Put your equity toward a defined next step.
A home equity loan can provide a lump sum secured by your home. Review it alongside a line of credit and cash-out refinance to understand the costs and repayment tradeoffs.
Could this fit your plans?
- You own a home with available equity.
- You have a specific borrowing amount or project in mind.
- You want to compare an additional loan with replacing your existing mortgage.
What to have ready
Your exact checklist depends on the lender and your situation. A helpful starting point:
- Current mortgage and any other property lien statements.
- Income records and other financial documents requested by the lender.
- Property information, insurance, and your intended borrowing amount.
How lenders review this loan
These lender-specific examples show details that can shape your options. Your loan team will help you compare the requirements for your situation.
A separate second lien
A closed-end second mortgage can sit behind your existing first mortgage, with its own payment and loan terms.
Combined borrowing
The lender considers the home’s value and the balances of both the existing mortgage and proposed equity loan.
Income, credit, and payment
The example offers fixed-rate terms while still requiring an income and credit review. Compare the combined monthly payments.
A clear path forward.
Tell us what you have in mind
Start with your goal, property plans, and how you document income. Your loan team will help identify the relevant programs.
Review options with your loan officer
Compare the documentation, estimated costs, and payment structure. Understand what the lender needs before you move forward.
Build your application together
Your team guides you through the requested documents, lender review, and remaining steps toward closing.
Questions about home equity loans?
How are the funds paid out?
A home equity loan typically provides a lump sum rather than an ongoing revolving line. The lender’s closing, funding, and applicable waiting-period requirements determine timing.
Is a home equity loan the same as a cash-out refinance?
No. A cash-out refinance replaces your existing mortgage with a new loan, while a home equity loan may be an additional lien. Compare rates, fees, terms, and combined payments for your situation.
How much equity can I borrow against?
The amount depends on the property value, existing liens, income, credit, and the lender’s limits. Your loan officer can review the available options without assuming that all equity is borrowable.
Let’s find the right next step.
Start with a few details, then work with our loan team to compare your options.
Programs are subject to lender availability, borrower and property eligibility, and underwriting approval. This information is not a commitment to lend.