Frequently Asked Questions
No. Using the calculator does not affect your credit score and does not initiate a credit inquiry.
Yes. Most HELOCs have variable interest rates that can change based on the Prime Rate. A rate change will affect your monthly payment.
Final payments may differ due to changes in the Prime Rate, approved loan amount, property value, credit profile, or selected repayment options.
The calculator assumes standard HELOC terms, including a variable interest rate, interest‑only payments during the draw period, and repayment of principal and interest during the repayment period. Actual terms may differ based on your specific loan agreement.
No. Calculator results are estimates provided for informational purposes only and do not represent a loan offer or approval. Actual rates, payments, and terms are based on a full application review and may vary.
If you want flexibility and ongoing access to funds, a Home Equity Line of Credit (HELOC) may be the better fit. If you prefer a fixed payment and know exactly how much you need, a Home Equity Loan (HELOAN) may make more sense.
HELOC
Best for ongoing or uncertain expenses. Variable interest rate.
HELOAN
Best for one-time projects/lump sum upfront. Fixed interest rate.
For primary residences, eligible borrowers may access up to 80% of their home’s combined loan‑to‑value (CLTV).
Yes. HELOC rates are variable and may change as the Prime Rate changes.
