Pay off higher-interest debt
Consolidate eligible credit cards, personal loans or other debts into a home-secured structure when the overall cost and risk make sense for your situation.
Your home equity. More possibilities.
Put your home equity to work.
Explore ways to access the equity you have built through a HELOC, home equity loan or cash-out refinance — and compare which structure may fit what you want to accomplish.
- ✓Consolidate higher-interest debt
- ✓Build an emergency reserve
- ✓Repair or upgrade your home
- ✓Cover major planned expenses
No obligation. This form does not perform a credit pull.
START HERESee which equity option may fit
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4Equity
5Credit
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Usually takes about 60 seconds · No credit pull from this form · No obligation
WHAT COULD YOUR EQUITY HELP YOU DO?
Turn built-up equity into financial flexibility
Home equity can be used for many purposes. The right financing structure depends on how much you need, how quickly you need it, and whether you want one lump sum or ongoing access.
Create an emergency reserve
A HELOC can provide access to an available line of credit for unexpected expenses, subject to the lender's draw rules and ongoing eligibility.
Repair or upgrade the house
Use funds for remodeling, a roof, HVAC, accessibility improvements, landscaping, energy upgrades or other property projects.
Cover major expenses
Depending on your goals, equity may help with large planned costs such as education, medical bills or other significant expenses.
Improve monthly cash flow
Debt consolidation can sometimes reduce required monthly payments, though extending repayment or securing debt with your home can increase other risks or long-term cost.
Not sure what makes sense?
You do not need to know the product before you start. Tell us your goal and basic numbers, and we can compare available structures.
WAYS TO ACCESS EQUITY
Three common paths. Three different structures.
Each option accesses home equity differently. Understanding the structure matters as much as comparing the rate.
HELOC
A Home Equity Line of Credit is generally a second lien with a draw period. You can borrow, repay and potentially draw again up to the available line during the draw period.
- Useful when you want ongoing access instead of one lump sum
- Many HELOCs have variable rates
- You generally keep your existing first mortgage in place
Home Equity Loan
A home equity loan (HELoan) generally provides a one-time lump sum as a second mortgage, commonly with a fixed rate and fixed payment structure.
- Useful when you know the amount you need up front
- You generally keep your existing first mortgage
- Predictable payment structure may be appealing for a defined project
Cash-Out Refinance
A cash-out refinance replaces your current first mortgage with a larger new first mortgage and pays eligible equity proceeds to you at closing.
- One new first-mortgage payment instead of adding a second lien
- Can make sense when the new first-mortgage terms fit your broader goals
- Changes the financing terms on the entire first-mortgage balance
SIDE-BY-SIDE
Compare how the options work
| Feature | HELOC | Home Equity Loan | Cash-Out Refinance |
|---|---|---|---|
| How you receive funds | Draw as needed from an approved line | Lump sum | Lump sum at closing |
| Existing first mortgage | Usually remains in place | Usually remains in place | Replaced by the new loan |
| Typical rate structure | Often variable | Often fixed | Fixed or adjustable depending on loan program |
| Best suited for | Ongoing or uncertain future needs | Known one-time need | Accessing equity while restructuring first-mortgage financing |
| Important consideration | Payment can change if the rate changes; draw terms matter | Adds a second monthly housing payment | New rate/term applies to the full new first-mortgage balance |
Your equity is part of your financial picture.How much may be accessible depends on the home's value, existing liens and the maximum loan-to-value allowed by the specific product.
HOW MUCH EQUITY CAN I ACCESS?
Start with the value of the home and what you still owe.
Lenders generally look at the combined loan-to-value after the new financing. Product limits vary, so the amount of equity in the home is not always the same as the amount you can borrow.
1
Estimate the current home value
A recent appraisal, automated valuation, or market analysis may be used depending on the product and lender.
2
Subtract existing mortgage balances
Current liens reduce the equity available for new financing.
3
Apply the product's allowed LTV/CLTV
Credit, occupancy, property type and other guidelines can affect the maximum available amount.
ZILLOW REVIEWS
Real guidance from a real mortgage professional.
Home-equity decisions can affect your monthly payment, total interest and the financing secured by your home. Get a clear comparison of the available structures before deciding how to move forward.
Clear explanationsUnderstand the tradeoffs between HELOC, HELoan and cash-out refinance.
Responsive guidanceAsk questions and get help comparing the details that matter to your situation.
Goal-first approachStart with what you want the equity to accomplish, then compare structures.
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See More Zillow ReviewsCOMMON QUESTIONS
Home equity financing, simplified
Does using home equity mean I have to refinance my current mortgage?
No. A HELOC or home equity loan is typically added as a second lien while the existing first mortgage remains in place. A cash-out refinance is different because it replaces the first mortgage.
Is a HELOC the same as a home equity loan?
No. A HELOC is generally a revolving line of credit and often carries a variable rate. A home equity loan generally provides a one-time lump sum with a fixed repayment schedule.
Can I use home equity to pay off credit cards?
Potentially, yes. Whether that is beneficial depends on rates, fees, repayment term, your budget and the fact that unsecured debt becomes debt secured by your home. Compare total cost and risk, not only the monthly payment.
How much equity do I need?
There is no single answer for every product. Maximum LTV or CLTV varies by program, lender, occupancy, property type, credit profile and other factors.
Does filling out this form pull my credit?
No. This website form only collects the information you enter. A credit report may be required later if you decide to proceed with an application.
SEE WHAT MAY FIT
Tell us what you want your equity to accomplish.
Answer a few quick questions and we can compare possible HELOC, home equity loan and cash-out refinance structures.
1Goal
2Option
3Home
4Equity
5Credit
6Contact
Step 1 of 6
✓
Options Request Received!
Thanks — your information was sent successfully. We will review the scenario and be in touch ASAP.