Refinance

What Is a Home Equity Line of Credit?

A Home Equity Line of Credit is a revolving credit line that allows you to borrow against the equity in your home. Unlike a traditional loan, a HELOC gives you the flexibility to borrow as needed, up to a predetermined credit limit, and repay the balance over time.

At PHH, we want to empower homeowners to leverage one of the most valuable assets you have - your home. With a PHH Home Equity Line of Credit, HELOC, powered by our partners at SpringEQ, you have a flexible and dynamic solution to provide you with ongoing access to the equity you've built in your home. 

Advantages of a HELOC

• Flexibility: Access funds as needed, up to your approved credit limit, giving you the flexibility to manage expenses on your terms.
• Interest on What You Use: You only pay interest on the amount you actually use, not the entire credit limit.
• Variable Interest Rates: HELOCs often come with variable interest rates, which can result in lower initial payments compared to fixed-rate loans.
• Revolving Credit: As you repay the borrowed amount, the credit becomes available again, providing ongoing financial flexibility.

How Does It Work?

• Application Process: One of our licensed loan officers will review your options and assist with the application.
• Credit Assessment: We'll evaluate your credit history, income, and the current market value of your home to determine your eligibility and credit limit.
• Approval and Terms: Once approved, we'll establish the terms of your HELOC, including the credit limit, interest rate, and draw period.
• Accessing Funds: Enjoy the convenience of accessing funds as needed through checks, online transfers, or a designated credit card.

Is A HELOC Right For You?

A HELOC may be right for you if your goal is to access funds without altering your current mortgage terms. Our experienced loan officers are available to guide you through your loan options for accessing your equity, the process for each loan type, and to ensure you select the loan that aligns best with your goals. 

• Home Renovations: Fund ongoing home improvement projects at your own pace.
• Debt Management: Consolidate debts, and only pay interest on what you use.
• Education Expenses: Have a financial safety net for educational pursuits.
• Emergency Fund: Establish a revolving emergency fund for unexpected expenses.

Ready to experience the financial flexibility a HELOC can offer? Our dedicated team is here to assist you in unlocking the power of your home's equity with PHH HELOC, powered by SpringEq.