Turn your home equity into a tool for renovations, debt consolidation, or future plans.
If you’ve built equity in your home, you may be able to tap it for projects, payoff strategy, or financial breathing room. We’ll help you compare home equity options—like cash-out refinance or HELOCs—so you can decide if it makes sense now.
A short conversation or quick form is all it takes to estimate how much equity you may be able to access—and what that could mean for your payment.
See your home equity options
Share a few details and we’ll estimate usable equity and outline cash-out and payment scenarios.
What is home equity?
Home equity is the difference between what your home is worth and what you owe on your mortgage. As you pay down your loan or your home value rises, your equity grows.
With the right structure, you can tap a portion of that equity for projects, strategic debt payoff, or financial flexibility—without having to move.
Common uses for equity
- Kitchen, bath, or whole-home renovations
- Debt consolidation into one structured payment
- Covering education or large, planned expenses
- Building a cash reserve or emergency fund (with clear trade-offs)
What we look at together
- Estimated home value and current loan balance
- Your goals (projects, payoff strategy, reserves)
- New payment and total cost vs. keeping your loan as is
- How long you plan to stay in the home and keep the mortgage
Home equity options to consider
There isn't just one way to use equity. We’ll help you weigh options and trade-offs for your situation.
Cash-out refinance
- Replace your existing mortgage with a new, larger one and take the difference as cash at closing
- One loan, one payment—often with a fixed rate and term
- Useful when you want a clear payoff schedule with structured monthly payments
Home equity line of credit (HELOC)
- A revolving line of credit secured by your home, similar to a credit card but typically at lower rates
- Flexible access to funds as needs arise, often with an interest-only draw period
- Useful when expenses are phased over time (ongoing projects, future opportunities)
Home equity loan
- A second mortgage with a fixed amount, fixed rate, and fixed term
- Separate from your existing first mortgage
- Useful when you prefer a set payment and payoff schedule alongside your current loan
Compare “keep my loan as-is” vs. “use my equity”
The real question isn't just “Can I tap my equity?”—it's “Does using my equity move me closer to my goals?”
We review your current position
- Current rate, payment, and remaining term
- Estimated home value and loan-to-value (LTV)
- Other debts, expenses, and priorities
Then model equity scenarios
- New payment and total interest with a cash-out refinance
- HELOC or home equity loan payment ranges and flexibility
- How long it may take to “earn back” costs or lower your total interest
Home equity FAQs
How much home equity do I need?
Requirements vary by program, but in many cases lenders will look for a certain amount of equity to remain in the home after your new loan or line of credit is in place. We’ll estimate this with you based on your home value and loan balances.
Will using my equity increase my payment?
It can. If you take cash out with a new first mortgage or add a second loan or line of credit, your total monthly payments may change. We’ll show you the before-and-after view so you understand the trade-offs.
Is a cash-out refinance or HELOC better?
It depends on your goals. A cash-out refi may fit when you want one fixed payment and rate. A HELOC or home equity loan may fit when you want flexibility or don’t want to touch your current first mortgage. We’ll help you compare them side-by-side.
Can I use home equity for debt consolidation?
Yes, many borrowers use equity to consolidate higher-interest debts into one structured payment. We’ll review how this affects your total interest costs and payoff timeline, so you can decide if it’s the right move.
Ready to see if using your equity makes sense?
We’ll review your current loan, estimate your equity, and build clear scenarios so you can decide whether to tap equity now or keep your mortgage as it is.
Comparing other options too? You can also review conventional refinance, cash-out refinance (if you create a page), or conventional purchase if you're planning a move.