Home Equity Line of Credit

Unlock Your Home Equity with a HELOC

100% Online Application – Apply in minutes from anywhere.

Flexible Use – Spend on home renovations, education, business, or debt consolidation.

Competitive Interest Rates - HELOCs often offer lower rates than personal loans or credit cards.

How Does a HELOC Work &
What Can I Use it For?

For several years, you can borrow as needed, making interest-only payments. Once the draw period ends, you’ll start repaying both the principal and interest. You can use a HELOC for things such as home renovations, debt consolidation, education expenses, business funding, emergency expenses and more.

Lower Interest
Rates

HELOCs often have lower interest rates than credit cards.

Flexible
Spending

A HELOC can be used for a variety of reasons. You can address a wide range of financial needs.

Borrow as
Needed

For several years during the draw period, you can take out money while making interest only payments.

Tax Deductible
Interest

Interest payments can often be deducted from your taxes (please consult a tax professional).

Why choose Fellowship HELOC?

100% Online
Application

No in-person appraisal needed. Get approved in quickly.

Fixed
Rates

The rate that applies to each draw is fixed.

Borrow Based
On Equity

Access funds based on your home’s equity.

Flexible
 Use

Spend on home updates, business, education, or debt consolidation.

HELOC Eligibility
Requirements

Credit Score – A good credit score helps with approval and better rates.

Home Equity – Typically, you need 15%-20% equity in your home.

Debt-to-Income Ratio (DTI) – A lower DTI improves your chances of approval.

Payment History – Lenders review your mortgage payment history.

Stable Income – Proof of income ensures you can manage payments.

Home Equity Line of Credit vs. Home Equity Loan vs. Cash-Out Refinance

Choosing the right loan depends on your financial goals. Here’s how they compare:

Loan Type	Key Benefits	Worth Considering if you…
Home Equity Line of Credit Learn More	Access funds as needed during the draw period Home Equity Line of Credit Flexible repayment options, including interest-only payments Typically lower interest rates compared to credit cards and personal loans Potential tax benefits on interest payments (consult a tax advisor)	Homeowners with ongoing or unpredictable expenses Borrowers who want the flexibility to withdraw funds over time Those looking for an alternative to high-interest credit cards
Home Equity Loan Learn More	Fixed interest rate and predictable monthly payments One-time lump sum payout for immediate use Keep more money in your pocket Potential tax-deductible interest (consult a tax advisor)	Large, one-time expenses such as major home renovations Consolidating high-interest debt into a lower, fixed-rate loan Those who want financial stability with fixed payments
Cash-Out Refinance Learn More	Refinance your mortgage while accessing cash at closing Combine home equity borrowing with a new mortgage loan Interest may be tax-deductible (consult a tax advisor)	Homeowners who want to change their mortgage terms while accessing equity Borrowers needing a large lump sum for major expenses

Unlock Your Home Equity with a HELOC

How Does a HELOC Work & What Can I Use it For?

Why choose Fellowship HELOC?

HELOC Eligibility Requirements

Home Equity Line of Credit vs. Home Equity Loan vs. Cash-Out Refinance

Home Equity Loan

Cash-Out Refinance

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How Does a HELOC Work &
What Can I Use it For?

HELOC Eligibility
Requirements