Home equity loan (HELOAN)
Turn home equity into cash with a separate second loan, while your current mortgage and its rate stay in place.
How a home equity loan can help
| Home equity loan | HELOC | Cash-out refinance | |
|---|---|---|---|
| First mortgage | Stays in place | Stays in place | Replaced by a new loan |
| How you get funds | One lump sum | Line you can draw from | One lump sum |
| Payments | Separate fixed payment | Separate, can change with use | One new mortgage payment |
| Often fits when | You know the amount you need | You want flexibility over time | A new rate on the full balance makes sense |
A home equity loan, or HELOAN, is a separate second loan secured by your home. You receive one lump sum and repay it with fixed payments, while your first mortgage stays in place.
A home equity loan gives you all the money at once with a fixed payment. A HELOC is a line of credit you can draw from as needed. See how a HELOC works.
It depends on your home's value, your current mortgage balance, your credit and your income. I'll help you estimate your available equity.
Costs vary by lender and loan amount. You'll see them in writing on your Loan Estimate before you decide.
Your home is the collateral. If you can't repay the loan, you could lose your home, so we'll make sure the payment fits your budget first.
Apply online, or book a time and I'll compare your options.
A home equity loan is secured by your home, whereas personal loans and credit cards are not. Rates, terms, fees and availability depend on your credit, property and lender guidelines. This is general information, not an offer or commitment to lend. Not all applicants qualify.