Can You Refinance a HELOC?

Refinancing a HELOC

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Refinance With a New HELOC

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Convert to a Home Equity Loan

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Cash-Out Refinance Option

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What You Need to Qualify?

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Read our detailed blog on “Can You Refinance a HELOC?” to explore options, requirements, and smart tips before refinancing your home equity line.

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Can You Refinance a HELOC?

Refinancing a HELOC

Refinancing a HELOC

Refinancing a HELOC lets you replace your current credit line with a better loan option that fits your budget and goals.

Refinancing a HELOC lets you replace your current credit line with a better loan option that fits your budget and goals.

Refinance With a New HELOC

Refinance With a New HELOC

Pays off your existing HELOC

Pays off your existing HELOC

Typically adds another 10 years

Typically adds another 10 years

Resets the draw period

Resets the draw period

Delays principal repayment

Delays principal repayment

Convert to a Home Equity Loan

Convert to a Home Equity Loan

Replaces variable rate with fixed rate

Replaces variable rate with fixed rate

Often up to 30 years

Often up to 30 years

Set repayment term

Set repayment term

Predictable monthly payments

Predictable monthly payments

Cash-Out Refinance Option

Cash-Out Refinance Option

Replaces first mortgage and HELOC

Replaces first mortgage and HELOC

May offer lower overall interest

May offer lower overall interest

Single monthly payment

Single monthly payment

Combines debt into one loan

Combines debt into one loan

What You Need to Qualify?

What You Need to Qualify?

15%–20% home equity

15%–20% home equity

Proof of steady income

Proof of steady income

DTI ratio below 43%

DTI ratio below 43%

Credit score around 680+

Credit score around 680+

Read our detailed blog on “Can You Refinance a HELOC?” to explore options, requirements, and smart tips before refinancing your home equity line.

Read our detailed blog on “Can You Refinance a HELOC?” to explore options, requirements, and smart tips before refinancing your home equity line.