Home Equity
Use your equity without wrecking a good rate
Three ways to access equity, and a straight comparison of which one costs less in your situation.
HELOC
A revolving line secured by your home. You draw what you need, pay interest on the balance only, and leave your first mortgage untouched, which matters a lot if your current rate is low.
Home equity loan
A fixed second mortgage: one lump sum, one fixed payment, a set payoff date. Predictable, and again, no change to your existing first mortgage.
Cash-out refinance
Replaces your first mortgage with a larger one and pays you the difference. Usually the lowest rate of the three, but it resets your entire loan, worth it only when the blended math wins.
Common equity questions
- How much equity do I actually have?
- Estimated value minus what you owe. Most programs let you borrow up to a percentage of value, so the usable number is smaller than the raw equity figure. I'll calculate both.
- Cash-out or HELOC?
- If your first mortgage rate is well below today's market, keeping it and adding a HELOC usually wins. If your rate is near or above market, cash-out often does. It's a blended-cost comparison, not a preference.
- Can I use equity for a down payment on another property?
- Yes, frequently for a second home, an investment property, or buying before selling. We plan the sequence so the funds are available at the right moment.
Ready for a straight answer on your numbers?
A twenty-minute call gets you a real payment range, a cash-to-close figure, and a plan for what comes next.