Borrow against the equity you have built in your home for renovations, expenses, or debt consolidation.
Home equity financing lets you tap the value you have built in your home while keeping your existing first mortgage in place. There are two common ways to do it: a home equity line of credit and a home equity loan. Both use your home as collateral.
A home equity line of credit, or HELOC, is a revolving line you can draw from as needed, similar to a credit card secured by your home. You borrow what you need during the draw period and pay interest on the balance you use.
A home equity loan gives you a single lump sum up front with a fixed rate and a set repayment schedule, which makes it predictable and well suited to a one time expense.
Homeowners with equity who want to borrow for a project or expense, or who want to consolidate debt, while keeping their current mortgage.
