Access the equity in your home when you need it
Pre-approval in days, not weeks — with a loan officer who knows your market.
Borrow only what you need, when you need it
A home equity line of credit gives you flexible access to funds based on the equity you have built. Rather than borrowing a lump sum upfront, you draw what you need during your draw period and pay interest only on what you use. This approach works well for home renovations, education expenses, debt consolidation, or any significant financial need. You maintain control over your borrowing timeline while taking advantage of rates typically lower than credit cards or personal loans. The predictability of a fixed repayment schedule, once your draw period ends, helps you plan your finances with confidence. At Redwood Crest Mortgage, we work with you to structure a HELOC that matches your life, not the other way around.
Calculate your available home equity
Your home's current value and what you still owe on your mortgage determine how much you can borrow. Use this calculator to get a sense of your available equity. Keep in mind this is an estimate based on the information you provide. A formal appraisal during our application process will confirm the final amount.
Calculator results are estimates provided for illustrative purposes only and may not reflect actual loan terms. This is not a commitment to lend, a preapproval, or an offer of credit. Actual rates, payments, and costs depend on credit approval, satisfactory appraisal, and underwriting guidelines. Consult a licensed loan officer for details.
How it works
Three straightforward phases of a HELOC
During the draw period, typically five to ten years, you access funds as needed using a check, debit card, or transfer. You pay interest only on the amount you've borrowed. Once the draw period ends, you enter the repayment phase, where you can no longer borrow new funds and must pay back what you owe over a set timeframe, usually ten to twenty years. This structure gives you flexibility when you need it and then transitions to predictable payments. Throughout both phases, your HELOC is secured by your home, which is why rates are competitive. We guide you through understanding these phases so you choose terms that work for your situation.
Questions about HELOCs
A HELOC is a smart financial tool for the right situation. Here are answers to common questions homeowners ask when considering this option.
What's the difference between a HELOC and a home equity loan?
A home equity loan gives you a lump sum that you borrow all at once and repay in fixed installments. A HELOC works like a credit line where you draw what you need when you need it, paying interest only on borrowed funds during the draw period. Choose a home equity loan if you need a specific amount for a single purpose. Choose a HELOC if you want flexibility to borrow over time for multiple needs.
Can I use a HELOC for any purpose?
Yes. Many people use HELOCs for home improvements, education, debt consolidation, or business expenses. The funds are yours to use as you see fit. Some lenders restrict certain uses, but we work with you to understand your goals and structure the best solution.
What happens if my home's value drops?
Your available credit may be affected if your home's value declines significantly. Lenders typically allow borrowing up to a percentage of your home's equity. A substantial drop in value could reduce what you can borrow. We assess your situation during the application and keep you informed of any changes to your available credit.