Locked a low rate during COVID? Keep it. A fixed home equity loan sits behind your first mortgage — so you tap your equity for debt, big expenses or investments without touching your low rate. No hard credit pull.
*Illustrative only. Home equity loans available from $200,000 to $500,000, up to 80% combined loan-to-value, on owner-occupied single-family homes. Actual amounts depend on credit, CLTV, income, property and lender guidelines. Not a commitment to lend.
Refinancing today means giving up your low rate on your entire balance. A fixed home equity loan is a separate second loan — your first mortgage and its rate stay exactly where they are.
Cards and personal loans can run 20%+ APR. Roll them into one fixed equity-loan payment at a far lower rate and stop the interest bleed. One due date, not five.
Consolidate & simplifyMedical bills, a new roof, a failed HVAC, tuition. Funding a big one-time cost from equity is usually cheaper than cards — at a fixed payment that never moves.
Fixed paymentThe whole point: don't reset your mortgage. Your 2–4% first loan stays untouched. You only borrow — and pay interest on — the new money you actually need.
Rate stays putA down payment on a rental, a business, or a renovation that adds value. Equity sitting in the walls can be put to work — with a written estimate first.
Put equity to workTax treatment of interest depends on how funds are used and your situation — consult a tax advisor. Investing borrowed funds carries risk, including loss of principal.
Roll high-interest cards and loans into one fixed home-equity-loan payment. Drag in your numbers to compare.
Illustrative only, not a commitment to lend. New payment assumes a 6.775% fixed home equity loan amortized over 20 years; current-debt comparison assumes a 22% average APR. Extending shorter-term debt over 20 years lowers your monthly payment but can increase total interest paid over the life of the loan depending on your current payoff pace. Your actual rate, payment and savings depend on credit, CLTV, income and lender approval.
Three honest answers. No marketing spin.
No. A home equity loan is a separate second lien. Your existing first mortgage — rate, balance and payment — stays exactly as it is. You're adding a new fixed loan, not replacing the old one. That's the whole advantage over a cash-out refinance.
As a California-licensed broker, we compare equity-loan pricing across lending partners and disclose our compensation in dollars on every Loan Estimate — a federal RESPA / Reg X requirement. NMLS #2316811 · CA DRE #02176952. Verify at nmlsconsumeraccess.org ↗.
Sometimes a HELOC, a cash-out refi, or doing nothing is better. If the numbers don't work in your favor, we tell you plainly. No hard credit pull for the estimate, no obligation, no follow-up pressure.
Most equity loans we arrange fund in 15 days or less once your documents are in — timelines vary by lender, appraisal and your file.
A cash-out refinance replaces your entire mortgage with a new, larger one at today's rate. A home equity loan is a second, separate loan on top of your existing mortgage — so your original low rate stays untouched and you only borrow the new amount you need.
This page focuses on a fixed home equity loan: a lump sum repaid at a fixed rate and fixed monthly payment. A HELOC is a revolving, usually variable-rate line of credit. If a HELOC fits better, we'll say so — see our HELOC page.
It depends on your home's value, remaining balance, credit and the lender's combined loan-to-value limits. Your written estimate shows an example amount and payment for your scenario. Not all applicants qualify.
No. The initial written estimate does not require a hard credit pull. A hard inquiry only happens later, if you choose to move forward with a full application.
Sometimes — it generally depends on whether funds are used to buy, build or substantially improve the home that secures the loan, plus your overall tax situation. We're not tax advisors; please confirm with a qualified professional.
Rate, payment and fees by email — before you apply. No hard credit pull. No sales calls unless you ask.
Rates move daily — lock today's 6.775% estimate before they change.
Get My Written Estimate 3 min · same day · NMLS #2316811