A home equity line of credit (HELOC) is a credit line secured by the value of your home, minus any existing mortgage owed. You can borrow against it, spend, repay, and borrow again using your home as collateral.

How does a HELOC work?

You’ll typically have an open credit line for up to 10 years. During this “draw” period you borrow — using checks or a credit card — and usually make monthly interest payments. Then you begin paying back the principal plus interest.

What is the monthly payment on a $50,000 HELOC?

Monthly HELOC payments vary by interest rate and how much of the credit line you’ve used. If you use $50,000 and your rate is 8%, your monthly interest payment will be $333. When you begin repaying the principal, payments rise to $1,013.

What can you use a HELOC for?

You can use a HELOC for anything, at any point during the loan period. Some people use it to finance large home improvements or to consolidate other debts into one payment.

What are the benefits of a HELOC?

One advantage of a HELOC is that you can borrow and repay repeatedly for several years without additional paperwork. Interest rates are typically lower than those for a credit card, and interest may be tax-deductible.

Home Equity Line of Credit - Apply for a HELOC Loan Online

† To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from Spring EQ, a state licensed lender, NMLS #1464945.  

All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.  

You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 3/31/26.  In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.  Equal Housing Lender

² SoFi reserves the right to modify or discontinue products and benefits at any time without notice. To qualify for a loan, you must fulfill all SoFi’s eligibility requirements. Current initial APRs range from 6.37% to 9.74% and may change by the time you apply. The interest rate on a HELOC is a variable rate and may increase after origination. An origination fee of $1,495 and third party closing costs ranging from $1,500 to $3,200 will be due at origination. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will depend on many factors. Rates and Terms are subject to change at any time without notice. Minimum line amount is $50,000. Information current as of 3/31/26. SoFi HELOC originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/eligibility-criteria for details and restrictions.

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