Put your home equity to work
Put your home equity to work
Turn your dreams into reality with a HELOC
Turn your dreams into reality with a HELOC
Already applied? Check status
What is a home equity line of credit?
Use an Ent Home Equity Line of Credit (HELOC) to update your home, consolidate debt, pay for major purchases or have cash on hand for emergency expenses. It gives you the freedom to access just the funds you need, at a much lower rate that using a credit card or personal loan.
With an Ent HELOC you’ll enjoy:
- No application fee or cash advance fees1
- No annual charges or prepayment penalties1
- Approval in as little as 30 mins
- A seamless online application and closing

How much equity can your HELOC unlock?
Use the calculator below to get an estimate of how much of your home equity you can borrow against.
Results from this calculation are intended for illustrative and educational purposes only. Calculators may not consider the impact of fees that may apply. Results may not be applicable to your individual situation and do not constitute an offer. We encourage you to seek advice and guidance from a qualified professional. Actual terms may differ.
Ready to put your home equity to work?
Apply online today or call and speak to a consumer lending specialist about simplifying your finances.
Already applied? Check status
Access your home equity in 3 steps
Access your home equity in 3 steps
Apply
Apply online or with one of our consumer lending specialists at 800-525-9623, option 3.
Decide on terms
Discuss the best terms for your personal situation with our lending sales team.
Make it official
Finalize the details, sign your documents and get access to your HELOC funds.
Home equity line of credit FAQs
Once you get approved for a HELOC, you will need to choose how to receive your funds. This selection will kick off the draw period, so you can start making withdrawals and using these funds however you like. HELOCs tend to be less restrictive than home equity loans regarding how you spend your money. However, you may qualify for tax breaks if you use these funds on your home.
A home equity line of credit (HELOC) is a second mortgage that uses the equity in your home as collateral. If you have been making regular mortgage payments for several years or more, you should have built up equity in your home, which is the difference between your home’s value and the remaining balance on your mortgage.
Home equity is calculated as a percentage. If your home is worth $200,000 and you still owe $100,000 on your mortgage, 100,000 divided by 200,000 equals 0.5 or 50%. In other words, you have paid off 50% of your mortgage and have $100,000 in home equity.
You can use the Ent HELOC Calculator to see how much equity you have built up in your home.
Once you have home equity, you can apply for a HELOC or home equity loan at a financial institution, such as a bank or credit union. The lender will then give you access to a lump sum or line of credit based on how much equity you have accumulated. You can then use this money to repair your home to increase the property value. You will need to pay back this loan over time plus interest. If you fall behind on your payments or cannot repay the principal amount, the lender reserves the right to repossess your home as collateral.
HELOCs tend to have low-interest rates, usually close to those of mortgage loans, which means you will pay less over the life of the loan compared to unsecured loans like credit cards. The loan is secured by the equity you have built up in your home, so the lender has a way to recoup their investment should you default on the loan. However, you need to make sure you can repay the loan on time to avoid losing your home.
Yes, technically, a HELOC is considered a second mortgage. You will need to repay the loan in addition to your existing mortgage.
HELOCs give you access to a revolving source of funds. The lender will let you borrow up to a certain percentage of your home equity. HELOCs usually come with adjustable interest rates that change over time. However, some lenders offer lines of credit with fixed interest rates for specific periods. Generally, the longer the fixed-rate applies, the higher the interest rate.
Once you get approved for a HELOC, you can choose how you receive these funds, such as getting a check in the mail or an online transfer. HELOCs come in two phases.
The first phase is known as the draw period, which usually lasts ten years. During this time, you can withdraw funds using your preferred method and use them however you like. Most lenders only ask that you pay off any interest you have accrued during the draw period, but you are usually free to pay more than the required amount every month.
Once the draw period ends, you can no longer access additional funds from the account and will need to start making regular monthly payments plus interest until the principal amount has been paid off. By the end of the repayment period, you will need to pay back the entire principal amount of the loan plus any interest that accrued at the agreed-upon rate. This step is known as the repayment period.
Some lenders also require a minimum draw amount, so you may need to withdraw additional funds at the end of the draw period to satisfy these requirements.
You may be able to apply for an extension to the draw period if you need more time to use the funds or aren't ready to start making regular monthly payments. However, extending the draw period only increases the amount of interest you will pay over the life of the loan. Consider making regular monthly payments to pay off the principal amount as fast as possible during the draw period. The quicker you pay off your debt, the more you will save on interest over time.
Some lenders will give you several different repayment options, which can last anywhere from 10 to 20 years or more. Again, the longer the life of the loan, the more you will pay in interest.
Your monthly payments will likely more than double during the repayment period. Consider the following example to get a sense of how these periods will affect your finances. Let's say you borrow $50,000 with an annual percentage rate (APR) of 5%; you would only have to pay around $208 a month during the draw period when only interest payments are required. Your monthly payment will increase to about $416 per month when the draw period ends. You'll need to budget for these monthly payments accordingly to make sure you don't fall behind.
You can apply for a HELOC at a local financial institution. Smaller lenders like credit unions tend to offer lower fees on $100,000 or less loans than large banks and lenders. It’s best to shop around and compare different rates before choosing a lender.
To apply, you will need to submit the proper financial information, including a copy of your mortgage, tax returns, proof of income such as pay stubs and a credit check. Some lenders may also need to appraise your home to get a real sense of its current value. To qualify, you will also need to show that you have a history of paying your mortgage bills on time.
Most lenders ask that you have at least 15% to 20% home equity, which means you have paid off at least 15% to 20% of your mortgage.
The lender will assign you an interest rate based on your financial standing and how much equity you have in your home. The more equity you have, the lower your interest rate.
You can only borrow up to 80% of your home equity or the combined loan-to-value ratio. For example, if you have $50,000 in home equity, you can only borrow $40,000.
You can use your home equity to apply for either a HELOC or home equity loan, both of which will give you access to funds that you can use to repair your home.
But there are other ways to tap into your home equity. You can also apply for a cash-out refinance, which means replacing your current mortgage with a new loan for a higher amount. You can then pocket the extra money that comes with this loan and use it however you want.
Regardless of what type of loan you choose, you can use home equity to:
- Make repairs on your home.
- Pay off high-interest debt, like credit card and medical debt.
- Pay for a wedding or special event.
- Go back to school.
- Buy a new home.
You can also use home equity to save for your next home. If you have built equity in your home and plan to sell it, you can use the profits from the sale to pay off your mortgage and then pocket the remaining amount. Put this money towards closing costs and real estate fees on your next home.
There are lots of factors to consider when taking out a HELOC. The COVID-19 pandemic has supercharged the housing market in many ways. Buyers face stiff competition when bidding on the few houses for sale.
If you are thinking of buying a new home, you might be better off waiting until the market cools off. Consider using a HELOC to increase the value of your current property. You will be in a better position to sell your home several years down the line.
Taking on another mortgage or loan will only put added pressure on your finances. There's always a risk you could lose your job or the ability to work, which could leave you further in debt. You will need to make sure you can make regular payments to avoid losing your home.
If the housing market takes a dip and your home loses value over time, there’s also a risk of going “underwater” on your mortgage, which is when you owe more than what your home is worth.
If you have trouble making ends meet and are looking for a loan to hold you over until your situation improves, a HELOC may be the best option. You can use this money as needed without making regular monthly payments during the draw period. However, you will need to find a way to increase your income before the repayment period begins.
Standard account and credit qualifications apply. All loans subject to final credit approval. Rates and terms are subject to change without notice and are dependent upon credit performance. Visit Ent.com/Legal to review Ent’s Important Loan Information and Disclosures. Financing available on homes in Colorado. A Home Equity Line of Credit (HELOC) is a variable rate loan, and the interest rate is subject to change after consummation of the loan. Property insurance is required. Rates, terms, conditions, and services are subject to change. Consult a tax adviser for further information regarding deductibility of interest and charges. For more details, visit Ent.com/Legal to review HELOC pre-disclosures.
* APR=Annual Percentage Rate. The Annual Percentage Rate (APR) is variable and based on the Prime Rate as published in The Wall Street Journal, plus a margin. Rates, terms, and conditions are subject to change and may vary based on creditworthiness and loan-to-value (LTV) ratio.
The Variable Rate Plan has an Annual Percentage Rate (APR) that can change monthly on the first of each month if the Index changes. The APR will never be higher than 9.9% or lower than 2.75%. The Standard Rate Plan has a fixed Annual Percentage Rate (APR) during the draw period. The APR will remain fixed until the start of the repayment period, at which time your APR will adjust to the Prime Rate plus your margin as of the date the repayment period begins. The APR will never be more than 18% or lower than 3.75%.
1 Ent Credit Union does not charge an application fee, annual fee, cash advance fee, or prepayment penalties for a Home Equity Line of Credit (HELOC). However, third-party fees may apply, including but not limited to appraisal, credit reporting, and government recording fees. These fees typically range from $0 to $1,000. Other fees, such as late payment fees, returned payment fees, and optional service charges, may apply.