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Find the best Home Equity option for you

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Understanding Your Home Equity Options

Home Equity Loan

A home equity loan gives you a lump sum of cash at a fixed interest rate. You repay it in predictable monthly installments over a set term, typically 5–30 years. Best for one-time, large expenses like home renovations, debt consolidation, or major purchases.

Home Equity Line of Credit (HELOC)

A HELOC works like a credit card secured by your home. You get a revolving line of credit with a variable interest rate and draw funds as needed during the draw period (usually 5–10 years). Best for ongoing expenses or projects with unpredictable costs.

Cash-Out Refinance

A cash-out refinance replaces your existing mortgage with a new, larger loan. You receive the difference between the new loan amount and your current mortgage balance as cash. Best when current interest rates are lower than your existing mortgage rate.