Home Equity Line of Credit
Turn your home equity into financial flexibility
Use a HELOC to fund renovations, consolidate debt, cover major expenses, or create a financial safety net — with flexible access to cash when you need it.
Why choose a HELOC?
Getting started
Turn home equity into cash in 3 easy steps
Step 1: Check your eligibility online
Answer a few quick questions to get started.
Step 2: See how much you may qualify for
Get a personalized estimate of your available home equity.
Step 3: Use funds when you need them
Access cash for up to 10 years, then enjoy flexible repayment of 20 years.
FAQ
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Your borrowing limit depends on factors like your home value, current mortgage balance, credit score, and income. Bank CMG lets eligible homeowners borrow up to 89.99% LTV (loan-to-value), to a max amount of $750,000.
You can estimate your home equity by subtracting your current mortgage balance from your home’s current market value. For example, if your home is worth $500,000 and you owe $300,000, you may have approximately $200,000 in equity. One of our loan officers can help you determine how much of your equity you can borrow.
A HELOC is a revolving line of credit with flexible access to funds, while a cash-out refinance provides a lump sum.
In many cases, yes. Some lenders may use automated valuation models instead of a full appraisal, depending on the property and loan amount.
In some situations, HELOC interest may be tax deductible if the funds are used for qualifying home improvements. Homeowners should consult a tax professional for guidance.
Yes. Many homeowners open a HELOC while continuing to pay their existing mortgage. Your available equity and combined loan-to-value ratio will help determine eligibility.
Resources
Want to Renovate but Don’t Want a HELOC?
