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What is a HELOC?

A home equity line of credit (HELOC) lets you borrow against the part of your home you already own. Your current mortgage stays exactly as it is, rate and all.

You take the cash up front at a fixed rate and pay it back over 10 to 30 years. As you pay it down, you can draw again for 5 years with no new fee.

Why get a HELOC with Mable Loans

Keep your mortgage rate

Borrow against your equity without touching the loan you have.

One fixed payment

Lock your rate for 10, 15, 20 or 30 years. No surprises.

Nothing out of pocket

Fees come out of the line. Title and signing are on us.

Draw again for 5 years

Pay it down, then pull cash again with no new fee.

Line size: $5k–$1M; Line size
Of your home's value: Up to 89%; Of your home's value
10, 15, 20 or 30 years: Fixed rate; 10, 15, 20 or 30 years
Out of pocket at closing: $0; Out of pocket at closing

How much can you borrow?

Most homeowners can borrow up to 89% of their home's value for lines up to $100,000, and up to 85% for bigger lines, minus what they owe. Lines run from $5,000 to $1,000,000.

Example: a $500,000 home with a $260,000 mortgage. The line is over $100,000, so the limit is 85% of the value: $425,000. Subtract the mortgage and you could borrow about $165,000.

HELOC vs. home equity loan

Both let you keep your first mortgage. The difference is how you get the money and how you pay it back.

	Home equity loan	HELOC
How you get the money	One lump sum at closing	A line you draw from
Rate	Fixed	Fixed or variable
Payment	Same every month	Fixed, or interest-only to start on variable lines
Borrow again	No	Yes, during the draw period
Best for	One-time costs, paying off debt	Projects in phases, ongoing costs

Home equity vs. cash-out refinance

A cash-out refinance replaces your mortgage with a bigger one. A home equity loan or HELOC leaves your mortgage alone and adds a second loan.

If your current rate is lower than today's rates, home equity usually costs less overall because you only borrow at today's rate on the new money.

	Home equity loan or HELOC	Cash-out refinance
Your first mortgage	Stays the same	Replaced with a new, larger loan
Rate on what you already owe	Unchanged	Resets to today's rate
Closing costs	Lower, on the new amount only	Full closing costs on the whole loan
Speed	Days to a few weeks	Usually 30+ days
Best when	You like your current rate	Today's rates beat your current rate

How it works

1
Check your number
A few questions. No credit pull.
2
Pick your amount
Slide to the cash you want and see your payment.
3
Apply online
Sign online and get your money.

See my potential savings

Who qualifies for a HELOC

Credit score of 620 or higher
Home in your name or a revocable family trust
Owned for more than 90 days
No bankruptcy in the last 4 years
Mortgage payments current, no 30-day late in the last 2 years
Single-family home, townhome, condo or planned community

HELOC questions

How much can I borrow?

Up to 89% of your home's value for lines up to $100,000, and up to 85% above that, minus what you owe. A $500,000 home with a $260,000 mortgage can reach about $165,000.

Will checking hurt my credit?

No. Seeing your numbers takes no credit pull. A soft pull comes only when you apply.

What credit score do I need?

620 or higher. Higher scores unlock bigger lines.

What does it cost to close?

Nothing out of pocket. A one-time fee of 1.9% to 4.9% comes out of the line, title and signing are covered, and recording costs go into a 12-month 0% plan. No annual fee.

Where is it available?

46 states and DC. Not yet in California, Hawaii, Massachusetts, Nevada or New York.

What's the difference between a home equity loan and a HELOC?

A home equity loan pays you one lump sum at a fixed rate. A HELOC is a line of credit you can draw from, at a fixed or variable rate. Both keep your first mortgage in place.

Will I keep my current mortgage rate?

Yes. A home equity loan or HELOC is a separate second loan, so your first mortgage and its rate don't change.

Is a home equity loan better than a cash-out refinance?

If your current rate is lower than today's, usually yes: you only pay today's rate on the new money, and closing costs are lower.