Access your home’s equity with ease.
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.
Revolving credit. Flexible draw
No refinance.
Unlike a traditional second mortgage, a HELOC works like a credit card — providing a revolving line of credit you draw on as needed.
Draw Period (10 Years)
Access your funds on-demand as needed during the initial 10-year draw period.
Pay Only What You Use
Only pay interest on the amount you actually draw, not your entire limit.
Rebuilding Credit Line
As you pay back the principal, your available credit line restores automatically.
Repayment Period (20 Years)
Pay back the remaining balance over a structured 20-year repayment term.
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).
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.