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  Equity Credit Line Process
     
2   Learn About Lines of Credit
Countrywide offers qualified borrowers Home Equity Lines of Credit. With a home equity line of credit, you borrow the money as needed (up to the credit limit). There are many things to consider when learning about this kind of financial tool. See the chart below for more information.
   Put Your Equity to Work
   Learn About Lines of Credit
   Handling Closing Costs
   All About Rates
   The Approval Process
   Closing the Loan
     
Home Equity Line of Credit
Loan Funds Availability
Borrow money as you need it?up to the credit limit. Each time you pay principal it frees up that amount of your credit line for later use.
Interest Rate
Variable rate.The rate varies monthly based on prime rate as published in The Wall Street Journal plus a margin.
Payment
Varies monthly with rate and depends on how much you've borrowed against your credit line. During the 5 or 10 year draw period, you have the flexibility to pay interest only. After the draw period, your principal and interest payment vary to pay off the loan in the remaining years.
Loan Advances
As easy as writing a check for $250 or more.
Rate Advantages
Lower interest rates than most unsecured credit lines (i.e., credit cards).
Tax Advantages
(Ask your tax advisor.)
Interest is up to 100% tax-deductible.
Other Advantages
Good safety net for unexpected expenses or emergencies.

See HELOC Terms Summary for important terms on our most popular home equity lines.

  
   
   
Countrywide has a huge selection of loans built to suit specific needs of our customers. Our home loan experts are ready to help you find the loan that’s right for you! Contact us now to get a FREE, no obligation loan consultation:
1-800-825-4549
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