Home Loans
Access Home Equity
If you have built equity, several products can help you borrow against it. Each has different rates, terms, and risks.
HELOC
A Home Equity Line of Credit acts like a revolving credit line backed by your home. Rates are typically variable. You draw what you need during a draw period and repay during a repayment period.
Home Equity Loan
A second mortgage with a fixed rate, fixed term, and lump-sum payout. Useful when you have a defined project cost and prefer predictable payments.
Cash-Out Refinance
Replaces your current mortgage with a larger one and provides the difference in cash. May be attractive when prevailing rates are favorable compared to your current mortgage.
Things to weigh
- Your home is collateral — missed payments can lead to foreclosure
- Closing costs vary by product and lender
- Variable rates can change your monthly payment
- Tax treatment of interest depends on use (consult a tax pro)
Explore home loan options tailored to your criteria
Based on your home price, location, income, credit range, down payment, and goals, Finance Choices can help you compare mortgage, refinance, home equity, FHA, VA, and other home loan options from relevant partners.
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