Looking at pulling cash out of your home?
Find out what Home Equity Line of Credit (HELOC) and 2nd mortgage options are available on your home.
(No SSN or Credit Check Required for Estimate)
What is a HELOC?
A HELOC is a home equity line of credit: a reusable credit line secured by your home that sits behind your existing mortgage. Your first mortgage stays exactly as it is, which matters a lot if you locked a great rate.
A HELOC has two phases. During the draw period (often around ten years), you borrow what you need, when you need it, and pay interest only on what you actually use. After that comes the repayment period, when the line closes and you pay down the balance.
Heads up on the part most lenders bury: your payment can step up when the draw period ends. We will show you that number before you sign, not after.
HELOC, home equity loan, hybrid, or cash-out refi?
Four ways to turn equity into cash. The right one depends mostly on your current first-mortgage rate and how you want the money.
| HELOC | Home equity loan | Hybrid | Cash-out refinance | |
|---|---|---|---|---|
| What it is | Reusable credit line | Fixed lump-sum second loan | Lump sum upfront that you can draw again as you pay it down | One new, larger first mortgage |
| Your current mortgage | Untouched | Untouched | Untouched | Replaced |
| Rate type | Fixed and adjustable options | Fixed | Fixed or adjustable | Fixed or adjustable |
| How you get funds | Draw as you go | All at once | All at once, then redraw as you pay down | All at once |
| Best when | Staged expenses, like a renovation in phases | One known cost, one fixed payment | You want the money now and the flexibility later | A new first mortgage would also improve your rate |
We shop all of these across 40+ lenders and show you the honest comparison. See also refinancing.
How much can I borrow?
The short version: lenders let your total home debt (your mortgage plus the new line) go up to a percentage of your home’s value. Your available line is roughly that ceiling minus what you still owe. Move the slider to see how the ceiling changes what you can access, and which lenders play at each level.
Most of our HELOC lenders offer lines up to 80% combined LTV.
Estimate only, not a quote or approval. Program availability varies by property type, credit profile, and lender.
Why homeowners choose a HELOC
- Keep your low first-mortgage rate untouched
- Draw only what you need and pay interest only on what you use
- Reusable as you pay it down, handy for staged projects
- Fixed-rate and adjustable options available
- Works on primary homes, second homes, and investment properties
- Automated programs can close in as little as 1 to 3 days
- $0 processing or underwriting fees, with 40+ lenders shopped
How it works
- 1Get an estimate. No SSN and no credit check required to see your options.
- 2We shop 40+ lenders. HELOC, home equity loan, hybrid, and cash-out paths, priced side by side.
- 3Pick your line. We walk through the draw period, the after-draw payment, and any program quirks.
- 4Fund. Automated programs can close in as little as 1 to 3 days; most others fund within a few weeks.
Own a rental? There is a HELOC for that too
Most banks will not touch a home equity line on an investment property; only 9 of the 40+ wholesale lenders we shop offer one. We broker them every week: up to 90% combined loan-to-value on select programs, automated closings in as little as 1 to 3 days, DSCR options that qualify on the rent, and even LLC vesting on some programs.
See the dedicated investment property HELOC page, or read why banks say no to rental HELOCs (and who says yes).
HELOC FAQs
What can I use a HELOC for?
Anything, though renovations, debt consolidation, tuition, and down payments on the next property are the most common. You draw what you need when you need it.
Do you check my credit for an estimate?
No. No SSN and no credit check are required for an estimate.
How fast can a HELOC fund?
Select automated programs can close in as little as 1 to 3 days, and most HELOCs fund within a few weeks. Either way, much faster than a typical refinance.
Can I get a HELOC on a rental or second home?
Yes. Options exist for primary homes, second homes, and investment properties. Rentals have their own program lineup, including DSCR qualifying and LLC vesting; see the investment property HELOC page.
What happens when the draw period ends?
The line closes and you start paying down the balance, and the payment can step up at that point. We show you the after-draw payment up front so it is never a surprise.
Can I pay it off early?
Generally, yes. Many programs have no prepayment penalty, and we will flag any that do.
Is HELOC interest tax deductible?
Sometimes, typically when the funds improve the home securing the line. Tax rules change, so check with your tax advisor.
HELOC or cash-out refinance: how do I choose?
Mostly it comes down to your current first-mortgage rate. If it is low, a HELOC protects it. If a new first mortgage would improve your rate anyway, a cash-out refi can win. We price both and show you.