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A Home Equity Line of Credit for Georgia Homeowners

A HELOC is a revolving line of credit secured by your home. It may let you put the equity you have built to work without replacing your existing first mortgage. Based in Atlanta, we help homeowners across Metro Atlanta, including Douglasville, Alpharetta, Marietta, and McDonough, and throughout Georgia statewide compare HELOC structures and other home equity options so the financing fits the goal.

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HELOC Basics, Answered Plainly

What is a HELOC?

A Home Equity Line of Credit, or HELOC, is a revolving line of credit secured by your property. During the draw period you can generally borrow from the available line, repay it, and potentially borrow again. Access, terms, payments, and availability depend on the selected program and underwriting approval.

Does a HELOC replace my current mortgage?

Not necessarily. Many HELOCs sit behind an existing first mortgage as a separate lien, which may allow you to keep your current first mortgage in place. Whether that structure fits depends on your loans, your equity, and the program.

How do I receive the money?

It depends on the structure. Some HELOCs let you draw funds as needed during the draw period. Others fund most or all of the line at closing and allow redraws as you pay the balance down. The structure comparison further down this page walks through the difference.

Is the rate fixed or variable?

Both structures exist. Many HELOCs carry variable rates that can move over time, and some current programs fund draws at a fixed rate instead. Which applies depends on the program you select, so it is one of the first things we compare with you.

Clear answers before you apply Options explained before you commit Local guidance for Georgia homeowners

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Start With the Structure That Fits Your Property

What type of property are you financing?

For Primary Homeowners

Flexible Draw HELOC

Borrow what you need, when you need it, and keep your options open.

Apply online in about a minute and see your options fast.
Draw only what you need during the draw period and pay interest on what you use, per program terms.
A digital process with UHome guiding your file from application through funding.

Availability, line amounts, rates, and terms depend on the program and are subject to underwriting approval.

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For Homeowners Who Want the Funds Now

Fixed Rate Draw HELOC

Your full line funds at closing, with a fixed rate locked on each draw.

Check your rate with a soft credit inquiry that does not affect your credit score.
Possible approval in as little as five minutes and funding in as few as five days for eligible loans.
Lines up to $750,000, with redraws available as you repay during the draw period.

An origination fee applies. A hard credit inquiry occurs only if you complete the full application. Eligibility, rates, and terms are set by Figure Lending LLC, NMLS 1717824, and are subject to its approval.

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For Investment Properties

InvestorEdge HELOC

Qualify on the property's rental income, not your personal income, with LLC vesting permitted.

Rental cash flow qualification for eligible investment properties.
No reserves required under current guidelines.
Your existing first mortgage may stay in place when the line sits as a separate lien.

Credit, cash flow, and equity requirements are higher for investment property lines and are confirmed during your review. Investment property lines may be business purpose transactions with different disclosures.

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A straight answer about which structure serves your goal, including when the answer is not a HELOC. No cost, no obligation.

Home Equity Loan Cash Out Refinance

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The Honest Picture

Why Some Homeowners Consider a HELOC

A HELOC is a tool, not a universal answer. Here is what draws homeowners to the structure, and what deserves a clear look before you commit.

Potential Benefits

May let you access equity without refinancing your entire first mortgage
On programs that allow partial draws, borrow only what you need
Interest is generally based on the amount drawn, when the program works that way
Available credit may be reused during the draw period, when permitted
Can fund projects or expenses over time as costs come in

Worth Weighing

Variable rates mean payments can rise, sometimes meaningfully
Your home secures the line, so the stakes are real
An additional monthly payment joins your existing obligations
Some programs fund most or all of the line at closing
Closing costs, origination fees, or annual fees may apply depending on the program

Common ways homeowners put a HELOC to work

Renovations and repairsDebt consolidationEducation expensesEmergency reservesBusiness needsInvestment opportunitiesMajor planned purchases

Permitted uses, property eligibility, and loan proceeds may depend on the selected program. Whether consolidating debt improves your position depends on rates, terms, and your habits going forward.

How It Works

How a HELOC Works, Step by Step

The general path from first estimate to funded line. Individual programs vary, and each step is subject to underwriting requirements.

Estimate your equity

Your home's value minus your mortgage balance and other liens points to the equity you may work with.

Apply

Submit your application for the program that fits your goal.

Verification

Complete income, asset, credit, property, and identity verification as the program requires.

Receive your line

If approved, you receive a line amount and terms set by the program.

Draw and repay

Use the line according to its structure and repay per your loan agreement.

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Two Main Phases

The Draw Period and the Repayment Period

Many HELOCs have two main phases: a draw period and a repayment period. Some structures operate differently, which is why the handoff between phases deserves attention before you borrow.

Phase	What Generally Happens
The draw period	You can borrow from the available line, repay, and potentially borrow again. Draw periods across our current programs commonly run 5 or 10 years, often with interest only payments available. Some programs fund most or all of the line at closing instead, with redraws as you pay it down. Structures vary and can change.
The repayment period	Borrowing generally stops and you repay the outstanding balance, typically through regular principal and interest payments. Repayment periods commonly run 20 to 25 years across our current programs, with total terms up to 30 years, confirmed during your review.
The handoff between them	When a draw period ends, payments often increase because principal repayment begins on whatever balance remains. Planning for that change before you draw is the single most useful habit a HELOC borrower can have.

A Simple Example

Equity Is Not the Same as Borrowing Room

The math starts simply: what the home is worth, minus what you owe. But borrowing room is smaller than total equity, because each program caps the combined total of all financing against the home, called the combined loan to value or CLTV.

An estimate is educational only. It is not an approval, an offer, or a guaranteed line amount.

Educational Example Only

Estimated property value$400,000

Existing mortgage balance$250,000

Equity in the home$150,000

Illustrative program cap: 90 percent of value$360,000

Potential borrowing roomUp to $110,000

This example uses our current highest program limit, available to eligible primary residence borrowers on certain programs. Lower limits apply to other profiles, occupancy types, and programs. Your actual room depends on your program, your full financial picture, and underwriting approval. Terms are subject to change.

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Our Current Range

What Our HELOC Programs Currently Cover

Because we work with multiple HELOC programs, available structures and eligibility requirements vary. Here is the span of our current menu. Each figure applies to eligible borrowers, is subject to underwriting approval, and can change.

Across Our Programs	Current Range
Credit scores	Options currently start for scores in the 600s, with stronger terms generally available at higher scores. Lower scores typically come with tighter equity limits and additional requirements.
Line amounts	Current programs range from $5,000 up to $1,000,000, depending on the program, credit profile, occupancy, and combined loan to value. Larger lines generally require a full appraisal.
Combined loan to value	Up to 90 percent for eligible primary residence borrowers on certain programs, with lower limits for second homes, investment properties, and other credit profiles.
Lien position	Both first lien and second lien HELOCs are available, so your existing first mortgage may be able to stay in place.
Occupancy	Primary residences, second homes, and investment properties each have current options, with requirements that differ by occupancy type.
Rate structures	Both variable rate lines and programs with fixed rate draws are currently available. Variable rates and payments can change over time.
How you can qualify	Traditional income documentation, bank statement options for eligible self employed homeowners, and rental income based qualification for eligible investment properties.

These ranges reflect our menu as a whole, not the terms of any single program, and requirements are confirmed during your review because program guidelines can change. Figures verified against current wholesale program guidelines as of July 2026.

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Know What You Are Comparing

Not All HELOCs Are Built the Same

Our current menu includes two distinct HELOC structures. The structure you choose can affect your interest costs, fees, payment flexibility, and how quickly you begin repaying the funds.

Criteria	Flexible Draw HELOC	Fixed Rate Draw HELOC
Funds at closing	Draw what you need, when you need it, during the draw period, subject to program minimums	Most or all of the line funds at closing, with redraws available as you pay the balance down
Rate structure	Variable, so the rate and payment can move over time	Draws carry a fixed rate set at the time of each draw
Reusing funds	Available credit may be reused during the draw period, when permitted	Redraws generally become available as the funded balance is paid down
Tends to fit	Staged costs like renovations and tuition, and homeowners who value flexibility	Homeowners who want the funds now with payment certainty on each draw
Worth weighing	Variable rate risk and the payment change after the draw period	Interest starts on the full funded amount right away, and fees may apply at funding

Each structure is subject to program requirements and underwriting approval, availability varies by state and property, and terms can change. We match the structure to your goal during your review.

More Than One Way to Qualify

Alternative Qualification Options

Not every homeowner's income fits neatly on a W2, and not every property is a primary residence. What matters is how your income is actually earned and documented, not your job title. Certain current programs may provide:

Bank statement qualification

Eligible self employed borrowers may qualify using bank statements instead of tax returns, with program requirements that apply.

Rental income based qualification

Eligible investment properties may qualify based on the property's rental income rather than the owner's personal income documentation.

Home equity financing on an investment property may be structured as a business purpose transaction rather than a consumer purpose loan, and different program requirements and disclosures can apply. We identify the financing structure that fits your property and intended use before anything moves forward.

Compare Your Options

HELOC vs Home Equity Loan vs Cash Out Refinance

None of these is automatically the best choice. The right one depends on how you want to receive funds, how predictable you need payments to be, and what happens to your existing first mortgage.

Criteria	HELOC	Home Equity Loan	Cash Out Refinance
How funds arrive	A credit line used during the draw period, structured per program	One lump sum at closing	One lump sum at closing from the new, larger first mortgage
Rate structure	Often variable; some programs offer fixed rate draws	Often a fixed rate for the loan term, depending on the program	Fixed or adjustable, depending on the loan selected
Reusing funds	Available credit may be reused during the draw period, when permitted	No. Borrowing again means a new loan	No. Borrowing again means another transaction
Your first mortgage	May stay in place when the HELOC sits as a separate lien	May stay in place when the loan sits as a separate lien	Replaced entirely, including its rate and terms
Often considered when	Costs arrive in stages and flexibility matters	The full amount is needed at once and payment certainty matters	Restructuring the whole mortgage may serve the larger goal
Worth weighing	Rate structure risk and the payment change after the draw period	Interest accrues on the full amount from day one	Your current first mortgage rate goes away with the old loan

Structures, rates, and availability vary by program and are subject to underwriting approval. We help you compare real numbers side by side before you choose.

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Eligibility and Fit

What May Affect Your Eligibility, and Whether a HELOC Fits

No single number decides a HELOC. Underwriters review the full picture, and the honest question is not only whether you qualify, but whether this structure serves your goal.

Available equity after existing liens Credit history and how you have managed obligations Income or another demonstrated ability to repay Existing monthly debts alongside the new payment Property type and condition Occupancy status of the home Current liens and where the new line would sit The line amount requested State and program availability Required documentation for your situation

When a HELOC may not be the right fit

You need a completely predictable paymentA fixed rate Home Equity Loan may fit better when certainty is the priority.

You plan to use the full amount immediately at a variable rateA lump sum structure may serve the same goal with more predictability.

There is not enough equity yetSometimes the honest answer is to wait and build more room first.

Another payment does not fit comfortablyA line you cannot comfortably service puts your home at risk.

Our job is not to sell you a HELOC. It is to help you find the home equity structure that fits, and to say so plainly when a different option serves you better.

A note on specific numbers

Some websites advertise exact credit scores, CLTV percentages, and line limits as if they apply to everyone. Real requirements vary and change, so during your review we confirm the current requirements that apply to you, for eligible borrowers and subject to underwriting approval. Our current program range above shows the honest span of the menu, and the right starting point for you inside it is something we work out together.

Working With UHome

How We Walk Through It With You

Tell us the goal

What you want to accomplish shapes everything that follows.

Compare structures

HELOC, Home Equity Loan, or refinance, compared with real numbers side by side.

Submit and verify

Provide the documentation your program requires and complete property and underwriting steps.

Review and close

We explain the key terms, costs, and tradeoffs before you decide how to proceed.

Payments and Timeline

What to Expect on Payments and Timing

How payments are generally calculated

During a draw period, many programs allow interest only payments, so your monthly payment is generally the interest charged on your drawn balance. When repayment begins, payments generally include principal and interest so the balance pays down over the repayment term. Variable rates can move payments up or down, and payments often increase when a draw period ends. Your exact payment structure depends on your program and is confirmed before closing.

How long it takes

Timelines vary by program and property. Digital options can move from application to funding in days when verification goes smoothly, while other programs take several weeks. We give you a realistic timeline for your specific program up front, before you commit to anything.

Why UHome

Local Guidance, Compared Before Recommended

Access to multiple lending options

As an independent brokerage, we compare home equity programs rather than fitting you into one shelf of products, supporting W2 earners, self employed homeowners, and investors alike.

Atlanta based, Georgia wide

We are headquartered in Atlanta and work with homeowners throughout Metro Atlanta and across Georgia. Loans That Get U Home is the standard we hold each recommendation to, including the recommendation to wait.

Alabama and Texas

We are also licensed in Alabama and Texas. Program availability can vary by state, so we confirm what applies to your property during your review.

Helpful next steps

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Questions, Answered

HELOC Frequently Asked Questions

What is a HELOC?

A Home Equity Line of Credit is a revolving line of credit secured by your home. During the draw period you can generally borrow from the available line, repay it, and potentially borrow again, subject to the program terms and underwriting approval.

Can I get a HELOC without refinancing my first mortgage?

Often, yes. Many HELOCs are structured as a separate lien behind your existing first mortgage, which may allow your current first mortgage to stay exactly as it is. Whether that structure is available depends on your equity, your existing liens, and the program.

How much can I borrow with a HELOC?

It depends on your home's value, your existing balances, the program's combined loan to value and line limits, and your overall qualification. You need enough equity that meaningful room remains after the program's limit is applied. Our current program range section on this page shows the span we work with, and your specific number is confirmed during your review.

Does a HELOC have a fixed or variable interest rate?

Both exist. Many HELOCs carry variable rates, which means the rate and payment can change over time, and some current programs fund draws at a fixed rate instead. Which structure applies depends on the program, so review the specific terms of any line you are considering before you commit.

What is the difference between a HELOC and a Home Equity Loan?

A HELOC is a revolving line you use during a draw period, often with a variable rate. A Home Equity Loan generally delivers one lump sum with a set repayment schedule, often at a fixed rate. The line tends to fit staged costs, and the loan tends to fit a single known amount with payment certainty.

What is the difference between a HELOC and a cash out refinance?

A cash out refinance replaces your entire first mortgage with a new, larger loan and delivers the difference in cash, which means your current first mortgage rate and terms go away. A HELOC may sit as a separate lien and leave the first mortgage in place. Which serves you better depends on your existing rate, the amount you need, and your bigger financial picture.

Do I pay interest on the entire credit line?

Generally interest is charged on the amount you have actually drawn, not the full approved line, when the program works that way. Some structures fund most or all of the line at closing, and interest on those begins on the funded amount. Confirm how your specific line charges interest and any fees before drawing.

Can self employed homeowners qualify for a HELOC?

Yes, self employed homeowners can qualify. Documenting self employment income sometimes takes a different path than a W2 file, and certain current programs may allow eligible self employed borrowers to qualify using bank statements instead of tax returns. We work with these files regularly.

Can a HELOC be used on a second home or investment property?

Options currently exist for second homes and investment properties, with requirements and equity limits that differ by occupancy type. Financing on an investment property may be structured as a business purpose transaction with different program requirements and disclosures, and we identify the structure that applies to your property and intended use before anything moves forward.

What documents may be required?

Programs generally ask for documentation covering income, assets, credit, identity, and the property, such as recent income records, mortgage statements, and homeowners insurance information. The exact list depends on the program and your situation, and we tell you what is needed before you gather anything.

What happens when the draw period ends, and can my payments change?

Yes, payments can change. They can move with your drawn balance and with rate movement on a variable rate line. When a draw period ends, borrowing generally stops, the repayment period begins, and payments often increase because principal repayment starts on whatever balance remains. Budgeting for a payment that can move is the safe way to plan.

Are there closing costs or fees for a HELOC?

Closing costs or fees may apply, and they vary by program. Some lines carry origination fees, annual fees, or other charges, and some include early closure terms. We walk through the full cost picture of any option before you choose it.

Is my home used as collateral?

Yes. A HELOC is secured by your property, and failing to meet the loan obligations can put the home at risk. That is why we spend real time on the fit question before anyone signs anything.

Still have a question? Call 404.919.5533 or Talk With A Loan Expert.

Important Things to Understand Before You Borrow

We would rather you read this before applying than discover it after closing. A HELOC is a serious financial commitment, and these points apply to nearly every line.

A HELOC is secured by your property, and failing to meet the loan obligations can put the home at risk
Variable interest rates and payments may increase over time
Closing costs, origination fees, or annual fees may apply depending on the program
Payments generally change when a draw period ends
Tax treatment of HELOC interest depends on your situation, so consult a qualified tax professional about deductibility
Final eligibility, terms, and line amounts are subject to underwriting approval, and program availability can change

Sources and Editorial Review

Consumer education sources

Reviewed by Coby Pegues, Founder and President, UHome Mortgage LLC, NMLS 2556341. Last reviewed September 2026.

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Ready When U Are

See What Your Equity Could Do

Tell us what you want to accomplish. Our team helps you compare a HELOC with your other home equity options and gives you a straight answer about what fits.

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Disclosures

General mortgage disclosure

This page is for educational purposes and is not a commitment to lend, an offer of credit, or an approval. Program requirements may vary. Eligibility depends on the complete borrower profile and is subject to underwriting approval. Additional requirements may apply.

Home equity program disclosure

A Home Equity Line of Credit is secured by your property. Failure to meet the obligations of the loan can put the property at risk. Many HELOCs have variable interest rates, and rates and payments may increase. Closing costs or fees may apply. Tax treatment of interest depends on the borrower's situation; consult a qualified tax professional regarding deductibility. Terms, availability, and line amounts are subject to program requirements and underwriting approval and may change without notice.

Licensing information

Coby Pegues, NMLS #2556341 · UHome Mortgage LLC, Company NMLS #2559453
Licensed in Georgia, Alabama, and Texas.

Equal Housing Opportunity

Equal Housing Opportunity.