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Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC)

Tap into the value of your home—whether you’re a U.S. resident or global borrower—with a flexible line of credit up to $5 million.

Unlock Your Home Equity with a Flexible HELOC – Borrow Up to $5 Million

Looking to fund renovations, consolidate debt, or expand your investment portfolio? New Omni Bank’s Home Equity Line of Credit (HELOC) lets you borrow against your home’s equity—with flexible terms and loan amounts up to $5 million.

Whether you’re a U.S. resident or a non-resident using foreign income, our HELOC solutions are designed to help you act on financial opportunities.

What is HELOC?

A HELOC is a revolving line of credit secured by your home. Like a credit card, you can borrow funds as needed during the draw period and only pay interest on the amount you use.

Many borrowers use a HELOC for planned upgrades, unexpected expenses, or to leverage equity as the down payment on a second home or income-generating property.

Who Should Consider a HELOC

U.S. Citizen, Permanent Resident, Non-Permanent Resident, or Foreign National
Clients seeking liquidity without refinancing
Borrowers leveraging second homes or investment properties
High-net-worth homeowners needing large credit limits

What You’ll Need

To apply for a HELOC, you’ll typically need:

Sufficient equity in your property
Strong credit (typically 680+ FICO)
Proof of legal residency or visa (if non-citizen)
Property ownership documentation
Basic income verification or asset documentation

Key Features at a Glance

Property Types

Primary residences, second homes, and investment properties

Eligible Properties

Single-family homes, 2–4 unit buildings, PUDs, and warrantable condos

Loan Amounts

From $100,000 to $5 million

Use of Funds

Renovations, investments, major purchases, or business needs

Why Borrowers Choose New Omni Bank

Available to international and domestic clients
HELOCs offered for primary, second home, or rental use
Borrow against your home equity without refinancing
Bilingual Relationship Bankers fluent in Mandarin, Cantonese, and English
Local market expertise and faster decision-making

Ready to take the next step toward your new home?

Talk to a mortgage specialist today to explore your best financing options.

New to Buying a Home in the U.S.?

Explore our step-by-step guide for international and first-time U.S. homebuyers.

Read Now

Frequently Asked Questions About HELOCs

1. How exactly does a HELOC work?

When approved for a HELOC, you receive a maximum credit limit based on the value of your home and the amount of equity you’ve built. During the draw period (typically 5 to 10 years), you can access funds as needed and pay interest only on the amount used. After this, you enter the repayment period—often 10 to 20 years—where you begin paying down the principal and any remaining interest.

2. What’s the difference between a HELOC and a home equity loan?

Both let you borrow against home equity, but:

A HELOC is a flexible, revolving credit line with a variable rate, where you borrow as needed.
A home equity loan gives you a lump sum with fixed payments and a fixed rate.

Your choice depends on whether you prefer predictable payments or flexible access to funds.

3. Can I pay off my HELOC early?

Yes. Most HELOCs have no prepayment penalties, so you can repay the full balance anytime. Some lenders may charge a closure fee if the account is paid off and closed soon after opening, so check your agreement.

4. Is a HELOC a second mortgage?

It can be. If you already have a primary mortgage, your HELOC is typically a second lien against the property. If your home is fully paid off, the HELOC may be in first position.

5. Does a HELOC require an appraisal?

Yes, most lenders require an appraisal to confirm the current market value of your property. This helps determine how much equity you can borrow against. Appraisals may be full, drive-by, or desktop, depending on the situation.

6. What happens when the draw period ends?

You’ll no longer be able to borrow additional funds. Your HELOC will enter the repayment phase, during which you’ll make monthly payments that include both interest and principal. These payments are typically higher than during the draw period.

7. Can a non-U.S. citizen get a HELOC?

Yes. Some lenders, including New Omni Bank, offer HELOCs to non-citizens. You’ll generally need:

Proof of lawful U.S. entry (e.g., visa)
An ITIN or SSN
Sufficient equity and income (domestic or foreign)

8. Can I use a HELOC as a down payment on an investment property?

Yes. You can use HELOC funds as a down payment for an investment or second property. This approach can free up capital without needing to refinance or liquidate assets. Make sure to review your repayment terms and overall investment strategy before moving forward.

9. What are the risks of using a HELOC?

Since your home secures the loan, failing to repay could lead to foreclosure. Also, HELOCs typically have variable interest rates, meaning your payments may increase over time. It’s important to budget accordingly and avoid borrowing beyond your means.