Using your home equity line of credit funds

If you own a home, you’ve got equity—the difference between its value and the remaining balance you owe on your mortgage. A HELOC is a revolving line of credit that’s secured by this equity. 

At Associated Bank, getting a HELOC can be very easy. We include a HELOC payment calculator on our website to help you determine how much home equity you’ll be eligible for and what your monthly payments may be. From there, you can apply online or meet with one of our lending experts.

Your HELOC is ready-now you can put those funds in play.

Once your home equity line of credit has been approved and opened, you're probably eager to start using it. Here's how you can access those funds right away. 

When you sign in to Associated Bank Digital*—either from your home computer or your mobile device—you’ll see an overview of all your accounts. Your HELOC is listed under the Loans & Credit section.

Click on the Transfers icon at the bottom of the screen. From there, follow the instructions to move your available funds to your Associated Bank Checking account.

If you don’t use digital banking or would rather get one-on-one assistance, call our Customer Care team at 800-236-8866, or stop into any local branch to complete a transfer/draw.

Don’t forget the repayment part: HELOC basics to keep in mind

• A HELOC is a revolving line of credit. When you use it to make purchases, your balance increases and your available balance decreases. By making regular payments toward that balance, you’ll free up more usable credit.
• HELOCs are divided into two periods. The first is the draw period, when you can access the funds you need and make interest-only payments on just the amount you’ve used. The length and terms of the draw period depends on your HELOC.
• There’s no penalty for paying off your HELOC balance early, including on the principal. Not only does this reduce what you owe, it frees up more credit for you to use.
• On top of that, your interest-only payments during the draw period may be tax-deductible. Consult your tax advisor for details.
• The second period is the repayment period, which can last up to 20 years, depending on your HELOC terms. Those monthly payments will include both principal and interest.