Equity, on a credit line.
Keep your existing first mortgage in place. Open a revolving line against your equity and draw only what you need.
Size your line
Explore an educational line estimate based on your entries.
Your home's value minus what you still owe on your first mortgage.
This educational estimate is not an approval or an available credit line. Eligibility and available credit depend on the borrower, property, documentation, lender, and current program requirements.
Set by your selected 80% combined loan-to-value assumption.
What would you want?
Interest is charged on what you've actually drawn, not on the whole line.
Illustrative line amount based on your entries:
These assumptions and estimates are for educational & informational purposes only and are not a quote or a pre-approval.
This is not a commitment to lend. All loan programs, rates, and terms are subject to change without notice and are subject to final borrower credit approval, verification of sufficient income and assets, and property evaluation/satisfactory appraisal. Receipts of initial application disclosures, pre-qualification letters, or pre-approval notices do not constitute an offer, guarantee, or approval for financing. All approvals are subject to final underwriting guidelines, loan-to-value limits, and lender program requirements. The borrower must satisfy all underwriting conditions prior to closing.
HELOC CALCULATOR DISCLAIMER: This tool is for informational, illustrative, and educational purposes only and does not constitute an offer to extend credit or a commitment to lend. Calculated results are estimates based on your entries and your selected combined loan-to-value assumption, not lender guidelines or credit-score approval tiers.
Actual eligibility, line amounts, draw periods, repayment terms and costs depend on the borrower, property, documentation, lender and current program requirements. Rates may be variable and payments may change. This estimate does not guarantee credit approval. Westmount Financial Group Inc. DBA WestFi, NMLS #2890320. CA DRE #02443798. Equal Housing Opportunity.
When a credit line beats a traditional lump sum.
Protect your first
Keep your existing first mortgage in place and discuss a separate home-secured credit line.
Draw on demand
Use only what you need, when you need it. Interest accrues only on the drawn balance.
Standby liquidity
A credit line may provide access to funds, subject to its terms and risks. Ask a tax advisor about any interest deduction.