- Home
- Loan programs
- HELOC
HELOCs that keep your low first-mortgage rate
Borrow against equity only when you need it, pay interest only on what you use, and leave your existing mortgage untouched.
- Line size
- $25K to $500K
- Combined LTV
- Up to 90%
- Draw period
- 10 years
- Rate type
- Variable, prime-based
How a heloc works
A home equity line of credit is a second lien that works like a credit card secured by your home. You get a limit, draw what you need during a 10 year draw period, and pay interest only on the balance you use.
For homeowners who locked a rate below 4%, a HELOC is often the smartest way to fund a remodel without giving up that rate. Rates are variable and tied to the prime rate, so we also offer a fixed-rate conversion option on portions of your balance.
What is included with Summit Ridge
Every heloc comes with one flat $995 lender fee, shown before you apply, plus everything below.
- Combined loan-to-value estimate on day one
- Fixed-rate lock option on draws
- Online draws and transfers
- No annual fee in the first year (sample)
- Automated valuation, often no appraisal
- Payoff schedule planning for the repayment period
The process, step by step
One loan officer and one processor from your first question to closing day.
- 1
Apply in minutes
Share income and property details, most apps take under 10 minutes.
- 2
Value check
Automated valuation for most lines, full appraisal for larger ones.
- 3
Sign
Sign at home with a mobile notary in about 30 minutes.
- 4
Draw
Access funds after the 3 day rescission period.
Why borrowers choose it
Keep your rate
Your first mortgage stays exactly as it is.
Pay for what you use
Interest accrues only on the amount you draw.
Reusable
Pay the balance down and borrow again during the draw period.
Fast
Many lines close in 2 to 3 weeks.
Requirements and pricing factors
Your rate and approval depend on these factors. We explain exactly which ones move your price.
See sample rates- Combined LTV
- Up to 90% of value across both loans
- Credit score
- 680+
- Debt-to-income
- Up to 45%
- Occupancy
- Primary residence or second home
- Property
- Single-family, townhome or warrantable condo
HELOC questions
More answers in our full FAQ and learning center.
The line converts to repayment, usually 20 years, with principal and interest payments on the balance.
Yes, it moves with the prime rate. You can lock portions of your balance into a fixed rate to limit that risk.
It can be when funds are used to buy, build or substantially improve the home. Ask your tax advisor.
Ready to price your heloc?
Pre-qualify in about 6 minutes with a soft credit check. No impact to your score and no obligation.
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