Keep your mortgage. Put your equity to work.

What it is.

A home equity line of credit lets you borrow against the equity in your home. When used as a second mortgage, it leaves your existing first mortgage in place. This program starts with a full draw of your approved credit limit into a fixed-rate repayment plan. As you pay down principal, you can borrow again during the available draw period, subject to account terms.

Think of the borrowing limit like a credit card.

You have a credit limit, a balance you owe, and available credit. Paying back principal opens up room to borrow again during the draw period, subject to the account terms. Unlike a typical credit card, your home secures this debt, and this program requires the full line to be drawn at opening.

A simple example

Suppose you open a $100,000 line. This program initially draws the full $100,000. If you later repay $60,000 of principal, you have a $40,000 principal balance and up to $60,000 available to borrow again during the draw period. A later $10,000 draw would bring the principal balance to $50,000 and available credit to $50,000.

You repay what you owe—not the unused portion of your credit limit. If you fully pay off all balances, accrued interest, and fees, no payment is due until you borrow again or a new charge is incurred. A partial paydown does not necessarily reduce an existing fixed monthly payment automatically; an eligible recast may be needed.

Illustration only. Figures exclude interest and fees. Future access is subject to account terms and renewal; a line can be reduced or suspended.

Who it’s for.

• Future financial cushion: explore access to equity before a hardship hits. A job loss or income disruption can also make qualifying harder. This is borrowed money, not a savings nest egg, and future access is not guaranteed. The full initial draw means interest and payments begin on the funded balance.
• Home improvements without refinancing your low rate: use equity for renovations or repairs while keeping the existing first mortgage in place.
• Investment-property down payment: consider using home equity toward a purchase so you can preserve savings or existing investments. The purchase lender must allow the source and count the HELOC payment in qualification. Compare borrowing costs with uncertain investment returns; your home secures the debt.
• Buying before selling: explore a HELOC as a bridge for the next home before proceeds from the current home are available. The property securing this HELOC cannot be listed for sale when applying. Review your sale timeline, eligibility, and ability to carry both homes with Vincent first.
• Debt consolidation: potentially save thousands in interest by replacing expensive debt while keeping the low rate on your first mortgage. Actual savings depend on rates, fees, repayment time, and avoiding new debt. A longer term can increase total interest, and unsecured debt becomes home-secured debt.
• Known future expenses: plan for college tuition or other major costs ahead of time. Compare the cost of borrowing now with when the money will be needed, because the initial full draw starts repayment even if you have not spent the funds.
• Self-employed homeowners and retirees: explore eligible income-verification options, including connected-account data where accepted. Income, credit, equity, and ability to repay still need to qualify.