The flexibility you need, from a lender you trust
Whether you’re remodeling, paying your child’s college tuition, or want to consolidate your debt1, the flexibility and convenience of a variable rate Home Equity Line of Credit could help. You can use it as a revolving line and pay interest only on the amount you borrow2. Easily access your line of credit by writing a check or call us for a wire transfer3.
The interest rate4 and credit limit are based on several factors, including your income, assets, the equity in your home and your credit (FICO) score.6
Home Equity Credit Line Amounts and APR*
$150,000 and Above
$100,000 to $149,999
$50,000 to $99,999
$25,000 to $49,999
* Annual Percentage Rate
All lines are subject to credit approval, verification, and collateral evaluation and are originated by TIAA-CREF Trust Company, FSB. Products may not be available in all states and are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
1 While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity line of credit will require you to give us a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid over the term of the line.
2 After 10 years, any remaining balance is amortized over a 15-year repayment period that will not require a balloon payment
3Fees may be charged.
4 Home Equity Line of Credit interest rates are variable based on The Wall Street Journal Prime Rate plus or minus a margin. As of 12/15/16, line of credit APRs ranged from 3.875% to 13.615% based on the amount of equity in your home, the approved credit limit, your credit history, and your ability to repay debt. The minimum APR that will be imposed is 2.99% and the maximum is 18.00%. TIAA Direct will pay many closing costs except mortgage taxes, intangible taxes, recording fees, city/county/state tax stamps, transfer tax/ stamps, mortgage certificate and per loan fees which the borrower will pay as required. TIAA Direct will pay for title insurance (lender’s and owner’s coverage), if required, on home equity lines of credit that are less than $250,000; if the amount borrowed is greater than $250,000, the borrower is responsible for all title insurance fees. To open a typical line of credit of $125,000, borrower closing costs are estimated to range from $367 - $3,745 depending on the geographic location of the property. Additional restrictions apply in Texas. At the borrower’s expense, property insurance is required and if applicable, flood insurance is required.
5 Consult a tax advisor regarding interest deductibility.
6 Interest rate and credit limit for a Home Equity Line of Credit are based upon several factors, including an applicant’s income, assets and property appraisal and credit (FICO) score. Typically FICO scores fall into these categories: Excellent Credit — scores of 780 or higher, Good Credit — scores from 740 to 779, Average Credit – scores from 700 to 739, and Fair Credit — scores from 660 to 699.
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With a home equity line of credit (HELOC), you'll be able to borrow funds as needed up to your credit limit. You'll receive a checkbook after closing to borrow funds from your line as you need them. The interest rate is variable and you will only pay interest on the amount you use. You'll receive a monthly statement if you have activity on your account.
This depends on determining the available equity in your home and on your personal financial situation. A variety of factors, including state regulations, affect the amount you can borrow. Contact an experienced Mortgage Consultant at 844-248-2360.
Through home equity checks and wire transfers. You’ll receive a checkbook after closing to borrow funds from your line as you need them. There may be fees associated with wire transfers. Call 844-248-2360 to talk to an experienced Mortgage Consultant about the ways you would be able to access your line.
We will determine the value by ordering an appraisal of the property.
Many homeowners use the equity in their home to pay for home improvements, cars and trucks, weddings, vacations, college tuition, or to consolidate existing debt.*
* While consolidation may decrease your overall monthly payment obligations, refinancing pre-existing debt with a home equity loan/line will require you to give us a security interest in your home and may increase the total number of monthly debt payments, as well as the aggregate amount paid over the term of the loan.