Home Equity Frequently Asked Questions
HELOC Frequently asked questions
Here are answers to commonly asked HELOC questions. Learn about repayment options and what to use your existing home equity line of credit for.
What is a home equity line of credit?
A home equity line of credit is a type of revolving credit that uses your home as a collateral, or security for the debt.
Here’s how it works
- The interest rate is variable.
- The term includes a draw period followed by a repayment period. The monthly payment amount during the draw period is based on the outstanding balance and will at a minimum include the interest due and may also include principal. The monthly payment amount during the repayment period may include both interest and principal, depending on your loan terms.
- The current value of the property will need to be determined.
- During the draw period, you can borrow up to the approved credit limit. Once established, a credit line limit cannot be increased.
What are my home equity options?
How do I access my home equity line of credit?
We make accessing your line of credit easy. You can:
- Transfer funds to your deposit account on Chase.com/mobile.
- Request a line of credit advance to your Chase checking account, you can call 1-800-836-5656 or go to your nearest branch.
- If your account includes check access, you can use your line of credit checks to access up to available line amount from your account at Chase.com.