Access up to $750,000 of your home equity
The CMG HELOC (Home Equity Line of Credit) gives eligible homeowners ongoing access to their home equity (for up to 10 years) when they need it most.
How a HELOC works
Think of a Home Equity Line of Credit (HELOC) like a reusable line of credit that's backed by your home's equity. Unlike a traditional loan that gives you all your money at once, a HELOC lets you borrow as needs come up for a certain period of time (called the draw period). And unlike typical credit card lines of credit, HELOCs generally offer lower rates
Phase 1: Draw Period
During your draw period (usually lasting 2-10 years), you can access funds whenever you need them.
- Borrow only what you need
- Use the funds for renovations, tuition, debt consolidation, emergencies, and more
- Repay your balance and borrow again if needed
Phase 2: Repayment
Once your draw period ends, you start to repay your balances for the remainder of your term (up to 30 years).
- No new withdrawals can be made
- You'll simply repay the remaining balance over the rest of your loan term
- Interest is charged only on the amount you've borrowed
Choose the CMG HELOC if you...
- Need access to a larger line of credit
Borrow up to $750,000 for major home renovation projects, arger investments, or ongoing financial flexibility - Want to maximize your available home equity
Access up to 89.99% of your home's value, giving eligible homeowners greater borrowing power - Need longer access to funds
While the 5-Day HELOC give you fast access to funds, the CMG HELOC gives you access for longer (up to 10 years) - Have multiple projects planned
Perfect if you're renovating in phases, planning future improvements, or want funds available for whatever comes next.
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
A HELOC provides a reusable line of credit that you can borrow from as needed. A home equity loan provides one lump sum with fixed payments.
During your draw period, your monthly payment is based on the interest owed on the amount you've borrowed. If you choose, you can also pay down the principal during this time.
Yes. Paying down your balance during the draw period restores your available credit and may reduce future payments.
Once your draw period ends, you'll stop making new withdrawals and begin repaying the remaining balance over the final 20 years of the loan.
Many homeowners use a HELOC for renovations, debt consolidation, tuition, emergency expenses, major purchases, or simply as an ongoing financial safety net.