A fixed home equity loan is a loan where a homeowner borrows against the equity in their home and receives a lump sum with a fixed interest rate and set repayment schedule. The benefits include predictable monthly payments, protection from rising interest rates, and a consistent plan for paying off the debt. This type of loan is ideal for large, one-time expenses such as home renovations, debt consolidation, or major purchases, and is best suited for borrowers who prefer financial stability and can manage regular payments over the loan term.

A Home Equity Line of Credit (HELOC) is a revolving credit line that allows homeowners to borrow against the equity in their home, providing access to funds as needed up to a pre-approved limit, with a variable interest rate. The benefits include flexibility in borrowing and repayment, interest-only payment options during the draw period, and potentially lower initial interest rates. This type of loan is ideal for ongoing or unpredictable expenses such as home improvements, education costs, or emergency funds, and is best suited for borrowers who need access to funds over time and can handle variable interest rates and payment schedules.

A Home Equity Loan gives you a one-time lump sum that you repay in fixed monthly installments over a set term. It's a great fit when you have a specific expense in mind, like a major renovation or debt consolidation, and want predictable payments from day one.

A HELOC (Home Equity Line of Credit) let's you draw funds as you need them within a five year draw period. You're approved for a maximum credit limit and can borrow, repay, and re-borrow during a set draw period. This flexibility makes a HELOC ideal for ongoing projects or expenses with unpredictable timing.

Most home equity loans and HELOCs close within 2 to 4 weeks from the time of application. The exact timeline depends on factors such as property appraisal scheduling, document verification, and title review. The LincOne lending team moves quickly to keep things on track so you can access your funds as soon as possible.

Closing costs typically cover fees for items such as property appraisal, title search, title insurance, and recording. The exact amount varies based on your loan size and location. Before you finalize anything, we'll provide you with a clear, itemized Loan Estimate so you have full visibility into every cost, no surprises at the closing table.

Draw Period — Years 1–5

Borrow from your line of credit as needed, up to your approved limit. During this phase you'll make interest-only or minimum payments on the outstanding balance. You have full flexibility to draw and repay multiple times.

Repayment Period — Years 6–17

Once the draw period closes, you enter a 12-year repayment phase. No additional draws are available. You'll make regular monthly payments of both principal and interest until the balance is fully paid.

Once your 5-year draw period ends, the line of credit closes and you will no longer be able to draw additional funds from it. If you'd like access to a new line of credit after that point, you would need to re-apply for a new HELOC. Our Relationship Advisor is happy to walk you through the process and discuss your options when the time comes.

No. We do not charge early termination fees on our home equity loans or HELOCs. If your situation changes and you need to close the loan ahead of schedule, you can do so without any additional cost.

No. There are absolutely no prepayment penalties. You're free to pay down or pay off your loan balance at any time, and every extra dollar you put toward principal saves you money on interest, with no fees to worry about.

No. We do not charge annual fees on our HELOCs. You can maintain your line of credit throughout the 5-year draw period without worrying about any recurring annual charge eating into your available funds.