If you’re a homeowner looking for flexible financing, a Home Equity Line of Credit (HELOC) may be a smart way to access funds when you need them. Whether you’re planning home improvements, consolidating high-interest debt or covering unexpected expenses, a HELOC lets you borrow against the equity in your home while typically benefiting from lower interest rates than many unsecured loans.
What is a HELOC?
A HELOC is a revolving line of credit secured by the equity in your home. Equity is the difference between your home’s market value and what you still owe on your mortgage.
Because your home is used as collateral, HELOC rates are often lower than credit cards or personal loans, making it a popular option for homeowners who want access to funds without refinancing their existing mortgage.
For example, you might use your HELOC to:
- Finance home renovations or remodeling projects
- Cover education or large expenses
- Consolidate high-interest debt
- Pay for travel or life events
- Handle unexpected repairs
How the HELOC Draw Period Works
Most HELOCs include a draw period, typically up to 10 years, where you can access funds whenever needed up to your credit limit. You can transfer money directly from your HELOC to your Peoples Bank checking account, get a HELOC debit card or HELOC checks to make purchases.
Peoples Bank HELOC Features
To learn more about Peoples Bank’s current HELOC offers and features, visit peoplesbancorp.com/heloc or your local branch.
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