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Home Equity Line of Credit

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

Equal Housing Lender Home Loans – Rocket Mortgage®

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

For 11 years in a row, J.D. Power has ranked Rocket Mortgage highest in the nation in customer satisfaction for Primary Mortgage Origination. And for the 7th year in a row, they also ranked Rocket Mortgage highest in the nation for Mortgage Servicing.3 Throughout the loan process, you'll work side by side with both Schwab Bank and Rocket Mortgage's team solely dedicated to serving Schwab clients.

Convenience

Access funds using your HELOC account checks. You will also have the ability to use the revolving line of credit during the 10-year draw period.

Value

As a Schwab Bank client you will have a draw period of ten years and only pay interest on the balances used during that time. Afterwards, you will have 20 years to pay off the remainder of your balances.

Get a Home Equity Line of Credit with a standalone APR or APR on a piggyback.

Take advantage of this low rate for:

Home Improvement
Education Expenses
Debt Consolidation
Major Purchases

Begin using your home’s equity.

Get Started Online or Call Rocket Mortgage at 877-535-4021

Industry Leaders

Experience the benefits of working with Schwab Bank and "Rocket Mortgage, America's largest mortgage lender."2

For 11 years in a row now, J.D. Power has ranked Rocket Mortgage highest in the nation in customer satisfaction for Primary Mortgage Origination. And for the seventh year in a row, they also ranked Rocket Mortgage highest in the nation for Mortgage Servicing.3

Watch our video to find out more >

Find answers to your questions about HELOCs.

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

  • 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 ten years. You may not use a home equity line of credit (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 ten 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 ten 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.

Don't see the answer you need?

Call Rocket Mortgage at
877-535-4021

Want more info on today's rates?

View today's featured mortgage rates for home purchase and refinance loans.

Visit the Rates page to see exclusive discounts >

Looking to buy a home?

Receive discounted interest rates on your home loan as a Schwab Bank client.

Explore home loan options >

Interested in refinancing?

Lower your monthly payments, or pay off your loan sooner, by refinancing your mortgage with Schwab Bank and Rocket Mortgage.

Discover refinancing solutions >
Take advantage of your home’s equity.

In order to participate, the borrower must agree that the lender, Rocket Mortgage, may share their information with Charles Schwab Bank and Charles Schwab Bank will share their information with the lender Rocket Mortgage. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and collateral approval. Other conditions and restrictions may apply. This offer is subject to change or withdraw at any time and without notice. Interest rate discounts cannot be combined with any other offers or rate discounts. Hazard insurance may be required.


1. Home equity lines have a 10‐year draw period followed by a 20‐year repayment period. During the draw period, monthly payments of accrued interest are required. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan.

HELOC Terms: First lien standalone HELOCs are available. Second lien standalone or piggyback HELOCs are available with an eligible Schwab Bank first lien loan. As of 3/16/2020 the annual percentage rate (APR) for a primary residence HELOC opened simultaneously with your first mortgage loan—also known as piggyback loan—is 3.00% . Rates vary for second homes, vacation homes, or HELOCs opened as standalone accounts. The APR on your home equity line of credit is variable based upon the Wall Street Journal Prime Rate plus a margin. The maximum APR that can apply is 18% or the maximum amount permitted by state law, whichever is less. The minimum credit line amount is $50,000 or the minimum amount permitted by state law, whichever is less. The maximum credit line is $1,000,000. Additional terms and conditions apply. Please contact your Schwab Bank representative for assistance regarding eligible loan types.

HELOC Fees: The estimated range of fees you may pay is from $0 ‐ $29.00 for every $1,000 of your line amount, 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 home equity line of credit with Rocket Mortgage. Proof of proper and adequate insurance may be required prior to closing. You are responsible for paying any state, county, or local taxes imposed on a home mortgage transaction.

2. "Rocket Mortgage, America's Largest Mortgage Lender" Based on Rocket Mortgage data in comparison to public data records.

3. Rocket Mortgage received the highest score in the J.D. Power 2010 – 2020 (tied in 2017) Primary Mortgage Origination and 2014 – 2020 Primary Mortgage Servicer Studies of customers' satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit JDPower.com/Awards.

Rocket Mortgage, LLC; NMLS #3030; www.nmlsconsumeraccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply. Lending services provided by ©2000 – 2021 Rocket Mortgage LLC, a subsidiary of Rock Holdings Inc. "Rocket Mortgage" is a registered service mark of Intuit Inc., used under license.

Charles Schwab Bank, SSB and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products offered by Charles Schwab & Co., Inc. (Member SIPC) are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, SSB and are subject to investment risk, including the possible loss of principal invested. Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Rocket Mortgage, LLC. Rocket Mortgage LLC., is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc. or Charles Schwab Bank, SSB. Deposit and other lending products are offered by Charles Schwab Bank, SSB, Member FDIC and Equal Housing Lender.