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Frequently Asked Questions
A HELOC is a revolving credit line with variable rates — you draw funds as needed during the draw period. A home equity loan is a lump sum with a fixed rate and fixed monthly payments. HELOCs offer flexibility; home equity loans offer predictability.
Most lenders allow borrowing up to 80–85% of your home’s value, minus your existing mortgage balance. On a $400,000 home with a $250,000 mortgage, that’s roughly $70,000–$90,000 in accessible equity.
HELOC interest is tax deductible when the funds are used to buy, build, or substantially improve the home securing the loan. Interest on HELOC funds used for other purposes (debt consolidation, tuition) is generally not deductible under current tax law.
Most lenders require a minimum 680 credit score for a HELOC, though some accept 620+. Higher scores (740+) qualify for the best rates. Home equity loans may have slightly more flexible credit requirements.
A HELOC typically takes 2–6 weeks from application to funding. The timeline depends on appraisal scheduling, title search, and lender processing. Some lenders offer expedited processing with digital appraisals.