Your home has been building equity. Now put it to work.
A home equity line of credit (HELOC) lets you borrow against the value you've already built — for renovations, debt consolidation, or the next big project — while keeping your current mortgage rate right where it is. Available to California homeowners — that's where we're licensed.
- See your estimated credit line in about 2 minutes
- Full amount funded at closing — in as little as 5 days, no appraisal needed
- Soft credit pull only — no obligation, and it won't affect your credit score
How a HELOC works
A home equity line of credit secured by your home. The full approved amount is disbursed at funding — then the line stays open for redraws as you repay.
The full amount, up front
This program requires a 100% initial draw: the full approved amount — minus the origination fee — is deposited to your bank account at funding, in as few as 5 days. There are no partial draws at funding and no appraisal.
Rates usually float
HELOC rates are typically variable, tied to the prime rate plus a margin based on your credit and loan-to-value. Your payment moves when the prime rate moves — budget for that flexibility. Lines go up to $750,000, with terms from 10 to 30 years.
Redraw as you repay
It is still a line of credit: as you pay the balance down, you can redraw $500 or more during the draw period — 3 to 5 years depending on your term. There are no prepayment penalties, so you can pay it down or off whenever you like.
Common questions
Straight answers before you talk to anyone.
How much can I borrow with a HELOC?
Most lenders cap the combined loan-to-value (your mortgage balance plus the HELOC limit) at 80–85% of your home's value. So on a $500,000 home with $300,000 still owed, an 85% cap means up to roughly $125,000 of available line. Income, credit, and property type also factor in.
HELOC vs. home equity loan — what's the difference?
A home equity loan is a lump sum with a fixed rate and a fixed monthly payment — once it's funded, that's all you get. This HELOC also disburses the full approved amount at funding, but it stays a line of credit: as you repay the balance, you can redraw $500 or more during the draw period, usually at a variable rate. That makes it better suited to phased projects and ongoing flexibility.
Will checking my options hurt my credit?
No. Submitting this form is a soft credit pull only — it does not affect your credit score. There's no obligation, and you'll receive your offer by email so you can review the terms and rate and decide if you want to move forward.
What does a HELOC cost to open?
Costs vary by lender: some charge no closing costs but may require the line to stay open for a minimum period, while others charge appraisal, title, and origination fees that can total a few hundred to a few thousand dollars. You'll get a full cost breakdown with your quote.
My home is outside California — can I still apply?
Not through this page. Xcel Residential Mortgage Inc is licensed in California only, so this funnel accepts California properties only. If your home is in California, you're in the right place.
What are the risks?
Your home is the collateral, so missing payments can put it at risk — borrow against a plan to repay. Variable rates also mean payments can rise over time. A HELOC works best for value-building uses like renovations or consolidating higher-interest debt you'll actually pay down.