HELOC

Flexible credit on your home — without resetting your mortgage.

A HELOC is a revolving line of credit secured by your home. Pull what you need, when you need it, pay interest only on what you draw. Best for ongoing projects, emergency reserves, and homeowners who don't want to refinance their first mortgage.

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$1,800

avg. annual interest saved vs credit card

Prime + 0–2%

typical rate

$10k–$250k

typical credit line

4.8★

Homeowner rating

Real talk

Why homeowners overpay

HELOC rates are variable and tied to Prime, but the lender's margin can swing 2–3%. A vetted credit union HELOC is usually 1.0–1.5% lower than a big-bank HELOC for the same borrower. Always shop locally — credit unions and community banks consistently beat the big four.

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What's included

What you get when you compare with us

Vetted pros, real pricing, and no high-pressure pitch.

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Draw & repay flexibility

Use it like a credit card secured by your equity. Draw $5k for a roof, pay it back, draw $20k for college tuition — all on the same line.

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Lower than credit cards

Typical HELOC: Prime + 0% to 2%. Credit cards: 22%+. HELOC interest may be tax-deductible if used for home improvement.

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10-year draw period

Most HELOCs give you a 10-year draw period followed by a 20-year repayment period. Some lenders allow conversions to fixed-rate locks mid-term.

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Up to 85% CLTV

Combined loan-to-value caps vary — 80% is common, but some lenders go to 85–90% for strong credit.

The difference

The Penny Stacker vs. door-knocker pricing

	The Penny Stacker	Typical sales pitch
Variable rate (Prime + small margin)	✓	✗
Pay interest only on what you draw	✓	✗
10-year draw + 20-year repay	✓	✗
Possible tax deduction	✓	✗
Doesn't reset your first mortgage	✓	✗

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FAQ

HELOC questions, answered

HELOC vs. home equity loan?

HELOC: revolving line, variable rate, draw as needed. Home equity loan: lump sum, fixed rate, fixed payment. HELOC is best for unknown ongoing costs; HEL is best for one-time large expenses.

HELOC vs. cash-out refi?

HELOC keeps your current mortgage rate (huge in a high-rate environment). Cash-out replaces it. If your existing rate is below 5%, HELOC is almost always the better play.

Are HELOC closing costs high?

Most HELOCs have very low or zero closing costs — sometimes a $50–$300 application fee. Watch for early-closure fees (typically waived if you keep the line open 3+ years).

Can my HELOC be frozen?

Yes — lenders can freeze undrawn portions if your home value drops or your credit deteriorates. It's rare but happened in 2008. Diversify — don't rely on a HELOC as your only emergency reserve.