A home equity line of credit, or HELOC, is one option for consumers interested in borrowing money to pay for things such as home improvements or to refinance debt. Rather than borrowing a specific sum of money and repaying it, a HELOC gives you a line of credit that lets you borrow money as needed, up to a certain limit, and repay it over time. SunTrust provides Home Equity Lines of Credit at a lower rate for home improvements, debt consolidation, or a major purchase. A home equity line of credit (HELOC) is a line of credit similar to a credit card. A home equity line of credit, or HELOC (pronounced he-lock), is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower's equity in their house (akin to a second mortgage). Although many customers use a Home Equity Line of Credit for home improvements, it can be used for practically any type of expense. Other ways to borrow Funds as you need them The requirements vary by lender, but you generally need to have a certain percentage of equity in your home, good credit, a low debt-to-income ratio, sufficient income and a reliable payment history. You may not exceed your credit limit. How much can you borrow? A home equity line of credit, or HELOC, is a special type of home equity loan. HELOCs are beneficial in many situations, but they aren’t the right choice in others since you’re putting your home at risk. Borrowing more than $10,000? There is a $50 annual fee in AL, GA, FL, KY, OH, NJ and IN. In a true … A HELOC is one of the most affordable borrowing options available, with easy access to funds and experienced home lending specialists to guide you along the way. A home equity line of credit (HELOC) can be useful if you’re planning a major project with multiple expenses or if you want ongoing access to funds. Like a Home Equity Loan (also known as a "second mortgage"), a HELOC allows you to borrow money using the equity in your home as collateral. But the thing that differentiates a … You can borrow as much as you need, any time you need it, by writing a check or using a credit card connected to the account. HELOCs feature flexible repayment options and their rates are typically lower than credit cards. Home equity lines of credit are currently unavailable Due to current market conditions, we are temporarily suspending new applications for home equity lines of credit. A home equity line of credit — also known as a HELOC — is a revolving line of credit, much like a credit card. Property insurance, and flood insurance where applicable, may be required. It's like having a credit card secured by your home equity. A Home Equity Line of Credit serves as a ready source of funds for many types of planned and unexpected expenses. Please consider one of the borrowing options below. 1-888-333-1206 to reach a Home Equity Specialist A home equity line of credit (HELOC) from Citizens Bank can help you be ready for what you have planned…and what you haven’t planned. A home equity line of credit (HELOC) can be a good idea when you use it to fund improvements that increase the value of your home. If you pay off your BB&T Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs BB&T paid on your behalf.