Applications are not currently available on this page. Borrowing against a home can put the property at risk if repayment obligations are not met.
How home equity financing works
Available equity is generally based on the home's current value minus existing mortgage balances, subject to a provider's maximum combined loan-to-value limits and underwriting.
Home equity loan versus HELOC
A home equity loan commonly provides a lump sum with scheduled repayment. A home equity line of credit may allow revolving draws during a defined period and can carry a variable rate.
What providers may consider
- Property value and existing liens
- Income and debt-to-income ratio
- Credit history
- Occupancy and property type
- Requested amount and combined loan-to-value
Review risk and cost carefully
Compare APR, closing costs, draw and repayment periods, variable-rate features, minimum payments and the consequences of default.