What is a HELOC?
A Home Equity Line of Credit (HELOC) functions like a credit card backed by your home’s equity.
WHy Choose Pelican
Borrow With Certainty
10-Year Draw Period
Access your credit line for a full decade without reapplying. Borrow when a need arises, pay it back, and draw again without starting the process over.
Pay Only for What You Use
During the draw period, you only make payments on your actual drawn balance. Your monthly cost stays tied to what you've borrowed, not the full credit limit.
Access Up to 90% of Your Home's Value
For example, if you owe $150,000 on your home valued at $250,000, you could get a HELOC of up to $75,000!
A Rate With Built-In Limits
Your variable rate tracks the Wall Street Journal Prime Rate plus a margin set at closing. Annual increases are capped at 2.00%, and your rate will never exceed 18.00%.
Interest May Be Tax Deductible
Interest paid on a home equity loan or line of credit may be tax-deductible. Consult a tax advisor for more information.
Simple, Transparent Costs
A $150 processing fee is due at closing, and there are no hidden fees tied to how often you access your line. Standard closing costs apply and are disclosed upfront. Plus, lender credits are included.
Ways to use your loan
Common Ways to Use a HELOC
A HELOC is flexible. Members commonly use their equity line for:
Home Improvements and Renovations
Adding long-term value back to the asset financing your loan.
Education Expenses
Covering tuition, fees, and living costs without depleting savings
Medical Expenses
Handling unexpected costs without disrupting your monthly budget
Emergency Fund Backup
A standing line you only pay interest on if and when you draw
HELOC vs. Home Equity Loan
Key Features
Revolving line of credit
Pay only on what you draw
Variable interest rate
Fixed interest rate
Access available credit without re-applying
Predictable fixed monthly payment
Use funds for any purpose
Interest may be tax deductible
When is this the right fit?
Your expenses are ongoing, phased, or unpredictable in timing.
You have a defined cost and want a fixed rate with predictable monthly payments.
Getting prepared
What You’ll Need to Apply
Applying for a HELOC requires just a few standard documents. Having them ready before you start helps move your application along faster.
- 1
Proof of Income
Requirements vary by income type. Traditional employees need their two most recent W-2s and 30 days of pay stubs. Self-employed applicants should provide two years of signed tax returns. Retirement income requires the two most recent 1099s.
- 2
Additional Documentation
Depending on your application, you may also be asked for your homeowners insurance binder, most recent mortgage statement, and current property tax bill.
dedicated Support
Meet Our Mortgage Loan Officers
Pelican's licensed mortgage loan officers work with you throughout the entire process, from pre-qualification through closing. We’re here for you when you need us!