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HELOC

HELOC (Home Equity Line of Credit) details for Spring EQ — fixed vs variable minimum draws, max line, appraisals, and TN term example.

Short answer: A HELOC (Home Equity Line of Credit) is a credit line secured by your home’s equity. Spring EQ offers fixed-rate and variable-rate HELOC options with different minimum initial draw requirements, up to a $500,000 maximum line amount.

A HELOC, or Home Equity Line of Credit, is a credit line secured by the equity in your home. With Spring EQ, there are two main HELOC options:

  • A Fixed Rate HELOC requires the initial withdrawal to be at least $25,000 or 75% of the total line amount, whichever is greater, with a maximum line amount of $500,000.
  • A Variable Rate HELOC requires the initial withdrawal to be at least $50,000 or 50% of the total line amount, whichever is greater, also up to $500,000.
  • Property appraisals that were recently completed for a lender are accepted for all HELOCs.
  • For example, in Tennessee, the maximum term for a HELOC loan is 15 years.

If you’d like to know more about how a HELOC works or detail on eligibility, just let me know.