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I am not sure it is worth getting a HELOC for 15K. Not sure what you expect to do around the house for 15K tbh, shit adds up FAST. For something that small I would just look into a personal loan.
FWIW our HELOC is revolving, using random numbers, the bank says OK the house is worth $1M, your mortgage is 350K, we will lend you another $300K and as you pay the mortgage down your LOC can increase so you always have the ability to borrow $650K. AGain these are random figures to give you an idea.
The advantage here is interest rates are low on the LOC, usually prime +1% here. There's also no penalty for paying down the LOC portion in big clumps and it also means you can consolidate all debt into this product at super low rates, including car loans etc.
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