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4 Ways to Access Your Home Equity

If your home is worth more than you owe on it, that difference is your equity. You can turn some of it into cash with a home equity loan, a HELOC, a cash-out refinance or a home equity investment. Each one works a little differently, and the costs can be very different. Compare them here before you talk to anyone. AssistQuote isn't a lender and doesn't decide who gets a loan.

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Home Equity Loans

Get one lump sum at a fixed rate. You keep your current mortgage and add a second payment.

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HELOC

A credit line you draw from as you need it. The rate usually goes up and down over time.

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Cash-Out Refinance

Swap your mortgage for a bigger one and take the difference in cash.

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Home Equity Investments

Get cash now in exchange for a share of your home's future value. There's no monthly payment, but read the risks first.

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How the 4 options compare

Home Equity LoanHELOCCash-Out RefinanceHome Equity Investment
How you get the moneyOne lump sumDraw as you need itOne lump sumOne lump sum
Interest rateUsually fixedUsually changesFixed or adjustableNo interest rate
Keeps your current mortgageYesYesNo, it replaces itYes
Monthly paymentYesYesYes, one new paymentNo, you pay back when you sell or the term ends

All four use your home to get cash. If you can't pay back a loan tied to your home, you could lose it.

How much equity do you have?

Equity is the part of your home you own outright. Start with what your home is worth today. A lender will usually order an appraisal, which is a professional estimate of value. Subtract what you still owe on your mortgage and any other loans tied to the home. What's left is your equity.

For example, if your home is worth $400,000 and you owe $250,000, you have $150,000 in equity.

You usually can't borrow all of it. Lenders set a limit on how much of your home's value all your loans together can use, so you keep a cushion. In Texas, state law caps it at 80% for most home equity borrowing. Ask each lender for their limit so you can see how much you may actually get.

Want to keep a low mortgage rate? Look at a home equity loan or a HELOC. Need one set amount and a steady payment? Look at a home equity loan. Need money over time? Look at a HELOC. Are today's rates lower than your current mortgage rate? A cash-out refinance may be worth comparing. Can't take on a monthly payment? A home equity investment is one option, but read the risks first.

AssistQuote isn't a lender and doesn't decide who gets a loan. A loan tied to your home puts your home at risk if you don't repay it.

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Helpful guides

Compare the APR, not the payment.

APR includes interest and fees. A lower payment can cost more in total if the loan runs longer.

Know what's at risk.

A loan tied to your home puts your home at risk if you don't repay it.

Ask for the total you'll pay back.

Then ask about every fee and what happens if you pay it off early.

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