Access funds when you need to with a home equity line of credit (HELOC).
Get more financial control- Choose a draw period that works for you
- Put your home equity to work for you
Why choose AmeriSave for a HELOC?
Get The Funds You Need
Tap into a credit line of up to $500,000 to achieve your big financial goals.
Competitive Rates
Get a more competitive interest rate than most unsecured loan products.
Repay Your Way
Choose a draw period that works best for you—3, 5, or 10 years.
Trusted Expertise
Over 730K clients. 23 years’ experience. One goal: helping you build a brighter future.
Smarter technology. Real numbers.
Get Personalized Loan OptionsSee your best loan options with technology that analyzes your finances in real time.
Flexible Loans And TermsPick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan QuicklyGet approved and funded quickly, so you can enjoy your new financial freedom.
Get Personalized Loan Options
See your best loan options with technology that analyzes your finances in real time.
Flexible Loans And Terms
Pick the right loan and term that helps you achieve your unique homeownership goals.
Close Your Loan Quickly
Get approved and funded quickly, so you can enjoy your new financial freedom.
A flexible credit line backed by your home's equity.
Get approved once, then draw what you need when you need it. You only pay interest on the balance you've actually used.
Calculate Your Available Credit
Subtract your current mortgage balance from your home's market value. AmeriSave's HELOC limit goes up to 90% of that figure when combined with your first mortgage. Some restrictions apply.
Get Approved For A Credit Line
You're approved once for the full amount; no need to reapply each time you borrow. Apply online to receive a personalized credit line limit.
Draw Funds As You Need Them
Use your cash for renovations, investments, education, emergency reserves, or any other purpose. Interest accrues only on the balance you've actually drawn.
Repay flexibly during the draw period
Interest-only payments are typically available during the draw period; principal-and-interest payments begin when the repayment period starts.
Your HELOC sits behind your first mortgage.
Like a home equity loan, a HELOC is a second mortgage; your original loan stays exactly as is. The difference: a HELOC gives you ongoing flexibility instead of a fixed lump sum at closing.
Smart Ways To Use A HELOC
A HELOC works like a financial safety net you've already built; borrow only when you need it, only what you need.
Multi-Phase Home Projects
Renovations rarely cost what the initial estimate said. Draw as each phase begins, so you only pay interest on what you've actually spent.
Emergency Reserve
A standing credit line means a medical bill or job change doesn't have to hit a credit card. Funds are there if you need them.
Tuition Spread Over Years
Pull each semester's costs as they come due rather than locking in a single loan amount before you know the full price tag.
Business Or Investment Cash Flow
Bridge timing gaps between income and expenses without selling investments or tapping retirement accounts.
HELOC Requirements
Four core qualifiers determine whether you'll be approved, and at what rate.
Most lenders allow combined loan-to-value up to 85%, meaning your first mortgage plus the HELOC limit can't exceed 85% of your home's value.
Lenders calculate your debt-to-income ratio assuming the line is fully drawn at the maximum payment, not your current balance.
A higher credit score generally unlocks lower variable margins above prime. Borrowers above 740 tend to see the best rates.
For example, two recent paystubs, the last two years of W-2s or tax returns if self-employed, plus current asset statements.
Home Equity Line of Credit vs. Home Equity Loan
Both pull cash from your equity, but a HELOC gives you a credit line you can tap as needed instead of a single lump sum.
Pros And Cons of A HELOC
A HELOC is the most flexible way to tap home equity; but that flexibility comes with rate uncertainty.
What Works In Your Favor
Only Pay For What You Use
Interest accrues only on the balance you've actually drawn. The unused portion of the line costs nothing.
Reusable Credit
As you pay down the balance during the draw period, that credit becomes available to borrow again.
Lower Upfront Cost
Closing costs apply, and they're typically lower than first lien loans.
Interest-Only Payment Option
During the draw period, many HELOCs allow interest-only payments, keeping cash flow flexible.
Keep Your Low First-Mortgage Rate
Your existing mortgage stays in place at its original rate, regardless of where today's market sits.
What To Weigh Carefully
Variable Rate Exposure
Your payment can rise without warning if variable rate and the prime rate climbs. Budget for the worst case, not the current case.
Payment Shock At Repayment
When the draw period ends, payments often jump significantly as you start repaying principal on a shorter timeline.
Your Home Secures The Line
Missed payments can lead to foreclosure, even on a credit line you barely used.
Tempting Access To Cash
A revolving line is easy to lean on for non-essential spending. Treat it as a tool, not a checking account.
Lender Can Freeze The Line
If your home value drops or your financial profile changes, the lender may reduce or freeze your available credit.
Frequently Asked Questions
A home equity line of credit (HELOC) is a type of second mortgage that uses your home’s equity as collateral. With a HELOC, you receive a credit line you can draw from during a set period, with payments based on the amount you’ve borrowed. The loan typically starts with a draw period where you can borrow funds and make interest-only payments, followed by a repayment period where you pay back both principal and interest.
An AmeriSave HELOC gives you full access to your credit line right at closing, with a 10-year interest-only period followed by either a 10- or 20-year repayment term. This convenient structure combines immediate access to your funds with flexible payment options. Continue Reading...
A home equity line of credit (HELOC) can be a smart financial tool that lets you borrow against your home’s equity while keeping your existing mortgage in place. HELOCs can offer several benefits: potential tax deductions when used for home improvements, the ability to borrow significant amounts based on your home’s equity, and payment flexibility during the draw period.
With an AmeriSave HELOC, you’ll get access to credit lines up to $350,000, plus a structured 10-year interest-only period to help manage your payments. Our program provides your full credit line at closing, and you can choose between 20- or 30-year terms to fit your financial goals.
A home equity line of credit (HELOC) is a type of second mortgage that uses your home’s equity as collateral. With a HELOC, you receive a credit line you can draw from during a set period, with payments based on the amount you’ve borrowed. The loan typically starts with a draw period where you can borrow funds and make interest-only payments, followed by a repayment period where you pay back both principal and interest.
An AmeriSave HELOC gives you full access to your credit line right at closing, with a 10-year interest-only period followed by either a 10- or 20-year repayment term. This convenient structure combines immediate access to your funds with flexible payment options.
A home equity line of credit (HELOC) works for a variety of important financial needs: debt consolidation, home renovations, education costs, and emergency expenses. With AmeriSave providing your full credit at closing, you can confidently plan how to use your funds.