What Is a HELOC?

A Home Equity Line of Credit (HELOC) lets you borrow against the equity you've built in your home. Unlike a lump-sum home equity loan, a HELOC works like a credit card — you draw funds as needed during the draw period and repay only what you use. It's one of the most flexible and cost-effective ways to access your home's value.

How Much Can I Borrow?

Most lenders allow you to borrow up to 85% of your home's appraised value, minus your existing mortgage balance. For example, if your home is worth $400,000 and you owe $250,000, you may qualify for a HELOC of up to $90,000. CFC Mortgage works with multiple HELOC lenders to find the best terms for you.

Key Benefits

• Access funds as needed — only pay interest on what you draw
• Typically lower rates than credit cards or personal loans
• Interest may be tax-deductible (consult a tax advisor)
• Use for home improvements, debt consolidation, education, or any purpose
• Revolving credit — repay and redraw during the draw period
• Available on primary residences and some second homes