Home Equity Line of Credit (HELOC)

Learn how a home equity line of credit (HELOC) from Numerica works, how to use your equity, and what to expect with flexible rates and local support.
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Rates as low as 7.00% APR

What is a HELOC?

HELOC stands for Home Equity Line of Credit.

 

Home equity:

This is the difference between the value of your home and the amount you still owe on mortgages.

Line of credit:

 A line of credit is a certain amount of money you are approved to borrow by a lending institution. But unlike a traditional loan, you don’t receive all this money in a lump sum. Instead, you have access to it up to your account limit — whenever you want to borrow it.

Put together, a HELOC is access to a certain amount of money backed by the equity in your home.

What could a HELOC unlock for you? 

A dream vacation. Paying off credit cards. That home improvement project. A HELOC may be the answer. 

  • Tap the equity in your home: Better buying power and rates than an unsecured loan
  • Works like a credit card: As you pay down the balance, the available amount replenishes
  • Fixed-rate flexibility: Transfer all or part of your balance to a fixed-rate loan
  • Quick and easy access: Tap into your funds with Online Banking, the Mobile App, or our HELOC Visa

APPLY NOW

Rather not apply online? Let us help! 

HELOC calculator

How to know if a HELOC is right for you

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Why we provide NMLS identification

To promote transparency and protect consumers, federal law requires all mortgage loan originators to be registered with the Nationwide Multistate Licensing System and Registry. Each loan officer is assigned a unique NMLS ID number, which helps ensure accountability, professional qualifications, and regulatory oversight.

As a member, you have the right to request the NMLS ID of any mortgage loan officer assisting you. You may also verify a loan officer’s credentials or look up a financial institution through the NMLS Consumer Access database:

NMLS consumer access: https://www.nmlsconsumeraccess.org

FREQUENTLY
ASKED QUESTIONS

WHAT IS A HOME EQUITY LINE OF CREDIT (HELOC)?

Your home’s equity is the difference between the value of your home and the amount you still owe on it. If you sold your home, this is what you would likely have left after paying off your mortgage. 

A HELOC is a type of loan that allows you to access a certain amount of money that is backed by the equity in your home. 

HOW DOES A LINE OF CREDIT WORK?

A line of credit is a loan in which you are designated access to a certain amount of money. But unlike a traditional loan, you don’t receive a lump sum. Much like a credit card with a set credit limit, you simply access funds when you need them. When you pay it back, your available balance refreshes. 

HOW DO YOU APPLY FOR A HELOC?

Applying for a HELOC from Numerica is a snap. Simply start an online application or schedule an appointment. 

WHAT IS A DRAW PERIOD?

The draw period is the time when you can borrow from your HELOC. You can take out funds as needed and repay them as long as you stay within your credit limit.

WHAT IS A REPAYMENT PERIOD?

The repayment period comes after the draw period and typically lasts 15 to 20 years. During repayment, you can no longer borrow funds from your HELOC, and your monthly payments include both principal and interest.

HOW DO VARIABLE INTEREST RATES AFFECT A HELOC?

With a variable rate, your HELOC interest can go up or down over time. Most HELOCs are tied to the Wall Street Journal prime rate plus a fixed margin. If the prime rate increases, your interest rate and monthly payment may increase. If it decreases, your rate and payment may go down. 

WHAT FEES MAY APPLY?

HELOC fees can vary based on your loan amount, property type, and whether an appraisal is required.

HOW LONG DOES APPROVAL TAKE?

It depends on your paperwork and how quickly your home can be valued. A Numerica lending expert can walk you through what to expect.

All loans subject to approval. Additional terms and conditions may apply. Rates, terms, and conditions are subject to change. 

1

APR = Annual Percentage Rate. APR rates may vary based on the Wall Street Journal Prime Rate and can adjust quarterly but will never exceed 18.00% APR or go below 2.99% APR.  The APR is a combination of the prime rate plus a margin, which is determined when you apply and based on several factors, including your creditworthiness. APR reflects discounts up to 0.50%. Discounts individuals may qualify for are a 0.25% discount with automatic payment from Numerica checking account and/or a 0.25% discount with a Numerica Visa credit card or another Numerica loan. All fees/costs, except full appraisal if required, are typically paid by Numerica if the loan amount is less than $250,000. Full appraisal is required for loan amounts exceeding $250,000, manufactured homes, land greater than 20 acres, investment properties, or underwriter discretion. Investment property and bridge-purpose loans are subject to all fees/costs. Fees/costs to open HELOC generally range between $0 to $1,500. HELOCs are subject to recovery charges if closed within two years of origination. Recovery charges are the lesser of total third-party costs paid by Numerica or $500. 10-year draw period with a 15-year repayment period, variable rate throughout. Interest-only payments during the draw period, $75 minimum payment. All loans subject to approval. Additional terms and conditions may apply. Rates, terms, and conditions are subject to change.

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