How does a home equity line of credit (HELOC) work?
Because you can withdraw funds up to your maximum approved loan amount at any time, a home equity line of credit is similar to a credit card. As you pay back the loan each month, your available funds increase. The monthly payment amount will adjust as your loan balance and interest rate changes. You can access your home equity line of credit with personal checks, which will be mailed to your home. Or if you prefer, we can wire transfer your funds into a designated account.
