Home Equity
Borrow only what you use
A Summit HELOC starts at 6.625% APR variable, reaches up to 90% of your home's value, and charges interest only on the balance you have actually drawn.
What makes a line different from a loan
A home equity loan hands you a lump sum on day one. A line sits there, costs nothing until you touch it, and lets you repay and reuse.
Interest only on what you draw
Open a $100,000 line, draw $18,000 for a roof, and you pay interest on $18,000. An untouched line costs you nothing at all.
Ten-year draw period
Draw, repay, and draw again for a full ten years. Then a twenty-year repayment period begins, with principal and interest amortized to zero.
Up to 90% of value
Combined loan-to-value up to 90%, counting your first mortgage. That is higher than the 80% most cash-out refinances allow.
No annual fee
No annual fee, no inactivity fee, and no charge to open a line under $250,000. Keep it open for the decade whether or not you ever use it.
Rates and structure
The rate is variable, tied to the Wall Street Journal prime rate plus a margin set by your combined loan-to-value and credit.
Rates current as of July 2026 and subject to change. Membership eligibility required. This is a demonstration website; rates, products, and figures shown are illustrative only.
A worked example
What the payment actually looks like
Take a $450,000 home with a $220,000 first mortgage. At 85% combined loan-to-value, your available line is about $162,500. Draw $40,000 of it for a kitchen and here is what happens.
Opening a line
Most HELOCs close in 18 to 25 days, and many skip the appraisal entirely.
Apply online
About fifteen minutes. We need your income, your first mortgage details, and your best estimate of what the home is worth.
Valuation and title
Lines under $250,000 at 80% or less usually clear on an automated valuation. Above that we order a drive-by or full appraisal at our expense.
Sign and draw
Close at a branch or with a mobile notary. After the three-day rescission period, transfer funds from online banking whenever you need them.
Common questions
What does variable rate really mean for my payment?
Your rate moves with the prime rate, so a Federal Reserve change flows through within a billing cycle. On a $40,000 balance, a half-point move is about $17 a month. The lifetime cap is 18.00%.
What happens when the draw period ends?
Your line closes to new draws and the balance converts to a twenty-year amortizing loan. Payments rise because you are now retiring principal, so plan for it rather than being surprised by it.
Are there closing costs?
Summit pays standard closing costs on lines up to $250,000. If you close the line within 24 months we recover those costs, typically $500 to $900, from the payoff.
Can I fix the rate on part of my balance?
Yes. You may convert up to three separate draws to a fixed rate for terms of five to fifteen years, at no charge. It is a good way to lock in the cost of a large renovation.
Does opening a line hurt my credit?
There is a hard inquiry at application. After that, an open unused line generally helps your available-credit picture rather than harming it.
Can I get a HELOC on a rental property?
Yes, on one to four unit investment properties, capped at 75% combined loan-to-value with a rate 1.00% above the primary residence tier.
Open it before you need it
A line costs nothing to carry unused, and it is far easier to open while your income is steady than during the month the roof fails.