Home equity line of credit
Home equity line of credit

Tap into your home's equity for more borrowing power.

 

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Use the equity you've built to get a competitive-rate home equity line of credit (HELOC).1 There are no prepayment penalties or balance requirements through Schwab Bank's home equity lending program provided by Quicken Loans—America

Use the equity you've built to get a competitive-rate home equity line of credit (HELOC).1 There are no prepayment penalties or balance requirements, plus a quick closing, through Schwab Bank's home equity lending program provided by Rocket Mortgage — America's Largest Mortgage Lender.2

  • Service

    Service

    For 8 years in a row now, J.D. Power has ranked Rocket Mortgage highest in customer satisfaction for Mortgage Servicing.

    Throughout the loan process, you'll work side by side with both Schwab Bank and a Rocket Mortgage team solely dedicated to serving Schwab clients.

  • Convenience

    Convenience

    Closing may take place at your home, your office, or another preferred location, and you can sign and submit most disclosures and supporting documents electronically.

    With electronic documents, you'll reduce paperwork by signing forms online and from your home, and you'll save time by eliminating the scanning and mailing of forms.

  • Value

    Value

    As a Schwab client, you have access to competitive interest rates for home loans on a variety of loan types.

    Plus, you may be eligible for additional discounts based on your combined assets with Schwab.

Home Equity Line of Credit

Take advantage of a Home Equity Line Of Credit for:

  • Home Improvement
  • Debt Consolidation
  • Education Expenses
  • Major Purchases


Call Rocket Mortgage at 877-535-4021 to begin using your home's equity.

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Call Rocket Mortgage at 877-535-4021

Find answers to your questions about HELOCs.

A HELOC is a revolving line of credit based on the equity in your home.

A HELOC provides flexibility to leverage the equity in your home to remodel or make upgrades, consolidate debt, make large purchases, or cover tax-season expenses. Additionally, you only need to pay interest on your loan balance for the first 10 years. You may not use a HELOC as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan.

  • 1st lien Standalone HELOCs are available.
  • 2nd lien Standalone or Piggyback HELOCs are available with an eligible Schwab Bank 1st lien loan.

A HELOC is a 30-year term. The first 10 years are the draw period where you can draw against the line. During the draw period, you are only required to make interest payments. However, you may pay towards the principal at any time. After the first 10 years, the line will be in the repayment period for the remaining 20 years. You will then pay principal and interest during this time, so your payments will be higher if you have an outstanding balance.

The estimated fees you may pay on the amount drawn from your line range from $0 - $29 for every $1,000 and will vary based on the location of the property. The amounts provided are estimates and are not a substitute for initial disclosures of closing costs that you will receive once you apply for a loan.

A Piggyback HELOC is a HELOC that is opened at the same time the home is purchased or refinanced. To complete the underwriting for the Piggyback HELOC, Rocket Mortgage will leverage the same documents that were used for completing the mortgage loan (such as loan application, appraisal evaluation, credit review, etc.). A standalone HELOC is independent of the first mortgage if any exist. For standalone HELOCs, Rocket Mortgage will go through the complete underwriting process: loan application, appraisal evaluation, credit review, etc.

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