Licensed in NH, ME, MA, & CT


A home equity line of credit, often thought of as a second mortgage allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage. HELOCs are a great way to get money you need for other things: college, credit card payments, and unexpected expenses.

On every HELOC, there is a “draw period,” typically 5-15, years during which a borrower can use the funds from a HELOC, and a “repayment period,” usually 10-20 years, to repay the loan.

Some HELOCs can be converted to fixed-rate loans

If you make a large draw, that amount may be able to be converted to a fixed-rate loan at the time of drawing, giving you options when you run into large expenses.

All HELOCs are variable rate loans. HELOCs have some great advantages:

  1. Pay interest only on what you draw
  2. Interest only accrues on what has been drawn from the line of credit, allowing you to only pay interest on what you need at the time.
  3. Closing costs are relatively low
  4. Closing costs on a HELOC are usually less than half of those on a standard loan.

If you are interested in taking out a home equity line of credit, talk to one of our brokers today.

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