The HELOC product returns to Chase Home Lending

“In the time since, we focused on bringing to market a new product that addresses pent-up market demand, dynamic economic conditions and the evolving needs of our customers,” the representative said.

When taking out a HELOC, customers can access up to 80% of their home’s value without altering their current mortgage rate, providing customers with an efficient way to turn their equity into funds.

“As home valuations reach historic highs, homeowners are looking for more options to tap into their home’s equity. We’re proud to offer customers the ability to secure a HELOC through Chase,” said Erik Schmitt, digital channel executive at Chase.

“Whether it’s to fund a home renovation, debt consolidation or another financial goal, our HELOC product allows customers to meet an immediate cash need without compromising their existing interest rate.”

The product allows homeowners to tap into their equity without affecting the rate or terms of their first mortgage. Borrowers can access between $25,000 and $400,000, with the option to take at least 85% of their line as a lump sum and draw from the remainder over the next three years.

For repayment, customers can choose to pay down the principal at any time or make interest-only payments for the first 10 years, followed by 20 years to repay the balance.

In tandem, Chase has also launched a HELOC calculator to help customers understand how much equity they can borrow against. Customers can enter details about their home and get an estimate of their rate, monthly payment and potential fees.

Additionally, borrowers looking to change their mortgage terms and tap into their home’s equity are still able to do so with Chase through a cash-out refinance.

The HELOC product is available to qualifying customers nationwide, excluding Texas.