HELOC & Home Equity Loans

Ways to tap home equity

• HELOC (home equity line of credit) — a revolving line you can draw from as needed during a draw period
• Home equity loan — a fixed second mortgage disbursed in a lump sum
• Cash-out refinance — replace your first mortgage with a larger loan and take cash out (see Refinance)

• Your home secures the loan; missing payments can put the property at risk
• Combined loan-to-value limits, credit, and income guidelines apply
• Rates and structures vary widely by lender

Related: Cash-out refinance · Reverse mortgage · Renovation loans

Program availability, guidelines, and eligibility are subject to lender guidelines and eligibility, credit approval, income or asset verification, and property eligibility. This is not a commitment to lend and does not guarantee loan approval. See Disclosures.