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Updated on May 24, 2026 3 lenders
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HELOC & Home Equity Loan FAQ
Why don't you show interest rates upfront?
HELOC and home equity loan rates are personalized — each lender prices your offer based on your home's value, your remaining mortgage balance, your credit score, and your state. The fastest way to see your actual rate is to click "View Rates" on any lender above and complete their short pre-qualification. It takes a few minutes, doesn't affect your credit score on most lenders, and lets you compare real offers rather than estimates.
What's the difference between a HELOC and a home equity loan?
Both let you borrow against the equity in your home, but they work differently:
- A HELOC (Home Equity Line of Credit) is a revolving credit line, similar to a credit card. You're approved for a maximum amount, draw what you need during a "draw period" (usually 10 years), and pay interest only on what you use. Rates are typically variable.
- A home equity loan is a one-time lump sum at a fixed rate, paid back over a set term (typically 5–30 years) with fixed monthly payments — closer to a traditional mortgage.
Choose a HELOC if you want flexibility (e.g., a multi-stage renovation). Choose a home equity loan if you want predictability (e.g., debt consolidation or one large project).
Do I qualify for a HELOC or home equity loan?
Most lenders require:
- At least 15–20% equity in your home (your home is worth more than what you owe)
- A credit score of 620 or higher (top rates usually go to 700+)
- A debt-to-income ratio under 43%
- Verifiable income and a stable employment history
Specific requirements vary by lender.
How much can I borrow?
Most lenders cap your total borrowing (existing mortgage + new HELOC/home equity loan) at 80–85% of your home's appraised value — this is called your combined loan-to-value, or CLTV.
Example: a $500,000 home with a $300,000 mortgage balance has $200,000 in equity. At 85% CLTV, you could borrow up to $125,000 ($500K × 0.85 − $300K).
How long does it take to get funded?
Timelines vary by lender and product. Most delays happen during the appraisal step. Choosing a lender that offers automated valuation or expedited appraisals is the fastest path.
Why Readers Trust
50yrs
In Business as Leading
Financial Journalists
23K+
Articles Tackling
Finance A-Z
300M+
People Learn More
About Their Finances
HELOC & Home Equity Loan FAQ
Why don't you show interest rates upfront?
HELOC and home equity loan rates are personalized — each lender prices your offer based on your home's value, your remaining mortgage balance, your credit score, and your state. The fastest way to see your actual rate is to click "View Rates" on any lender above and complete their short pre-qualification. It takes a few minutes, doesn't affect your credit score on most lenders, and lets you compare real offers rather than estimates.
What's the difference between a HELOC and a home equity loan?
Both let you borrow against the equity in your home, but they work differently:
- A HELOC (Home Equity Line of Credit) is a revolving credit line, similar to a credit card. You're approved for a maximum amount, draw what you need during a "draw period" (usually 10 years), and pay interest only on what you use. Rates are typically variable.
- A home equity loan is a one-time lump sum at a fixed rate, paid back over a set term (typically 5–30 years) with fixed monthly payments — closer to a traditional mortgage.
Choose a HELOC if you want flexibility (e.g., a multi-stage renovation). Choose a home equity loan if you want predictability (e.g., debt consolidation or one large project).
Do I qualify for a HELOC or home equity loan?
Most lenders require:
- At least 15–20% equity in your home (your home is worth more than what you owe)
- A credit score of 620 or higher (top rates usually go to 700+)
- A debt-to-income ratio under 43%
- Verifiable income and a stable employment history
Specific requirements vary by lender.
How much can I borrow?
Most lenders cap your total borrowing (existing mortgage + new HELOC/home equity loan) at 80–85% of your home's appraised value — this is called your combined loan-to-value, or CLTV. Example: a $500,000 home with a $300,000 mortgage balance has $200,000 in equity. At 85% CLTV, you could borrow up to $125,000 ($500K × 0.85 − $300K).
How long does it take to get funded?
Timelines vary by lender and product. Most delays happen during the appraisal step. Choosing a lender that offers automated valuation or expedited appraisals is the fastest path.