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If you already have an existing HELOC, you have two main choices if you want to increase your lending limit: Modify your loan or refinance into a new HELOC with a higher limit.

As long as you meet the lender's eligibility criteria and have enough equity in your home, you may take out more than one HELOC. Keep in mind that many lenders will require higher credit scores and offer higher interest rates due to the greater risk involved.

You can shorten terms to potentially reduce HELOC interest charges and lower your interest rates, although your monthly payments will increase. Or you can lengthen your HELOC's original terms, which may increase your interest charges but can allow you to pay less each month.

Can I increase my home equity line of credit? When you receive your HELOC, you will have a set credit limit for the life of that line credit. If you need additional funds over your HELOC limit, you'll have to apply for another loan.

If you still need access to funds, a new HELOC can get you there and you can use the funds from the new loan to pay off your existing HELOC. This option can have lower up-front costs than refinancing; however, you may end up paying more in interest over the course of the loan if rates rise.

If you still need access to funds, a new HELOC can get you there and you can use the funds from the new loan to pay off your existing HELOC. This option can have lower up-front costs than refinancing; however, you may end up paying more in interest over the course of the loan if rates rise.

Yes, depending on the lender, you may need to pay for an appraisal or closing costs in order to increase your HELOC. You may also need to pay points if the interest rate is adjustable.

Perhaps the simplest way to refinance your HELOC is to request a new deal from your current lender. Some banks and lenders may be willing to renegotiate the terms, reduce or lock in your interest rate or extend your loan term.