How your home's equity can make it happen.

It's affordable.

Want lower rates? Put away the credit card and tap into your HELOC.

It’s flexible.

Only borrow what you need. It replenishes as you repay it—and you choose fixed or variable rates.Disclosure 1, Disclosure 2

It's easy.

It takes minutes to apply and decisions are quick. Plus, a dedicated loan officer will be there to answer all your questions.

It has advantages.

When you use it for home improvements, the interest you pay could be tax-deductible.3

What is a home equity line of credit?

Only borrow what you need. It replenishes as you repay it—and you choose fixed or variable rates.

Component ID : "accordionGridLayout-480369300"
Model : "disclaimer"
Position : "left"

Open a Home Equity Line of Credit (HELOC)

(Visual Description: Truist title and logo)

Home Equity. It's a valuable asset.  

Put yours to work for you with a home equity line of credit, or HELOC.  

(Auditory Description: HELOC is pronounced HEE-lock). 

A HELOC lets you tap into your home’s equity and borrow against it.

(Visual Description: Animation of a woman is show with home improvement tools.)

You can use a HELOC for almost anything like home improvements, which can increase your home's value.  

(Visual Description: Animation of multiple credit cards consolidating into one.)

A HELOC can also be used for paying down high interest debt, or for large expenses like medical or education costs.  

(Visual Description: Animation of a woman with an injury and college graduate are lowered from columns.)

What's home equity? It's the current market value of your home minus the amount you owe your mortgage lender.  

(Visual Description: An illustration depicts the terms, Property Value and Equity over the term Mortgage Balance)

With a HELOC, you can borrow against a portion of your total equity.  
Typically, lenders allow you to borrow a total combined amount of 75 to 90% of your home's value.  

To calculate your potential HELOC amount, simply subtract your outstanding mortgage balance.  

Here's an example. A lender determines you can borrow against 80% of your home's value. Since your home is valued at $250,000, 80% of that is $200,000.  

After you subtract your mortgage balance of $150,000 your potential HELOC amount is $50,000.  

Your credit score and debt to income ratio also play a role in calculating your HELOC amount.  

(Visual Description: Animation of a woman’s statistics being calculated. They end with a credit score of 660 and debt to income ratio of 35%.)

A HELOC is similar to a credit card, because you can withdraw funds up to your limit.  

(Visual Description: Animation of a scale shows a credit card and a house as they balance back and forth.)

But unlike a credit card, a HELOC uses your home as collateral, so it's smart to borrow only what you need.  

Some lenders may charge you fees to open a HELOC.  

Having all the information can help you figure out if a HELOC will work for you. 

Generally, you can choose a variable or fixed interest rate with a HELOC, depending on your situation. 

Then you'll receive a revolving line of credit available for a set period of time, known as the Draw Period.  

(Visual Description: Text shows: Draw Period Start at Month 1. The animation extends to show the Draw Period End at Month 12.)

During the Draw period, you make payments towards your balance, and you can draw funds up to your available limit.  

(Visual Description: Text shows: the HELOC Period Start at Year 1 with a line that connects to HELOC Period End at Year 10.)  

When the draw period ends, the repayment period begins and it's your responsibility to pay off the balance before the maturity date. 

(Visual Description: Text shows: the Repayment Period Start at Year 10 with a line that connects to Repayment Period End at Year 20. 

  
Think a HELOC may be right for you? We're here to help.  

Reach out to discuss your home equity or visit truist.com/HELOC.  

(Visual Description: Truist title and logo.

Learn more at Truist.com/HELOC)

Disclosure: Truist Bank is an Equal Housing Lender and Member FDIC, Copyright 2021 Truist Financial Corporation. Truist, Truist Purple, and the Truist logo are service marks of Truist Financial Corporation.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Frequently asked questions about HELOC.

Component ID : "faq-622233820"
Model : "faq"
Position : "left"

The Annual Percentage Rate (APR) for a HELOC is calculated based on a variety of factors, including credit score, loan-to-value, line amount, and location of the property securing the line of credit. With a home equity line from Truist, you can choose between a fixed or variable interest rate on each draw you take.

Variable-rate repayment:  Your minimum required monthly payment is based on your current outstanding balance and includes both interest and a percentage of your principal balance. Each payment helps to reduce your principal balance. Drawing additional funds or paying more than the minimum required payment amount will affect your future monthly payments. For draws on a home equity line from Truist taken under the variable rate repayment option, the minimum monthly payment is equal to 1.5% of the total outstanding balance.

Interest-only repayment: For draws taken under the interest-only repayment option, your minimum monthly payment is equal to the finance charges accrued on the outstanding balance during the preceding month. The minimum payment will not reduce the principal outstanding under this option. The interest rate is variable.1

Fixed-rate repayment:  For draws taken under the fixed-rate/fixed-term repayment option, the repayment term you select (60, 120, 180 or 240 months) will determine the minimum monthly payment plus interest and applicable fees. The annual percentage rate (APR) will be determined at the time the advance is posted to your account. There is a $15 service fee for each fixed-rate/fixed-term advance. 

Your credit score is only one of the factors considered in the underwriting process, so having good credit, along with the other qualifications (sufficient equity in your home, allowable debt-to-income ratio, etc.) increases your likelihood for equity line approval. 

It can take less than 15 minutes to fill out an application for a home equity line from Truist. Once all required paperwork has been received, the turnaround time from application to closing averages 30 – 35 days, which is one of the fastest times among our bank peers.4

Here's what you'll need to provide for your application:

  • Personal information (name, home address, phone number, and social security number)
  • Co-applicant's personal and employer information, if applicable
  • Employer information (name and phone number of employer)
  • Financial assets (description, financial institution, and value)
  • Financial debt (lender name, payment amounts, and balances)
  • Collateral information (asset, lender name, balance/value, and description)

A Truist representative will contact you after an application is submitted to review your information and request any required supporting documentation, such as tax statements and copies of paystubs.

A home equity line from Truist can be secured by an owner-occupied, single-family, primary residence, second home or condominium located in AL, AR, CA, DC, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV, and is not valid using investment homes, mobile or manufactured homes, or cooperatives. Truist must be in a valid first- or second-lien position. Applicants must occupy the second home a minimum of 14 days per calendar year, and there is a limit of one home equity line from Truist per individual or joint borrower. Other restrictions may apply.

With a home equity line of credit from Truist, you have the option to pay closing costs, or you can choose to have Truist advance most, if not all, of the closing costs on your behalf and waive reimbursement as long as your account is kept open for at least three years.5

We are available to answer your questions, discuss your account and review your options. Call us at 844-4TRUIST (844-487-8478) Monday through Friday, 8 a.m. to 8 p.m., or Saturday, 8 a.m. to 5 p.m., ET to get answers to your questions.

Looking for something else?

Home mortgage

A new home—or a new mortgage—might look good on you. Check out our online tools to make your next move easier from start to finish.

Small business lending

Startup, co-op, or mom-and-pop, keep your cash flow healthy so you can keep your business moving.

Truist Wealth

Put your net worth to work. Explore customizable solutions for strategic credit and asset management.

Money and Mindset

Make the most of life's moments

Spending and Saving

Don’t let the unexpected rattle you, grow your money confidence.

Need more help?

Check out Money and Mindset