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.

Veteran-Owned Lender

Licensed in 11 States

Equal Housing Lender | NMLS #2601951

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

Lower Interest Rates

Borrow at rates far below credit cards or personal loans.

Flexible Access

Draw funds as needed during your 5–10 year draw period.

Pay for What You Use

Only pay interest on the funds you draw.

Use It Your Way

Remodel, consolidate debt, cover tuition, or prepare for emergencies.

Fast Access

Apply online, close in weeks, and access cash with checks or debit card.

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

FeatureHELOCHome Equity Loan
DisbursementRevolving line, borrow as neededLump-sum payout at closing
Interest TypeVariable (with fixed-rate conversions available)Fixed
Payments During DrawOften interest-onlyPrincipal + interest
Best ForOngoing or unpredictable expensesOne-time, fixed-cost needs

Common Uses for a HELOC

Home Improvements / Renovations
Debt Consolidation / Lower Rates
College Tuition / Education
Emergency Fund / Medical Bills
Down Payment on Investment Property

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 Now

1
Apply online in minutes—get a same-day pre-qualification.
2
Appraise your home (automated valuations in many cases).
3
Close quickly—often in 2–3 weeks.
4
Access funds via online banking, checks, or debit card.

HELOC Loan FAQs

What is a HELOC and how does it work?

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.

Can I qualify if I already have a VA loan?

Yes — a HELOC is a second mortgage, so you keep your VA loan intact while tapping equity.

How fast can I access funds?

Many Salute borrowers are approved in days and close in 2–3 weeks.

How is a HELOC different from a cash-out refinance?

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.

Does checking eligibility affect my credit?

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