How does the Home Equity Carve Out work?

This feature is for existing Home Equity Line of Credit (HELOC) only. You cannot get a Fixed-Rate Carve Out without first having a Home Equity Line of Credit. However, a HELOC can be converted to a Fixed Rate Carve Out during the initial HELOC closing.

The HELOC limit will be reduced by the amount of the fixed rate loan, but once it is paid off, the limit will replenish. Terms available: 5, 10, 15, and 20 years. 20 years can only be obtained at the time of the original HELOC closing. There are no fees associated with a Home Equity Carve Out.

Maximum number of Fixed-Rate Carve Outs: 3

We do not pull credit for carve outs.

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