Tap Into Your Home’s Equity With a HELOC
Flexible, Low-Cost Borrowing for Veterans & Families
Borrow only what you need, when you need it — at rates far lower than credit cards or personal loans. Veteran-owned lender with 25+ years of experience.
No credit impact. See your options in minutes.
What is a HELOC
A HELOC—short for Home Equity Line of Credit—gives you revolving access to cash when you need it, typically at rates far lower than credit cards or personal loans. Whether you’re funding a remodel, consolidating debt, or covering unexpected expenses, Salute Mortgage structures HELOC home loans with competitive terms and straightforward guidance.
How a HELOC Works
A HELOC functions like a credit card secured by your home’s equity. There are two phases of a HELOC that will be outlined in the terms of your loan.
Phase 1
Draw Period (5–10 years) – During the draw period, borrow funds as needed—up to your credit limit—using checks, transfers, or a HELOC debit card. Most programs require interest-only payments during this time, keeping monthly costs low.
Phase 2
Repayment Period (10–20 years) – The line of credit closes, and you pay back principal + interest on the outstanding balance, similar to an amortizing loan.
Why a HELOC May Be Right for You
See How a HELOC Stacks Up
$20,000 credit card balance @ 18%
= $360 / month
$20,000 HELOC balance @ 8%
= $133 / month
Move credit card balances to HELOC
= $227 / month Savings!
Customer Reviews
HELOC vs. Home Equity Loan
Feature | HELOC | Home Equity Loan |
---|---|---|
Disbursement | Revolving line, borrow as needed | Lump-sum payout at closing |
Interest Type | Variable (with fixed-rate conversions available) | Fixed |
Payments During Draw | Often interest-only | Principal + interest |
Best For | Ongoing or unpredictable expenses | One-time, fixed-cost needs |
Common Uses for a HELOC
How to Get a HELOC with Salute Mortgage
Our specialists walk you through every step, explain HELOC rates, and help decide between variable and fixed segments.
Apply NowHELOC Loan FAQs
A HELOC (Home Equity Line of Credit) is a flexible loan that lets you borrow against the equity in your home—similar to a credit card. You can draw funds as needed during the “draw period,” and you only pay interest on the amount you use, not the full approved credit line.
Yes — a HELOC is a second mortgage, so you keep your VA loan intact while tapping equity.
Many Salute borrowers are approved in days and close in 2–3 weeks.
While both let you tap into your home equity, a cash-out refinance replaces your existing mortgage with a new one (often with a higher balance). A HELOC, on the other hand, is a second mortgage that doesn’t affect your current loan—it simply gives you access to a revolving credit line.
No — our pre-qualification has no credit impact.
Ready to Use Your Home’s Equity?
With a HELOC from Salute Mortgage, you’ll have flexible, low-cost access to your equity — with the backing of a veteran-owned lender that understands your needs.
Check My HELOC Eligibility Now