Home improvements
Plan renovations, repairs, or other projects with access to funds as eligible expenses arise.
Home Equity Line of Credit
A flexible way to access your home equity
A HELOC may give qualified homeowners a reusable line of credit for home projects, debt consolidation, or other planned expenses. We will help you compare the structure, costs, and risks with other financing options.
Park Cities Lending, Inc. | NMLS #1465666 | Equal Housing Opportunity
Common goals
Where a HELOC may fit
The reason for borrowing is only one part of the decision. Available equity, credit, income, fees, interest-rate structure, and repayment plans also matter.
Debt consolidation
Compare the cost of consolidating eligible debts with the cost and risk of keeping them separate.
Planned expenses
Create a borrowing option for qualified expenses without automatically replacing an existing first mortgage.
How it works
Draw, repay, and plan ahead
1
Review eligibility
We review available equity, income, credit, occupancy, and program requirements.
2
Understand the draw period
During the draw period, eligible borrowers may access available credit under the loan terms.
3
Prepare for repayment
When the draw period ends, access to additional funds may stop and required payments may change.
Important considerations
- Many HELOCs have variable rates, so payments and borrowing costs can rise.
- Closing costs, annual fees, transaction fees, minimum draws, or early closure fees may apply.
- Your home secures the line of credit. Failure to repay can put your home at risk.
- Product terms, availability, and qualification requirements vary by borrower and state.
HELOC or cash-out refinance?
A HELOC generally adds a separate line of credit secured by your home. A cash-out refinance replaces your current mortgage. Compare both the short-term payment and the total cost, including the existing mortgage rate, variable-rate risk, fees, and how long you expect to keep each loan.
HELOC questions
What is a HELOC?
A home equity line of credit is a revolving line of credit secured by your home. Subject to the loan terms and available credit, you may borrow, repay, and borrow again during the draw period.
Are HELOC rates fixed or variable?
Many HELOCs have variable interest rates. A changing rate can change the payment and the total cost of borrowing. Ask your loan officer whether fixed-rate conversion options are available for a particular program.
How is a HELOC different from a cash-out refinance?
A HELOC is generally a separate line of credit secured by your home. A cash-out refinance replaces the existing mortgage with a new loan. The right comparison depends on current loan terms, fees, goals, and how long you expect to carry the debt.
Can a HELOC be used for debt consolidation?
It may be possible to use HELOC proceeds to pay eligible debts. Doing so converts those balances into debt secured by your home and may increase total financing costs even if the monthly payment is lower. Review the full cost and risks before deciding.
Explore your options
Talk with a home equity specialist
Share a few details and a Park Cities Lending team member will contact you to discuss potential options. Submitting this form is not a loan application or a commitment to lend.
This page is for informational purposes only and is not a commitment to lend. All loans are subject to credit approval, property eligibility, program availability, and applicable terms. Other restrictions may apply.