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Home Equity Line of Credit

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

Equal Housing Lender Home Loans – Provided by Quicken Loans®

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 Quicken Loans—the nation’s #1 online mortgage provider.2


Throughout the process, Schwab clients will receive helpful guidance from a dedicated Schwab Bank and Quicken Loans team every step of the way. With J.D. Power Award-winning service, you’ll have the commitment of Quicken Loan professionals who focus on your specific needs and answer your questions.3


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.


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 877-535-4021

Industry Leaders

Experience the benefits of working with Schwab Bank and Quicken Loans, the nation’s #1 online mortgage provider.4

“Overwhelmingly pleasant experience working with Schwab Bank and Quicken Loans”
—Chaz 3/2/20175

Why did Schwab Bank join forces with Quicken Loans? For J.D. Power Award-winning service and industry-leading technology.

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.

  • 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, Quicken Loans 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, Quicken Loans will go through the complete underwriting process: loan application, appraisal evaluation, credit review, etc. For either type of HELOC, Quicken Loans covers closing fees. Only local taxes are the responsibility of the borrower for all HELOCs.

Don’t see the answer you need?


Want more info on today’s rates?

View today’s featured mortgage rates and see which loan types qualify for Investor Advantage Pricing.6

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 Quicken Loans.

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

1. Home equity lines have a 10-year draw period followed by a 20-year repayment period. During the draw period, you will be required to make monthly payments of accrued interest. 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: As of the annual percentage rate (APR) for a primary residence HELOC opened simultaneously with your first mortgage loan – also known as piggyback loan - is . 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.

HELOC Fees: The estimated fees you may pay on the amount drawn from your line ranges 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 with Quicken Loans. 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. Quicken Loans is the #1 online lender based on the ranking of Quicken Loans in comparison to online residential mortgage lenders included in the Inside Mortgage Finance “Top 50 Mortgage Lenders” report from Q2 2017.

3. Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010 – 2016 Primary Mortgage Origination studies and the 2014 – 2017 Primary Mortgage Servicer studies. 2017 Origination (or Sales) based on 5,893 total responses and measures the opinions of customers who originated a new mortgage or refinanced within the past 12 months, surveyed in July – August 2017. 2017 Servicing based on 7,374 total responses and measures the opinions of homeowners on their mortgage servicing company, surveyed in March – April 2017. Your experiences may vary. Visit

4. In order to participate, you must agree that the lender, Quicken Loans, may share your information with Charles Schwab Bank.

The rates and APR shown are based on a purchase loan of an owner occupied, single family residence for our best-qualified customers. Your individual rate may vary.

This offer is subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required. Program terms and conditions are subject to change.

5. This testimonial excerpt is illustrative in nature and may not be representative of the experiences of clients or services. It does not indicate future performance. The individual submitting this testimonial was not paid nor rewarded in any way. For more information regarding this testimonial please (provide contact method).

6. For Schwab Bank Investor Advantage Pricing: Only one discount eligible per loan. Discounts available for all Adjustable-Rate Mortgage (ARM) loan sizes, and selected Jumbo Fixed-Rate loans. Discount for ARMs applies to initial fixed-rate period only with the exception of the 1-month ARM where the discount is applied to the margin. Eligible balance based on Schwab and Schwab Bank combined account balances, including the following retirement account types: Traditional, Roth, Rollover, and Inherited IRAs. Clients that utilize an eligible IRA account balance to qualify for certain discounts may qualify for one special IRA benefits package per loan. This includes: a $200 bonus award into your Schwab IRA account with the largest balance, and an in-depth personal financial plan analysis to include a detailed review of your IRA(s) by a Certified Financial Planner. This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice.

Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager.

IRA account balance eligibility and the IRA benefit package is not available for clients of independent investment advisors. Details for the discount program available for these clients can be found by visiting

Eligible balance must be verified 15 days prior to your anticipated closing for an on-time close. If you deposit your eligible assets with less than 15 days remaining before closing, your closing date may be delayed and your eligibility to receive the promotional rate may be affected.

Home lending is offered and provided by Quicken Loans, Inc., Equal Housing Lender. Quicken Loans, Inc. is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc., or Charles Schwab Bank. Quicken Loans is licensed in all 50 states. Quicken Loans, Nationwide Mortgage Licensing System #3030. Restrictions may apply. Equal Housing Lender. Lending services provided by Quicken Loans, Inc., a subsidiary of Rock Holdings, Inc.

Charles Schwab Bank and Charles Schwab & Co., Inc., are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products are offered by Charles Schwab & Co., Inc. (Member SIPC). Deposit and lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.