Home equity line of credit
Cash in with a HELOC
Tap into your home’s equity to fund major expenses, renovate your home, or consolidate high-interest debt - and apply without leaving your couch!
Checking your rate won't affect your credit score.1
Rates start at 6.50% Variable APR**
Borrow up to $500,000 using your home equity.***
Apply in minutes with our 100% online application.
Variable
IS A HELOC RIGHT FOR YOU?
Think of a HELOC similar to a credit card with your home as collateral. But instead of swiping for a latte, you're tapping into your home’s equity to fund major projects, consolidate debt, or pay for those “life just happens” moments. The best part? After the initial draw,*$ you only borrow when you need it, and you can use it over and over again during the draw period.
Fast, simple process
100% online application. See your rate within minutes. And get cash in as little as 10 business days after approval.
Access up to 90% of your property's value
You could get up to a $500,000 line of credit while accessing up to 90% of your home equity***. Draw from your HELOC whenever you need it during the draw period.
Get the funds you need now
Only pay interest only on what you borrow. With a HELOC, you’ll pay interest on the amount you withdraw, not the entire loan amount.*$
What to Expect
Check your rate
Answer some questions to confirm your identity and home to see if you prequalify.
Apply online
See your offer, then apply. We’ll guide you every step of the way.
Get funded
If approved, you'll receive funding in as little as 10 business days.
HELOC FAQ
We currently offer HELOCs for properties located in:
- Arizona (AZ)
- California (CA)
- Colorado (CO)
- Connecticut (CT)
- Florida (FL)
- Georgia (GA)
- Idaho (ID)
- Illinois (IL)
- Maine (ME)
- Minnesota (MN)
- New Mexico (NM)
- North Carolina (NC)
- Ohio (OH)
- Oregon (OR)
- Tennessee (TN)
- Utah (UT)
- Washington D.C. (DC)
- Wisconsin (WI)
HELOC payments aren’t one-size-fits-all. HELOC payments depend on your outstanding balance, interest rate, and whether you’re in the draw or repayment period:
- During the draw period, payments may be interest-only, meaning they vary based on the amount borrowed and the interest rate.
- During the repayment period, payments typically include both principal and interest, following an amortization schedule over the remaining loan term.
A HELOC is like a credit card backed by your house—except with (usually) way better rates. You get a draw period (through Splash lenders, it’s 10 years) where you can borrow as needed up to your total line of credit amount and typically make interest-only payments. Then comes the repayment period (10-20 years), where you start paying back the principal, plus interest. Bonus: You only pay interest on what you actually use!*$
Through Splash lenders, you could borrow up to 90% of your home’s value, minus what you still owe on your mortgage. The better your credit and finances, the more you might be able to tap into! ***
Yes! You could refinance a HELOC by:
- Replacing it with a new HELOC (possibly better terms, better deal)
- Rolling it into a new mortgage or home equity loan
- Refinancing your entire mortgage and HELOC into one new loan
- Refinancing options depend on factors like home value, credit score, and interest rates.
Interest on a HELOC may be tax-deductible if the funds are used to “buy, build, or substantially improve” your home. Woo-hoo! However, if used for personal expenses (e.g., debt consolidation, vacations), it won’t qualify for tax deductions. Always consult a tax professional for specific guidance.
HELOC (Home Equity Line of Credit): A revolving credit line with a variable interest rate, allowing flexible borrowing and repayment. Borrow what you need, when you need it during the draw period.
HELOAN (Home Equity Loan): A lump-sum loan with a fixed interest rate and fixed monthly payments. More stability, less flexibility.
Think of a HELOC as a credit card and a HELOAN as a car loan—same general idea, different rules.
Yes! We encourage our customers, and past customers, to apply.
A draw on a home equity line of credit (HELOC) is like an all-access pass to your home’s equity—at least for a while.
During the draw period, you can borrow funds as needed, up to your credit limit, typically using checks, a debit card, or online transfers. Think of it as a financial safety net or a home improvement fund. The best part? You usually only have to make interest payments during this time. But don’t get too comfy—once the draw period ends, the repayment phase kicks in, and it’s time to start paying back both the principal and interest.*$