Home Equity
Home Equity Loan Costs, Rules and What to Ask
Published September 24, 2026 · Last updated September 26, 2026
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The short answer
A home equity loan lets you borrow against the value you've built up in your home. You get the money all at once and pay it back in regular monthly payments. If you already have a mortgage, it's a second loan on top of it. Your home backs the loan, so you could lose it if you don't repay.
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Home Equity Loans snapshot
- How you get the money
- One lump sum
- Rate type
- Usually fixed
- Your current mortgage
- Stays in place, this is a second loan
- What lenders look at
- Your equity, credit, income and debts, home value
We do not list rates or payments. Those come only from a lender. AssistQuote is not a lender.
Not a quote, offer or approval. Your price comes from the provider. Last updated September 2026.
What affects your home equity loan cost
Price range
We don't list rates or payments on this page. Your rate and terms come only from a lender, based on your situation. Compare offers from more than one lender. Not a quote, offer or approval. AssistQuote is not a lender.
What lenders usually look at
- Your equity. That's your home's value minus what you still owe. Lenders want you to keep some equity after the new loan.
- Your credit.
- Your income and other debts. Lenders check how much of your pay already goes to debt.
- Your home's value. Most lenders order an appraisal.
Costs besides interest
Ask about closing costs, appraisal fees, origination fees and any other fees. Ask for them in writing.
Home equity loan vs. HELOC vs. cash-out refinance
- Home equity loan: one lump sum. Often a fixed rate. You keep your current mortgage.
- HELOC (home equity line of credit): borrow what you need, when you need it, up to a limit, like a credit card backed by your home. Rates are usually adjustable, so payments can change.
- Cash-out refinance: you replace your whole mortgage with a bigger one and take the difference in cash.
If you have a low rate on your current mortgage, a home equity loan or HELOC lets you keep it. A cash-out refinance replaces it.
What to ask before you choose
- "What's the APR, and is it fixed or adjustable?"
- "What are all the closing costs and fees?"
- "Is there a penalty if I pay it off early?"
- "How much equity must I keep in my home?"
- "Will this loan affect my ability to refinance my first mortgage later?"
Know your right to cancel
For most home equity loans on your main home, federal law gives you until midnight of the third business day after closing to cancel. The clock starts once you've signed, received your Truth in Lending disclosure, and received two copies of your notice of the right to cancel. Saturdays count as business days. Sundays and federal holidays don't.
The catch: using a home equity loan to pay off credit cards can lower your rate. But it turns debt that wasn't tied to your home into debt that is. If you fall behind, your home is on the line. And if the cards fill back up, you'll owe more than before.
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Related services
HELOC
See how a home equity line of credit works, and what can change your payment later.
Cash-Out Refinance
Explore replacing your mortgage with a larger loan and taking the difference in cash.
Home Equity Investments
See how a home equity investment (HEI) trades part of your home's future value for cash now.