Quick access to home equity funds
Highly competitive interest rates
Use the money for anything you like
Pay interest only on the funds you use
*No annual fee for the first year
What is a HELOC ?
A HELOC is a home equity line of credit secured by your property. It is set up with a maximum draw limit, and you have the flexibility to access the line as you like. The funds you withdraw are subject to a variable interest rate.
You can use HELOC funds whenever you want and for whatever you want. HELOC funds are often used to pay large expenses, make home improvements, finance major expenditures or set up an emergency fund.
Why is a HELOC a popular option?
A HELOC offers some unique payment options along with the flexibility of accessing cash at the time you need it.
- Your HELOC debit card can be used to make purchases or pay expenses.
- You have the ability to use available funds anytime during the draw period.
- Interest is calculated at a variable rate, but only on the funds used.
- While your account is open, you have the option to make additional principal payments anytime you like.
A HELOC can be useful when planning for an expense without knowing the exact amount needed. However, if you know the specific amount you need to borrow, then you may want to consider a cash out refinance with set terms.
Comments from an Axos Bank customer
"Fast and easy process. Excellent customer service."