Compare ways to access your home equity.
Home equity is the difference between your home’s market value and the amount you owe on your mortgage.
Home equity line of credit (HELOC)
Useful if you’re planning a major project with multiple purchases, a HELOC offers ongoing access to funds at rates lower than those of credit cards.
Home equity loan
A home equity loan is worth considering if you have a large, one-time expense, or if you want to consolidate debt and focus on paying it off. It offers fixed rates and a steady repayment schedule for the life of the loan.
A Smart Refinance lets you tap into your home’s equity for major purchases, debt consolidation and other one-time needs. It may also help you save money with no closing costs.
A cash-out refinance lets you access the equity in your home and get cash at closing. It’s a great way to get new mortgage terms and borrow funds for one-time expenses at the same time.
Obtaining only a Loan Estimate for a home equity loan or Smart Refinance
A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. A banker can help you obtain a Loan Estimate without completing a full loan application.
Not sure what your home improvement project could cost?
If you’re thinking about a home improvement project but not sure what it could cost, we’re happy to help. Just answer a few quick questions and we’ll give you a personalized estimate.
Explore home improvement loans.
Make your dream home a reality with a variety of financing options. From home repairs and fixes to remodeling and renovations, we've got home-improvers covered.
Get a rate estimate.
Home equity loans and lines of credit can be great ways to fund major purchases. Find out what rates could be available for you with our rate and payment calculator.
Apply at your own pace.
With our streamlined application process, you can apply using your phone, laptop or other portable device. It’s simple to upload documents – no fax machine or trip to the bank necessary! And if you need to step away from your application, just save it to finish later.
If you have any questions at all, our loan officers are just a phone call or email away.
Still not sure if a home equity loan or line is better for you?
You may be able to access funds you didn’t realize you had in the form of a home equity loan or line of credit, as long as you have some equity in your home. Understand how they differ, so you can make the right choice. For home-improvers looking for more ways to pay for projects, explore all of our home improvement loans.
Get answers to frequently asked questions about home equity.
Home equity is the difference between the market value of your home and the amount you owe on your mortgage.
To calculate your home equity, subtract the amount you owe on your mortgage from the amount your home is worth. For example, if your home is valued at $300,000 and you owe $100,000 on your mortgage, you have $200,000 in equity.
Depending on your credit history, available equity in your home and your current monthly debt, you may be able to borrow between $15,000 and $750,000 (up to $1 million for properties in California).
A home equity loan can be a less expensive option for borrowers who need access to cash. But refinancing can be a great way to lower your monthly payments and save money on interest. Consider the pros and cons of both a home equity loan or refinance to determine which is best for you.
A home equity loan allows you to borrow against the equity in your home and pay it back with a steady repayment schedule. A cash-out refinance lets you negotiate new mortgage terms and borrow funds for one-time expenses at the same time. Choosing either a home equity loan or cash-out refinance depends on your goals.
A home equity loan provides a lump sum of money at a fixed rate. A home equity line of credit gives you ongoing access to funds and flexible repayment options. When deciding between a home equity loan or home equity line of credit, compare the features and benefits to determine which is right for you.