Refinance
Compare full refinance costs and terms.
Explore refinance →HOME EQUITY
Put your equity to work with a plan.
A home equity line or loan may let eligible homeowners access equity while keeping an existing first mortgage. Costs and terms vary widely.
When this may be worth exploring.
A useful first step is matching the program to your goals and the property.
- You want to preserve the terms of your first mortgage.
- You need funds for a planned expense or ongoing project.
- You want to compare a line of credit, fixed second lien and cash-out refinance.
What to compare.
A lower upfront cost does not necessarily mean a lower long-term cost. Compare the whole transaction.
- Draw and repayment periods, variable or fixed rate structure.
- Combined loan-to-value, fees and minimum draw rules.
- Impact on your total monthly obligations and equity.
Details that help John review your scenario.
You can call without having everything ready. These details make the conversation more useful.
- Current home value and balances on all mortgages.
- Amount needed and whether it will be used at once or in stages.
- Occupancy, income and credit profile.
A few questions borrowers ask.
Requirements can vary by loan program and lender.
How is a HELOC different from a home equity loan?
A HELOC generally allows draws from a credit line; a home equity loan generally provides a lump sum. Actual terms vary.
Can I use one on a rental?
Some lenders may offer eligible investor-property second liens; availability and terms are lender-specific.
Related financing paths.
There may be more than one way to approach the same goal.
TALK THROUGH YOUR SCENARIO
Start with a conversation.
Tell John what you want to accomplish. He’ll help you sort through the options and next steps.