Your equity, your way
Your home's equity, ready when you need.
Put your home's equity to work — with a HELOC (a reusable line of credit) or a HELOAN (a fixed-rate lump sum). EON compares competing lenders to find the rate and terms that fit your goals.
How it works
Once you submit your quote request, you will receive a secure link to complete your application online. The process is straightforward and moves quickly to review.
No credit pull to start a conversation · NMLS #2101507
How a HELOC works
Two phases over the life of your line
During the draw period you borrow as needed and pay interest only on what you use. When it ends, the line closes to new draws and you repay principal plus interest.
How much could you borrow?
Lenders typically let you borrow up to about 80% of your home's value, minus your mortgage balance. Slide to see a rough estimate.
Estimated available credit line
$100,000
Estimate only, based on an 80% combined loan-to-value assumption. Your actual line depends on credit, income, the appraised value, and lender guidelines. Subject to underwriting and credit approval.
Flexible access, on your terms
Borrow only what you need
Draw funds as expenses come up and pay interest only on the balance you actually use, not the full line.
Often lower cost than cards
Because a HELOC is secured by your home, its variable rate is typically well below credit cards or personal loans.
Fixed-rate lock options
Many lenders let you lock a portion of your balance at a fixed rate, helping stabilize payments on larger draws.
Keep your first mortgage
A HELOC sits behind your existing mortgage, so you can tap equity without touching a low first-mortgage rate.
What people use a HELOC for
Two ways to tap your equity
HELOC or HELOAN — which fits you?
Both let you borrow against your home's equity behind your existing mortgage. The difference is how the money comes and how the rate works.
Flexible, revolving line of credit
Home Equity Line of Credit
A HELOC is a reusable credit line secured by your home. During the draw period you borrow what you need, repay, and borrow again — paying interest only on your balance. The rate is usually variable.
Compare HELOC options- Revolving line — draw, repay, re-borrow
- Usually a variable rate (Prime + margin)
- Interest only on what you actually use
- Best when you want flexible, ongoing access
HELOC vs. home equity loan vs. cash-out refinance
| HELOC | Home equity loan | Cash-out refinance | |
|---|---|---|---|
| How you receive funds | Revolving line, draw as needed | One lump sum at closing | Lump sum; replaces your mortgage |
| Rate type | Usually variable (Prime + margin) | Fixed | Usually fixed |
| Re-borrow after repaying? | Yes, during the draw period | No | No |
| Affects your 1st mortgage? | No, sits behind it | No, sits behind it | Yes, replaces it |
| Best when | You want flexible, ongoing access | You want a fixed payment on a set amount | today's rates beat your current mortgage |
Ready to put your equity to work?
Request your HELOC quote or talk with Ruchika about whether a HELOC, home equity loan, or cash-out refinance fits your goals.
HELOC rates are variable, tied to the prime rate plus a margin, and can change over time; payments may increase when rates rise or when the draw period ends.
A HELOC is secured by your home. If you cannot repay, you could lose it. All loans are subject to underwriting, credit approval, and property valuation. Not a commitment to lend.
Interest may be tax deductible when funds are used to buy, build, or substantially improve the home that secures the loan, subject to IRS limits. Consult a qualified tax advisor.