Home equity line of credit · Keep your first mortgage
Borrow against your equity, and keep the mortgage you have.
A HELOC is a line of credit against your home’s equity. Draw what you need, when you need it, and pay interest only on what you use, while your first mortgage stays exactly as it is.
What to know.
The essentials, in plain English.
- Keep the mortgage you have
- Your first mortgage keeps its rate and its terms. The line sits alongside it.
- Pay interest only on what you draw
- Unlike a cash-out refinance, you borrow only what you need, when you need it, and pay interest only on that.
- Made for projects in stages
- A good fit for renovations that happen over time, or expenses that come in more than one bill.
- Terms explained before you sign
- Your loan officer walks you through the draw period, the repayment period, how the rate can change and any fees, before you sign.
What happens after you press the button.
- Your loan officer reaches out
- Christine reads what you send personally and gets in touch to talk it through.
- What you’ll talk about
- Your project or goal, roughly what your home is worth and what you owe on it.
- What to have handy
- Your latest mortgage statement, and a rough idea of the amount you’d like to have available.
Who it fits
Homeowners with equity who want flexible access to it.
- Owners who want to keep the rate on their first mortgage
- Owners planning renovations in stages
- Owners who want a safety net for large expenses
- Owners paying tuition over several years
What you’ll need
Your loan officer confirms the list for your line.
- Your latest mortgage statement
- Recent pay stubs, W-2s and tax returns
- Your homeowners insurance details
- A photo ID
HELOC or Cash-out refinance?
| HELOC | Cash-out refinance | |
|---|---|---|
| Your first mortgage | Stays as it is, rate and all | Replaced by one new, larger loan |
| How you get the money | As you need it, up to your limit | All at once, at closing |
| Rate | Usually adjustable, on what you draw | Fixed or adjustable, on the whole loan |
| Often fits when | You want to keep your current mortgage | A new rate on the whole loan works in your favor |
Common questions
How much can I borrow with a HELOC?
It depends on your home’s value, what you owe and your finances. Lenders limit your mortgage and your line together to a share of your home’s value.
Do I pay anything if I do not use it?
Interest is charged only on what you draw. Some lines have annual or other fees, which your disclosures show.
What are the draw period and the repayment period?
During the draw period you can borrow from your line, and payments may cover interest only. During the repayment period you can no longer draw, and you repay what you owe. Your agreement sets how long each lasts.
Can my HELOC rate change?
Most HELOC rates are variable and move with an index, within limits set in your agreement. Some lenders let you lock part of your balance at a fixed rate.
HELOC or cash-out refinance?
A HELOC keeps your first mortgage and adds a line of credit beside it. A cash-out refinance replaces your mortgage with one larger loan. If you like the rate you have now, a HELOC keeps it.
Is HELOC interest tax-deductible?
In some situations, when the money is used to buy, build or substantially improve the home. Ask a tax professional about yours.
Can I get a HELOC on a rental or a second home?
Some lenders offer them, with stricter requirements than on the home you live in. Your loan officer can tell you what’s available.
Will checking my options affect my credit?
Answering a few questions doesn’t check your credit. A credit check comes later, only with your permission, and your loan officer can explain how it may affect your score.
What if I don’t qualify?
Your loan officer can look at a cash-out refinance or a smaller line, and explain what would change the answer.
What does a HELOC cost?
Some lines have closing costs, an appraisal or an annual fee, and some lenders cover part of them. Your disclosures list every cost before you sign.
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17 reviews of EQ Mortgage Group | Christine Amoah on Google
Arlington families,
in their own words.
“I had the best experience with Christine, she was very knowledgeable, guided my family and I through the process of home purchase and made sure that all our paperwork were in order. She was also great in keeping us updated with the process.”
T T
“I had an excellent experience working with Christine. She is highly knowledgeable, professional, and always took the time to explain each step of the lending process clearly.”
Seraphine Mwi
“★★★★★ Great service! Christine was knowledgeable, responsive, and made the loan process smooth. Thank you!”
uwimana zaituni
“I want to give a huge thank you to Christine for all of her help throughout my home buying journey.”
Mutara Tunga
“Excellent experience with Christine. So helpful and professional. If I have the opportunity to work with any loan officer again, it will definitely be Christine.”
Bankole Adedayo
“I had a very good experience with Christine, she made my process very easy. Her communication is very strong. I highly recommend her.”
MweneKamarampaka 3
“I love the way she talks to me when I have questions she always answers right away and she knows what to do. She’s very good. She’s taking good care of the customers. I was happy working with her”
Uwineza Espe
“Christine Amoah is amazing! As a first-time buyer I had a lot of questions and she made everything so simple and stress-free. She was responsive, patient, and fought to get me the best rate. Communication was 10/10 - I never had to wonder what was happening.”
Cyusa Tunga
“I am so glad and proud we were able to find and work with Christine. Her way of taking time and answer our question and offer help wherever it was needed is unmatched.”
Provie Umugwaneza
“Thank you, Christine, for your great service and cooperation. You have always been ready to answer our questions, provide helpful guidance, and share valuable advice throughout the process. We truly appreciate your support and dedication.”
Alexis
Borrow when you need it.
Keep the mortgage you have.
Christine shows you how a line of credit would work alongside the mortgage you have.
(972) 900-6464