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 (HELOC)

Q: What is a HELOC?

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.

Turn your home equity into cash with a HELOC.

✓ Access up to 90% or $500k of your home’s equity
✓ Lower interest rates than unsecured loans
✓ Flexible–borrow what you need, when you need it

Get started

Why choose a Home Equity Line of Credit from SoFi?

Finance debt consolidation or home improvements with SoFi as your home equity loan lender.

No change to your mortgage rate.

No need to refinance your first mortgage. And for qualified borrowers, there are options to access a large portion of your home’s equity

Borrow up to $500k.

Access up to $500,000 of your home's equity (up to 90%) to finance home improvements or consolidate debt.

No application fees.

Don’t worry about extra fees with a HELOC from SoFi.

Flexible repayment options.

Take up to 20 years to pay back what you borrow.

How our easy HELOC application process works:

Complete our online application.
Answer a few questions online and upload documents to help us assist you better.
Get paired with a dedicated loan officer.
We’ll connect you with an experienced SoFi Mortgage Loan Officer who’ll help you determine the right product for you.
Submit your application.
Your SoFi Mortgage Loan Officer can help you submit a home equity application and access your money.

View your rate

Unlock your home’s potential with a HELOC.

Consolidate high-interest debt.

You could save with a lower monthly payment by consolidating high-rate credit cards or other installment loans to a lower rate.

Finance home improvements.

Renovations often result in a higher home value. Home equity can be a cost-effective way to bring your ideas to life.

Fund large purchases.

There are no restrictions on how funds are used. Plus, low rates and longer term options could result in lower monthly payments versus other loans.

Tools to empower your financial decisions.

As a homeowner, you have various tools available to help make the most out of the equity in your home. Learn how to:

Calculate your HELOC monthly payments

Calculate the cost of your home renovations

Calculate your home equity

“Austin and his team were awesome and easy to work with! Great communication and follow up. Kept us in the loop every step of the way! I would go back to Austin without question.”

300+ Reviews

See all reviews →

Learn more about accessing your home's equity.

May 16, 2024

5 Ways to Pull Equity Out of Your Home

November 22, 2024

What Is a Home Equity Line of Credit (HELOC)?

January 10, 2023

The Different Types Of Home Equity Loans

May 16, 2024

5 Ways to Pull Equity Out of Your Home

FAQs

A 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.

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.

Some qualifications for a HELOC from SoFi include:

• A credit score of 680 or higher
• A debt-to-income ratio of 45% or less
• At least 15-20% home equity

You can access up to 95% of your home’s value—with a maximum of $500,000.

No. While HELOCs from SoFi are variable-rate loans, SoFi home equity loans are fixed rate.

Yes, SoFi offers both HELOCs and home equity loans.

You can access the funds in your HELOC by writing checks from your HELOC account or transferring money from your HELOC account to a checking or savings account.

Yes. SoFi typically requires an appraisal except for those who are eligible for a Fannie Mae Property Inspection Waiver.

You can typically refinance a HELOC by refinancing to a new HELOC, refinancing to a home-equity loan, or using a cash-out refinance

HELOCs have a draw period (when you borrow money) and a repayment period (when you pay back the money). You pay back your HELOC during the repayment period through online payments, written checks, or automatic withdrawals.

A home equity loan typically provides you with a one-time lump sum at a fixed rate, whereas a HELOC offers you an ongoing line of credit at a variable rate. Learn more about HELOCs versus home equity loans.

See more FAQs

Received mail from us?