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What is a HELOC?

home equity line of credit

A HELOC, or Home Equity Line of Credit, is a type of revolving credit that is secured by borrowers’ home equity. Essentially, a HELOC allows homeowners to borrow money against the equity they have built up in their home. HELOCs can be used for a variety of purposes, such as home renovations, debt consolidation, or other expenses.

HELOCs typically have variable HELOC interest rates, which means that the rate can fluctuate over time. HELOC’s also usually have a draw period during which you can access funds, and a repayment period during which you have to pay back what you have borrowed.You can choose the best home equity line of credit for you.

How does a HELOC Work?

A HELOC works by allowing homeowners to borrow money against the equity they have built up in their home. It works like a credit card secured (or collateralized) by the property. Here are the basic steps of how a HELOC works:

  • Apply for a Home Equity Line of Credit: Homeowners can apply for a HELOC with a lender, such as a bank or credit union. The lender will evaluate the homeowners’ credit scores, income, and the amount of equity they have in their home to determine if they are eligible for a HELOC.
  • Establish a credit limit: Once approved for a HELOC, the lender will establish a credit limit based on the homeowners’ equity in their home and other factors. This credit limit is the maximum amount the homeowner can borrow from the HELOC.
  • Draw funds from the HELOC: Homeowners can draw funds from the HELOC as needed, up to the established credit limit. This can be done by writing a check, using a credit card or debit card linked to the HELOC, or transferring funds online.
  • Repay the HELOC: After drawing funds from the HELOC, homeowners must make monthly payments to repay the borrowed amount, plus interest. HELOCs typically have a variable interest rate, which means that the interest rate, and thus monthly payment, can change over time.
  • Repay the HELOC: After drawing funds from the HELOC, homeowners must make monthly payments to repay the borrowed amount, plus interest. HELOCs typically have a variable interest rate, which means that the interest rate, and thus monthly payment, can change over time.
heloc mortgage

Boris Cherner Mortgage Lender

Purchasing or refinancing your home is a complex undertaking that involves a number of participants and variables. I have been in the mortgage industry since 1997 and I understand the anxiety that comes with making the most expensive investment of a lifetime. My objective is to be your advisor, to educate you and to make the mortgage loan transaction as transparent and as stress-free as possible. I enjoy establishing personal connections and work mostly by referral. I thoroughly explain the process and available options, and guide my clients to make choices that best fit their needs and financial goals. Once the underwriting begins I communicate regularly and keep my clients apprised of the loan status from the beginning through the end. My relationship with clients does not end at the closing table. You are my client for life and I am always available to answer your questions and provide you with guidance.

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Advantages and Disadvantage of a Home Equity Line of Credit

There are some pros and cons of HELOC for homeowners. Here are some of the key pros and cons to consider:


  • Lower interest rates: HELOCs usually have lower interest rates compared to other types of loans, such as personal loans or credit cards, because they are secured by the borrowers’ real estate property.
  • Flexibility: With a HELOC, homeowners can draw funds as needed, up to the established credit limit, and only pay interest on the amount borrowed.
  • Tax benefits: Depending on the borrowers’ circumstances, interest paid on a HELOC may be tax-deductible.
  • Can increase home value: Using a HELOC to pay for home renovations or improvements can increase the value of the home and potentially provide a return on investment.


  • Risk of foreclosure: Because a HELOC is secured by the borrowers’ property, failure to make payments can result in the borrower losing their home.
  • Variable interest rates: HELOCs often have variable interest rates that can change over time, which can result in higher monthly payments.
  • Fees and closing costs: HELOCs can have fees and closing costs associated with them, which can add to the overall cost of the loan.
  • Temptation to overspend: The ability to draw funds as needed can be a temptation to overspend, which can lead to increased debt and financial strain.

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Who is a HELOC Best For?

A HELOC can be a good option for homeowners who have built up equity in their home and have a specific need for funds. Here are some situations in which a HELOC may be a good fit:

  • Home renovations: Homeowners who want to make improvements to their home, such as adding a new bathroom or updating the kitchen, may find a HELOC to be a good option. The funds can be used to pay for the renovations, and the increased home value can potentially provide a return on investment.
  • Debt consolidation: Homeowners who have high-interest debt, such as credit card debt, may be able to use a HELOC to consolidate their debt and potentially save money on interest.
  • Emergency expenses: A HELOC can provide a source of funds for unexpected expenses, such as medical bills or car repairs.
  • Education expenses: Homeowners who have children attending college or who are pursuing their own education may find a HELOC to be a good option for paying for tuition and other expenses.
  • Business expenses: Homeowners who own a business or are self-employed may want to use a HELOC for financing business expenses.

HELOC in Place of New Purchase Down Payment

It is possible to use a HELOC to make a larger down payment on a new home and avoid paying PMI (Private Mortgage Insurance). There are some important considerations to keep in mind:

  1. Lenders may have restrictions: Some lenders may not allow you to use a HELOC as a down payment, so it is important to check with your lender before making any plans.
  2. Increased debt load: Taking on a HELOC to use for a down payment will increase your overall debt load and monthly payments. Be sure to carefully consider your ability to make the HELOC payments in addition to your mortgage payments.
  3. Interest rate: The interest rate on a HELOC may be higher than a traditional mortgage, so be sure to compare the rates and terms of different options to ensure that you are making the best choice.
  4. Market conditions: If housing prices are rising quickly, using a HELOC for a down payment may make sense as it could help you secure a property before prices increase further. However, if the housing market is unstable or declining, using a HELOC for a down payment could put you at risk of owing more than the value of the home.

HELOCs Reviews

15:50 08 Sep 23
Boris was great to work with and always available.
Chris NChris N
17:27 30 Aug 23
Boris is my go-to guy when I need to get a loan. He was highly recommended in one of the professional forums.When the rates went down and his organization's policy did not allow the rate adjustment, he put my best interest first and let me know that I could look at other options outside. That's when I knew that he would do what was best for his customers.In my recent complex loan, Boris was a problem solver and guided me through a successful closing. He is very knowledgeable and quick to respond. I have recommended him to all my friends and contacts.
Rubén Meana PañedaRubén Meana Pañeda
11:04 05 Jul 23
Boris was recommended to us by some neighbors. We refinance our house mortgage with him and the experience was great. He help us on all the steps along the way and he is always eager to give us good advice. We recommend him and we will keep using his services in the future.
Julie GuffeyJulie Guffey
23:37 17 Apr 23
Recommended by a close friend of mine, I reached out to Boris for assistance in purchasing a home. I was impressed from the first time we spoke. His knowledge and professionalism exceeds any expectations I had. Boris was quick to respond, answer any questions, and be there whenever I needed him throughout the entire process. He did everything for me possible which made the process simple for me. I would recommend Boris to anyone! He is reliable, trustworthy and exceptional in his field!
Jay StrongJay Strong
15:11 27 Mar 23
Boris helped me buy two homes and refinance one. He is both professional and competent. Most important of all, he is an honest man. I highly recommend using him!
prathap prabakarprathap prabakar
18:52 08 Mar 23
Davy ChienDavy Chien
16:50 04 Mar 23
Boris is very professional and get our loan refinanced done on time and easy
Laxman PaladuguLaxman Paladugu
18:56 01 Mar 23
Boris is one of most experienced and knowledgeful mortgage professional. In my refinancing process he explained each and every step very clearly and supported me in complete process with 100% transparency. I would work with him again and recommend to others!
David KleinDavid Klein
17:29 01 Mar 23
Boris was recommended to me a couple years ago by my daughter. He was exceptionally easy to work with and kept us informed every step of the way. When interest rates went down .5 he recommended a streamline refi. Which was even easier. I strongly recommend Boris if you are looking for a loan, VA or otherwise.
PJ HamidiPJ Hamidi
22:10 11 Dec 22
I've had excellent experiences with Boris, both on the refinance side and the new home mortgage side. He has always been very responsive, patient, clearly communicative, informative, and able to provide the most competitive rates. I'd highly recommend working with him.
Adrian PirvuAdrian Pirvu
16:57 11 Dec 22
Boris is an absolutely exceptional Mortgage Banker! He has helped me through two mortgage refinances and my father-in-law through one. Because I had such a great experience with him through my first refinance, I specifically sought him out when I was looking for my second and when my father-in-law was looking to complete his. Boris goes above and beyond for his clients and he always ensures that their best interests are the top priority.You will not find a better Mortgage Banker than Boris!
Mukul MehtaMukul Mehta
03:36 09 Dec 22
Boris is one of the most seasoned and experienced mortgage professional I have ever worked with. He patiently explained to me the mortgage refinance process, answered every question I had in detail and never pressured me to make a decision. He is equally great with paper work and ensuring the mortgage process completes on time without any issues. I will highly recommend Boris Cherner whether you are a first time home buyer or refinancing your property.
Gene KGene K
21:16 08 Dec 22
Boris was a wonderful person to work with during my first home-buying experience. He got me the best rates while also being incredibly patient and supportive, educating me and guiding me every step of the way. He let me know exactly what to expect and there were no surprises at any point during the purchase and lending process. He made sure the process was smooth and painless, and was constantly in touch from start to end so things could move along. I highly recommend Boris!
Clement JosephClement Joseph
19:46 08 Dec 22
I have refinanced my home loan 2 times with the help of Boris. He is such a patient person who is never tired of answering your queries.He also knows the stuff he's doing.I had recommended Boris to atleast 15 people in my community and everyone got the best support
Anya ChugunovaAnya Chugunova
19:37 08 Dec 22
I worked with Boris and his team on mortgage refinance of my home. The level of care, attention to detail, and professionalism demonstrated by Boris far surpassed my expectations. I really appreciated his knowledge, honesty and transparency throughout the mortgage refi process. Boris stays on top of every detail and is there for you every step of the way to answer any questions and address any concerns. I highly recommend Mr. Cherner and his team for all your mortgage needs!! A++++++
Abdul KhanAbdul Khan
19:09 08 Dec 22
I have had the pleasure of working with Mr. Cherner for the home mortgage needs, and the satisfying experience leading to recommend my two other friends - who also had similar thoughts and an enjoyable experience. What stood out to me was his advise on getting the best rates, but also hand-holding at every step on the documentation needs (which becomes overwhelming). If you are in the market looking for for experience and good value, reach out to Boris. I hope you will not be disappointed.
sangrae josangrae jo
15:17 30 May 22
I was lucky enough to meet Mr. Boris in my real estate investment journey during the last 5 years. I worked with him for my 3rd primary residence refinance loan and 4th primary residence loan. I had excellent outcomes from both. I am very happy with that and definitely, I really want to work with him for my future homes for sure.As a customer, I always think communication is the top priority. Whenever I had some questions and needed some advice on my loan options, he was always there and answered quickly within an hour during business hours. Last time, I had some emergency matter during weekends with my loan and he definitely spent his off-duty time for helping me out. I am so sorry about that sincerely.With that being said, he is a very professional and subject matter expert. He always had many options and guided me with the best option in my situation. Also, his loan rate is very competitive to other loan companies. It tremendously supported my real estate investment journey.

HELOC Requirements

Home equity line of credit requirements can vary depending on the lender, but here are some general requirements that homeowners can expect:

  1. Sufficient home equity: In order to qualify for a HELOC, homeowners must have sufficient equity in their home. Typically, lenders require that homeowners have at least 15-20% equity in their home, but this can vary.
  2. Good credit score: Lenders will evaluate the homeowners’ credit scores to determine their eligibility for a HELOC. Generally, a higher credit score will result in better terms and a lower interest rate. Cost of HELOC can vary.
  3. Adequate income: Lenders will want to see that homeowners have a stable source of income and are able to make the monthly payments on the line of credit home equity.
  4. Appraisal: Lenders will require an appraisal of the home to determine its current market value and to calculate the amount of equity the homeowners have in the home..
  5. Other requirements: Lenders may have additional requirements, such as a minimum loan amount or a maximum debt-to-income ratio.

How to Get a Home Equity Line of Credit

Here are the general steps to get a HELOC:

  • Check your credit score: HELOC lenders will look at your credit score to determine your eligibility for a HELOC and the terms you will qualify for. Check your credit score and credit report to ensure there are no errors or issues that could affect your ability to get a HELOC.
  • Determine your home equity: Lenders will require that you have sufficient equity in your home to qualify for a HELOC. To determine your home equity, subtract your outstanding mortgage balance from the current value of your home.
  • Shop around: Research different lenders to compare the terms and fees of their HELOC options. Look at interest rates, fees, repayment terms, and other factors that could affect the cost and flexibility of the loan.
  • Apply for the HELOC: Once you have chosen a lender, you can apply for the HELOC. You will need to provide documentation of your income, employment and other financial information. The lender will also require an appraisal of your home to determine its current value.
  • Approval and closing: If you are approved for the HELOC, the lender will provide you with a credit limit based on the amount of equity in your home. You can then draw funds from the credit line as needed. The closing process will involve signing the loan documents and paying any closing costs and fees.

Apply for a Home Equity Line Of Credit

heloc loan

A HELOC can serve as a great financial tool, but you need to carefully review the requirements of different lenders and to compare the terms and fees of different HELOC options before applying for one.

Please remember that a HELOC is secured by your property and failure to make payments on a HELOC can result in the loss of your home, so it is important to carefully evaluate your financial situation and ability to make the payments before taking out a HELOC. Please reach out to me, Boris Cherner, a mortgage lender, for additional information on HELOCs at 312-296-4175 or email me at Additionally, I offer a variety of mortgage options to suit your needs, including adjustable-rate mortgages, FHA loans, fixed-rate mortgages, Jumbo loans, VA loans, and more. Together, we can explore and select the perfect mortgage solution tailored to your financial situation and goals. I lend in all 50 states and I am never too busy for your referrals!!

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Is HELOC a good idea?

A HELOC can be a great idea if you have equity in your property and wish to use it for making home improvements, purchasing bit ticket items, consolidating debt, paying for education or business expenses.

How do I qualify for a HELOC?

Applying for a HELOC is similar to applying for any other mortgage loan. You need to meet the lender’s credit, income and equity requirements. Once approved, the lender will provide you with a credit limit and you draw funds as necessary.

How much HELOC can I get?

The HELOC amount that you can get depends on the amount of equity you have in your property and your credit and income qualifications. Once the lender reviews your situation they will determine the size of the credit line you qualify for.

How are HELOC payments calculated?

Monthly payments on the HELOC are based on the amount drawn and not on the total amount of the HELOC. If no funds are drawn on the HELOC then no monthly payment is required.

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4601 Creek Shore Drive, Rockville, MD, 20852