Home Equity Line of Credit (HELOC)
Need funds for home improvements, debt consolidation or other major expenses? A home equity line of credit from Emprise has competitive HELOC rates with a 7-year draw period. Apply online or visit one of our 30+ Kansas and Missouri branches.
A home equity line of credit (HELOC) is a loan that lets you borrow against the value you’ve built in your home, giving you flexible access to funds for renovations, debt consolidation or large expenses. With a HELOC, you draw funds as you need them during your draw period and pay interest on what you use. Once the draw period ends, you’ll start paying your loan principal plus interest.
Apply for a HELOC online in less than 10 minutes.
Why a HELOC from Emprise?
Flexibility: With a line of credit and a 7-year draw period, you have the flexibility to use the amount you need when you need it.
Easy Access: If you have a deposit account with us, simply use online banking or the mobile app to transfer funds from your line of credit to your Emprise checking or savings account when you're ready.
Reusable: Like a credit card, as you pay down the balance on your HELOC, you can reuse the available balance.
Rates and Fees: Competitive home equity line of credit rates as low as 6.50% APR*. Origination fee starting at $299, with no closing costs (unless we need an appraisal to confirm the value of your home).*
Local Loan Advisors: Our local loan advisors can answer questions and talk through options with you. We make chatting with us easy by phone, email and online chat. You can also visit one of our 30+ branches across Kansas and Missouri.
*Promotional variable Annual Percentage Rate (APR) starting at 6.50% is available for qualified applicants with 80% LTV or less for the first 12 months. After the promotional period, APR adjusts to the standard variable rate, which may be as low as 7.75%. Minimum loan amount $5,000. APR is variable and based on the Prime Rate as published in The Wall Street Journal. Funds may be drawn for up to 7 years with interest‑only payments, followed by a 10‑year repayment period with principal and interest.
All loans are subject to credit approval. Offers valid through June 15, 2026. Your actual Annual Percentage Rate (APR) will be based on credit history, loan amount, and other factors. Origination fees start at $299. Existing Emprise loans are not eligible. Maximum combined loan‑to‑value (LTV) is 89%. A full appraisal may be required and could result in an additional fee. Property insurance is required.
What Can You Use a HELOC for?
You can use funds from a HELOC for major expenses such as:
- Home Improvements like major remodeling and upgrades.
- Debt Consolidation to save money on high-interest credit cards or personal loans.
- Education Expenses such as tuition or housing for you or your children.
- Major Medical Expenses such as surgeries or treatments.
- Emergency Funds to cover car repairs, appliance replacements and other unexpected expenses.
Two HELOC Options from Emprise Bank
| EZ HELOC | Standard HELOC | |
|---|---|---|
| Loan Amounts | $5,000 - $24,999 | Over $25,000 |
| Appraisals | No appraisal in most cases* | May be needed to confirm home value |
| Turnaround | Typically closes within 24-48 hours | Typically closes within 20 days, subject to appraisal requirements |
| EZ HELOC | |
|---|---|
| Loan Amounts | $5,000 - $24,999 |
| Appraisals | No appraisal in most cases* |
| Turnaround | Typically closes within 24-48 hours |
| Standard HELOC | |
|---|---|
| Loan Amounts | Over $25,000 |
| Appraisals | May be needed to confirm home value |
| Turnaround | Typically closes within 20 days, subject to appraisal requirements |
How Does a HELOC Work?
A home equity line of credit (HELOC) works differently than most loans and understanding that difference can help you use it with confidence. The HELOC basics:
- Loan structure: A HELOC is a line of credit with a draw period (where you access funds and can make interest-only payments) and a repayment period (where you repay both principal and interest on the remaining balance). Your loan payments can increase when you move from the draw period to the repayment period, so you’ll want to plan ahead. This is different from a traditional loan where you get a lump sum and make payments on the principal plus interest.
- Cost: A HELOC has a variable interest rate, meaning the interest rate can go up or down. Your payment may change as the interest rate changes.
- Risk: A HELOC is secured by your home, so borrow with a clear repayment plan.
We’re here to answer your questions and discuss options so you can move forward with confidence. Contact your local Emprise loan advisor for more information.
Learn more about the differences between a HELOC vs a Home Equity Loan.
HELOC or Home Equity Loan: What’s the difference?
| Home Equity Loan | Home Equity Line of Credit (HELOC) | |
|---|---|---|
| How You Get Funds | Borrow as needed from a revolving line of credit for 6 months (then any remaining balance is a fixed-rate loan) | Borrow as needed from a revolving line of credit for 7 years |
| Interest Rate | Fixed | Variable (tied to Prime Rate) |
| Repayment | Interest-only during draw period, then principal + interest | Interest-only during draw period, then principal + interest |
| Revolving Draw Period | 6-month access period; followed by fixed payments on the remaining balance. | 7-year access period; followed by a 10-year repayment period |
| Best For | Specific, one-time expenses with known costs | Ongoing or unpredictable expenses |
| Payment Predictability | Consistent monthly payments | Payments can change as interest rates change |
| Flexibility | High. Borrow, repay, and borrow again during draw period | High. Borrow, repay, and borrow again during draw period |
| Home Equity Loan | |
|---|---|
| How You Get Funds | Borrow as needed from a revolving line of credit for 6 months (then any remaining balance is a fixed-rate loan) |
| Interest Rate | Fixed |
| Repayment | Interest-only during draw period, then principal + interest |
| Revolving Draw Period | 6-month access period; followed by fixed payments on the remaining balance. |
| Best For | Specific, one-time expenses with known costs |
| Payment Predictability | Consistent monthly payments |
| Flexibility | High. Borrow, repay, and borrow again during draw period |
| Home Equity Line of Credit (HELOC) | |
|---|---|
| How You Get Funds | Borrow as needed from a revolving line of credit for 7 years |
| Interest Rate | Variable (tied to Prime Rate) |
| Repayment | Interest-only during draw period, then principal + interest |
| Revolving Draw Period | 7-year access period; followed by a 10-year repayment period |
| Best For | Ongoing or unpredictable expenses |
| Payment Predictability | Payments can change as interest rates change |
| Flexibility | High. Borrow, repay, and borrow again during draw period |
HELOC FAQs
A HELOC is a line of credit that gives you access to a set amount of credit based on your home’s equity. Like a credit card, you are approved for a maximum amount or credit limit. You can borrow money, pay it back, and borrow again as needed during the draw period.
During your initial draw period (up to 7 years with an Emprise HELOC) you’ll be required to pay interest on the amount you borrow. During the repayment period (10 years for an Emprise HELOC), you’ll stop borrowing money and start paying back both the principal and interest.
Note: You may make additional payments on the principal you borrowed during the draw period, which can help reduce your balance before the repayment period begins.
- We review your credit history, income, debts (debt-to-income ratio), the requested loan amount, and other factors.
- Your available credit is based on your home’s value and existing mortgage balances. Maximum combined loan-to-value (LTV) is 89%, including prior mortgages or liens.
- The property must be owner-occupied and property insurance is required.
- All loans are subject to credit approval.
- For details on your situation, contact a local Emprise loan advisor or visit one of our 30+ Kansas and Missouri branches.
A draw period is the amount of time you have to pull money from your line of credit; Emprise offers a 7-year draw period. The repayment period comes after the draw period, when you’ll begin repaying what you borrowed plus interest.
The draw period gives you the flexibility to take funds as needed. That flexibility can be helpful, especially for projects that take place in phases (such as a kitchen renovation followed by a new master suite) or expenses with changing or unknown costs (such as medical procedures). You’ll be required to make interest-only payments during the draw period, which can keep your monthly payments lower but means your principal won’t decrease.
Once the 7-year draw period ends, you’ll begin repaying both principal and interest on any remaining balance. Emprise has a 10-year repayment period with a variable interest rate. Your monthly payment may increase or decrease depending on the rate, so planning ahead for this transition can help you avoid surprises and stay in control of your budget.
A variable interest rate is a rate that’s tied to an index that can go up or down over time. We will walk you through how your rate is determined so you can understand what to expect and make informed decisions.
Your credit limit is based on the value of your home minus how much you still owe on your mortgage. Not sure how much equity you have in your home? Contact a local lender for help with an estimate.
A HELOC is tied to your home. It can be a great option to pay for home renovations, consolidating high-interest debt or covering major expenses. Because your home is used as collateral, it’s important to borrow with a clear plan for repayment.
If you’re not sure whether a HELOC or another loan option fits your situation, we’re here to help you think it through. Contact a local Emprise lender or visit one of our 30+ Kansas branches with your questions.
Apply for a Home Equity Line of Credit Online in Less Than 10 Minutes