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Home Equity
The equity you have built is one of your most flexible financial tools. This hub covers home equity loans and HELOCs — how they work, how they differ, and how to tap your equity for renovations, debt consolidation, or big expenses without putting your home at unnecessary risk.
All Home Equity articles & guides
Home Equity
Home equity loans and HELOC options to put your equity to work.
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Home equity loan or cash-out refinance: which one should I use?
If your current mortgage rate is lower than today's rates, a home equity loan usually costs less because it leaves your first mortgage untouched. Here is the full side-by-side with the math.
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What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving, variable-rate line you draw from over time; a home equity loan is a one-time fixed-rate lump sum. Here is how to choose between the two second mortgages.
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What is a HELOC?
A HELOC, or home equity line of credit, is a second mortgage that works like a credit card secured by your home: a revolving line you draw from as you need it, usually at a variable rate.
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What is a home equity loan?
A home equity loan is a second mortgage that lets you borrow a lump sum against your equity at a fixed rate over a set term, while your first mortgage stays exactly as it is.
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How do I calculate the equity in my home?
Your home equity is your home's current market value minus everything you still owe against it. Here is the formula, a worked example, and why usable equity is smaller than the equity you own.
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