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HELOC guides

122 plain-English guides, each with worked numbers. Start with what a HELOC is or jump to your situation.

Short answer

What do the HELOCHQ HELOC guides cover?

The HELOCHQ guides are 122 plain-English answers to HELOC questions, each with worked numbers. They cover the basics, costs and rates, comparisons, unusual situations, ways to use a HELOC, debt consolidation and renovation. Every guide is reviewed by Shawn Way, a licensed loan officer (NMLS #1007298) who has funded 1,700+ loans since 2012.

Basics

What is a HELOC?HELOC requirementsWhen the draw period endsHow HELOC interest is calculatedHELOC pros and consIs a HELOC a bad idea?How to get a HELOCDoes a HELOC show on your credit report?Can a lender freeze your HELOC?HELOC glossaryWhat happens to a HELOC when you sell?What happens to a HELOC when you die?Can you refinance your mortgage and keep your HELOC?How do you draw money from a HELOC?Is a HELOC a second mortgage?Do you need homeowners insurance for a HELOC?Does your spouse need to sign a HELOC?How to choose a HELOC lenderAre HELOC payments interest-only?How much equity for a HELOC?What is CLTV?How to close a HELOCDoes a HELOC affect credit utilization?How to calculate home equity

Costs and rates

Credit score for a HELOCHELOC closing costs and feesHow long a HELOC takesDoes a HELOC require an appraisal?Is HELOC interest tax deductible?Fixed-rate HELOC optionsCan you pay off a HELOC early?How to refinance a HELOCWhat's the smallest and largest HELOC you can get?Do HELOCs have rate caps and floors?Recently funded HELOCsWhat is a HELOC margin?Why HELOC rates are higherPrime rate todayWait for rates to drop?What is a good HELOC rate?HELOC rate historyThe HELOCHQ HELOC ReportHELOC statisticsHELOC Rate Index

Comparisons

HELOC vs. cash-out refinanceHELOC vs. home equity loanHELOC vs. reverse mortgageHELOC vs. 401(k) loanHELOC vs. credit cardPaying off your mortgage with a HELOCHELOC or home equity loan for debt consolidation?Paid-off home: HELOC or cash-out refinance?HELOC vs. personal line of creditHELOC vs. home equity loan vs. cash-outHELOC vs. mortgageDoes Wells Fargo offer HELOCs?Does Chase offer HELOCs?Ways to get equity out of your homeCash-out refinance requirementsHELOC lenders compared

Your situation

HELOC with bad creditHELOC on a paid-off houseHELOC if you're self-employedHELOC on an investment propertyHELOC on a second homeHELOC after bankruptcyUsing a HELOC in a divorceHELOC for retireesHELOC on a condoCan you have two HELOCs?HELOC on an Airbnb or short-term rentalHELOC while between jobsHELOC on a manufactured homeHELOC on a home in a trustBeen told no?Can you get a HELOC on a home you just bought?Can you get a HELOC with a high debt-to-income ratio?Can you get a HELOC if you're behind on your mortgage?Can you get a HELOC with a lien or judgment on your home?Can you get a HELOC if you have an FHA or VA loan?Can you get a HELOC with leased solar panels?HELOC right after refinancingHELOC on an inherited homeHELOC with a late paymentHELOC fraudCan't pay your HELOC?High-LTV HELOCHELOC for non-U.S. citizensHELOC on LLC-owned property

Ways to use a HELOC

Using a HELOC to buy a rentalHELOC for a down paymentHELOC to fund a businessHELOC for college costsHELOC as an emergency fundShould you use a HELOC to buy a car?Should you use a HELOC to pay for a wedding?Should you use a HELOC to invest in stocks?Using a HELOC for a home additionUsing a HELOC to pay an HOA special assessmentUsing HELOC funds for a family memberPiggyback HELOC (80-10-10)HELOC while your home is listedHELOC to buy a second homeBuying out a co-ownerRemodel or move?What can you use a HELOC for?

Debt consolidation

Pay off credit cards with a HELOCHELOC vs. personal loanHELOC vs. balance transferHELOC vs. debt settlementPay off a car loan with a HELOCPay off student loans with a HELOCDoes consolidating hurt your credit?HELOC to pay IRS tax debtHELOC for medical bills

Renovation

HELOC for a kitchen remodelHELOC for an ADUHELOC for a roof replacementHELOC for a poolHELOC for solar panelsHELOC vs. renovation loanHELOC vs. contractor financing
Free: The HELOC Playbook

How much you can borrow, what it really costs, Shawn's team's closed rates by credit score, 10 questions to ask any lender and 8 mistakes to avoid. Seven pages, free.

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HELOCs by state · Payments by amount · Mortgages · FAQ

Where to start

If you're new to home equity, read what a HELOC is, then the requirements and the pros and cons. If you already know what you need the money for, the debt consolidation and renovation guides walk through the math for each use. If something about your situation is unusual, such as self-employment, a recent bankruptcy, a trust, a condo or a manufactured home, the "Your situation" guides explain what lenders look for and the alternatives when a standard HELOC doesn't fit.

How these guides are written

Every guide is reviewed by Shawn Way, a licensed loan officer (NMLS #1007298) who has funded 1,700+ loans since 2012. Examples use real formulas and today's prime rate, and each guide shows the risks alongside the savings. Rates and rules change; each page shows the date it was last updated.

Where can I run my own HELOC numbers?

HELOCHQ has free calculators for running your own HELOC numbers, plus tables of payments by amount and a page with today's rates.

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