Home Equity Options
Compare different ways to tap into your home's value and choose the option that fits your needs.
HELOC
A revolving line of credit secured by your home. Draw funds as needed during the draw period.
Best for: Ongoing expenses, flexibility, uncertain funding needs
Benefits
- Borrow as needed
- Variable rates
- Interest-only payments available
- Reusable credit line
Considerations
- Variable rate may increase
- Draw period ends
- Requires discipline
Home Equity Loan
A lump-sum loan with fixed rate and fixed payments, secured by your home.
Best for: One-time large expenses, predictable payments, debt consolidation
Benefits
- Fixed rate
- Predictable payments
- Lump sum upfront
- Easier budgeting
Considerations
- Less flexible than HELOC
- Interest on full amount
- Closing costs apply
Cash-Out Refinance
Replace your current mortgage with a larger one and pocket the difference as cash.
Best for: Large cash needs, rate improvement, single payment preference
Benefits
- One monthly payment
- Potentially lower rate
- Access large amounts
- Tax benefits may apply
Considerations
- Restarts loan term
- Closing costs
- Extends payoff date
Home Equity FAQs
Not sure which option is right?
Speak with an expert to discuss your goals and find the best solution.