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Home Equity Loans
Whether you're looking for a lump sum of cash or a line of credit to draw from as needed, tapping into your home's equity could help make big goals possible.
Let's take a look at the numbers*
$145K+
Average home equity loan amount on our network
$29K+
Average savings from comparing offers on LendingTree
$28B+
Total home equity loan funding through LendingTree
Home equity loan or line of credit — which one fits?
Home Equity Loan
- Get your money in a lump sum of cash
- Usually has a fixed interest rate
- Make predictable monthly payments
- Repay over a set term
- Good for expenses with a clear budget
Home Equity Line of Credit (HELOC)
- Borrow what you need
- Usually has a variable interest rate
- Pay interest only on what you borrow
- Access funds during a set draw period
- Good when you don't know exactly how much you'll need
Will a home equity loan change your mortgage?
Nope. A home equity loan or HELOC is separate from your existing mortgage, so your current mortgage rate and terms stay the same. You'll have a separate payment for what you borrow.
How much equity could you access?
Get an estimate based on your home's value, what you owe, and your credit.
What to know before tapping your equity
There's more to tapping your equity than how much you can borrow. Here are the costs, risks and other details worth knowing.
Most lenders let you borrow up to 85% of your home's value, minus what you still owe. The exact amount depends on your home's appraised value, your credit and the lender's limits, so your real number could be a little higher or a little lower.
Yes. Expect to pay 2-5% of your loan or credit limit in closing costs. That typically covers things like your appraisal, credit report, and title fees.
Both a HELOC and a home equity loan use your house as collateral. That means if you can't keep up with the payments, you risk foreclosure, so it's important to borrow only what you need and to have a clear repayment plan.
Homeowners use their equity for renovations, debt consolidation, education, major expenses and more. Since you're borrowing against your home, it's worth weighing the cost and risk against what you're using the money for.
Simple. Fast. Secure.
Ready to get started?
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Tell us about your home
Answer a few quick questions about your home's value and how much you want to borrow.
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Shop your offers
Compare rates and terms from multiple lenders, side by side, based on what you qualify for.
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Choose your loan
Pick the home equity loan or HELOC that best fits your goals.
No credit impact