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Home equity

Home Equity Loansand HELOCs in Virginia

Borrow against your home with a HELOC. Two options: one draws the full line at closing, one lets you draw as you go.

Start a HELOC applicationEstimate my equity
Kyle Kiss (NMLS 1820789, PRMG)NMLS #1820789

How I help with home equity

  • A fully online HELOC: full line at closing, then redraw.
  • A flexible HELOC with fixed or variable options: not forced to take the full line. A large share of the line at closing, then the rest.
  • Ask your loan officer whether a soft credit check is available for your situation.

No commitment required · Free consultation

Home equity loan vs HELOC

How you get the money

A closed-end home equity loan is usually one lump sum. A HELOC is a line of credit you draw from over time.

How payments work

A closed-end loan is typically repaid on a set schedule. A HELOC is drawn and then repaid, and the schedule depends on the line. Ask your loan officer how a specific HELOC is repaid.

Fixed or variable

A closed-end home equity loan is often a fixed option. A HELOC may be fixed, variable, or both. The fixed HELOC option draws the full line at closing and works like a loan.

Kyle doesn't offer a separate closed-end home equity loan. If you want a lump sum, the fixed HELOC option or a cash-out refinance may fit. See refinance options.

CFPB: Home equity lines of credit

HELOC figures

HELOC program figures
FigureA fully online HELOCA flexible HELOC with fixed or variable options
Max CLTVUp to 85% CLTV on a primary home.Up to 90% CLTV at 680+ FICO.
Minimum credit scoreMinimum FICO 640.Minimum FICO 640.
Loan amounts$25k to $400k (up to $750k on top tiers).Up to $750k on a 1st lien and $500k on a 2nd.
As ofProgram figures as of February 26, 2026. subject to change; confirm with your loan officer.as of August 27, 2026. subject to change; confirm with your loan officer.

No prepayment penalty on these two HELOCs.

Both of these HELOCs have 1st and 2nd lien options.

Kyle Kiss serves homeowners in Virginia, Maryland, and West Virginia, including Arlington, Fairfax, Vienna, Bethesda, and Alexandria.

Reviewed by Kyle Kiss, Mortgage Loan Officer, NMLS 1820789. Licensed in VA, MD, WV. Last reviewed October 28, 2026.

The Biggest Difference

Both are HELOCs. How you take and reuse funds is what sets them apart.

A fully online HELOC

The full approved line is disbursed at closing. As you pay it down, you can redraw available credit until the draw period ends.

A flexible HELOC with fixed or variable options

You are not required to take the full line at closing. A large share of the line is drawn at closing, then you can draw the rest when you need it.

Home Equity Programs

Choose the draw model and capacity that fit your project, then apply online or talk with us.

Online application path

A fully online HELOC

Full line funded at closing, then repay and redraw during the draw period.

Draw model: 100% of the line at closing; repay and redraw during the draw period
Best for: Homeowners who want the full line at closing and an online application
Speed / capacity: Timing depends on your property, valuation method, and title. Your loan officer will give you a realistic timeline.

Key benefits:

  • Ask your loan officer whether a soft credit check is available for your situation.
  • The valuation method depends on your file. Ask your loan officer.
  • No prepayment penalty.
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A flexible HELOC with fixed or variable options

Higher-capacity HELOC for more scenarios, guided with specialty underwriting.

Draw model: Not forced to take the full line at closing. A large share of the line at closing, then additional draws later.
Best for: Larger lines, more complex scenarios, or when you need specialty underwriting
Speed / capacity: Higher capacity paths (up to program max by lien/scenario); timeline varies

Key benefits:

  • Fixed or variable options, with 1st and 2nd lien options.
  • More room on capacity and scenario flexibility
  • Loan officer guided path. Start with Talk with us

Estimate your payment

The calculators live on the homepage.

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Common Uses

Home equity can fund projects and paydowns. Match the draw model to when you need the cash.

Renovations

Kitchen, roof, or ADU work. The fast HELOC fits when you need the full line at closing. The flexible HELOC fits when draws are spread out after closing.

Debt consolidation

Combine higher-interest balances into a HELOC payment when equity and credit support it.

Major expenses

Education, medical, or life events. Choose full funding up front or a large initial draw with room left.

How Home Equity Works

1

Estimate your equity

Use the calculator to see a ballpark of available equity after your mortgage balance.

2

Choose a HELOC

One option draws the full line at closing, then you can redraw. The other is a flexible HELOC with fixed or variable options and is not forced to take the full line at closing.

3

Apply online or talk with us

For the fully online HELOC, apply on the secure PRMG portal. For the flexible HELOC, or if you are unsure, talk with a loan officer using the contact form. We will guide the next step.

Apply Now
4

Close and fund

Complete closing, receive funds per your product’s draw rules, and use redraws during the draw period when available.

Key facts about home equity

Home Equity FAQ

What is the difference between the two HELOCs?

The fully online HELOC funds the full approved line at closing, and you can repay and redraw during the draw period. The flexible HELOC does not require taking the full line at closing. A large share of the line is drawn at closing, and you can draw the rest later. It is guided with specialty underwriting.

Should I use a HELOC or a cash-out refinance?

A cash-out refinance replaces your first mortgage with a larger loan. A HELOC is a separate line against equity and can fit shorter-term or staged funding needs. Compare both. Start with Talk with us or see our Refinance page.

How does redraw work?

After the full line is funded at closing, payments free up available credit. During the draw period you can request additional draws on that available balance, subject to the product rules. Ask your loan officer.

When is the flexible HELOC a better fit?

When you need higher capacity, a more complex scenario, or specialty underwriting, and a large share of the line at closing fits better than drawing the full line. It is not limited to a tiny draw on day one.

Does looking at these HELOC options hurt my credit?

Whether a credit check happens depends on your file. Ask your loan officer whether a soft credit check is available for your situation.

What affects how long a HELOC takes?

Timing depends on the valuation method, title work, and the property. Ask your loan officer whether an appraisal is required. This page does not promise a timeline.

Plain-language guides for Virginia borrowers, with official sources.

Ready to unlock your equity?

Apply online for the fast HELOC, or talk with us if the flexible HELOC or a guided conversation is a better fit.

Apply Now
Prefer to talk? Call 571-648-7881 or send a message