Access your home equity in as little as 5 days
Need funds quickly? Our 5-Day Home Equity Line of Credit (HELOC) gives eligible homeowners fast access to up to $400,000 of their home equity through a simple online application.
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 5-Day HELOC if you...
- Need access to funds fast
Great for emergency repairs, medical bills, debt-consolidation, and other surprise expenses - Want to apply online
Complete the application entirely online from wherever it's convenient - Think you'll need less money down the line
While the CMG HELOC allows for up to $750,000, the 5-day is better for quick access to less cash
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Eligible borrowers may receive funds in as little as five days after completing the application and approval process.
No. A HELOC gives you a line of credit. You choose when and how much to borrow.
The draw period is the time when you can borrow, repay, and borrow again as needed, up to your approved credit limit.
Once your draw period ends, you'll stop making new withdrawals and begin repaying the remaining balance over the rest of your loan term.
Many homeowners use a HELOC for renovations, debt consolidation, tuition, emergency expenses, or other major financial goals.