Home Equity Line of Credit
Access the equity in your home with a line of credit that you can use as you need funds. Our team provides personalized assistance to walk you through your loan options.
Put your equity to work toward home improvements, debt consolidation† or other major purchases with a Home Equity Line of Credit (HELOC). You can withdraw funds as you need them, and choose to pay interest only on that portion of the line you use during the draw period.
Product Features
- HELOC interest rate is generally lower than an unsecured loan or credit card
- Line of credit is a reusable source of funds
- Interest-only mortgage payments during draw period
- Link HELOC to your First Horizon checking account for overdraft protection
- Easy access to your credit line through Digital Banking or First Horizon Bank checks
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† Before consolidating debt, you should consider all factors including the costs of refinancing compared to the benefits.All loans subject to credit and collateral approval. Geographical restrictions apply.
Home Equity Line of Credit FAQs
What is a Home Equity Line of Credit (HELOC)?
How is a HELOC different from a Home Equity Loan?
While both HELOCs and Home Equity Loans allow you to borrow against your home’s equity, they differ in how you receive and repay the money:
- HELOC: Provides a revolving credit line for a set period (usually 10 years). You can borrow, repay, and borrow again up to your credit limit. The interest rate is usually variable.
- Home Equity Loan: Provides a lump sum amount with a fixed interest rate and fixed monthly payments over a set term.
What can I use a HELOC for?
You can use a HELOC for various purposes such as home improvements, education expenses, medical bills, debt consolidation, or other major expenses.
How do I qualify for a HELOC?
Qualification for a HELOC typically requires sufficient equity in your home, a good credit score, a stable income, and a reasonable debt-to-income ratio. First Horizon will evaluate your financial situation to determine your eligibility.
