interest payments on the amount borrowed.
Why a HELOC makes sense.
Access to Cash
Use funds for home improvements, debt consolidation, or other financial needs.
Fixed or Adjustable Borrowing
Withdraw only what you need, when you need it.
Lower Interest Rates
HELOCs generally have lower interest rates compared to credit cards or personal loans.
Potential Tax Benefits
Interest on a HELOC may be tax-deductible if used for home improvements (consult a tax professional).
At-a-glance specs.
Four ways a HELOC applies to mortgages.
From bridge financing to debt consolidation, your home equity is a flexible tool.
Second Mortgage Option
A HELOC can serve as a second mortgage, allowing you to access home equity without refinancing your primary mortgage.
Bridge Financing
Use a HELOC to fund a down payment on a new home while waiting to sell your current property.
Debt Consolidation
Pay off high-interest debts by leveraging your home’s equity at a lower rate.
Refinancing Alternative
Instead of refinancing your existing mortgage, a HELOC allows access to cash without modifying your current loan terms.
Frequently asked questions.
HELOCs can be used for home improvements, debt consolidation, education expenses, emergency funds, or as bridge financing while waiting to sell a current property.
Qualification typically requires sufficient home equity, a credit score of 720 or higher, a debt-to-income ratio up to 50%, and verifiable income. Combined loan-to-value (CLTV) can go up to 90%.
A HELOC works like a credit card with a revolving line of credit — you borrow only what you need and pay interest only on the amount borrowed. A home equity loan provides a lump sum with fixed monthly payments.
Interest on a HELOC may be tax-deductible if the funds are used to buy, build, or substantially improve the home that secures the loan. Consult a tax professional for advice on your specific situation.
The maximum loan amount for a HELOC through OptionOne is $500,000, with combined loan-to-value (CLTV) up to 90% of your home’s value.
Ready to access your home equity?
Up to $500k, 90% CLTV. Tap your equity without refinancing.