Get Started - Equity

fAQs

How much equity do I need to take cash out?

Most lenders require at least 15% to 20% equity in your home to qualify for a cash-out refinance. The exact amount you need depends on the loan program and your credit profile. Your lender will review your home’s value and your current mortgage balance to determine how much cash you can access.

What is the difference between a cash-out refinance and a HELOC?

A cash-out refinance replaces your current mortgage with a new one, lets you borrow more than you owe, and gives you the difference in cash. A HELOC (home equity line of credit) is a revolving line of credit, more like a credit card, that lets you access funds as needed while keeping your existing mortgage.

What does it mean to access my home’s equity?

Accessing your home’s equity means using the value you’ve built up in your home. Home equity is the difference between what your home is worth and what you owe on your mortgage. By taking out a loan or line of credit, you can turn that equity into cash for home improvements, debt consolidation, or other financial needs.

Will tapping into my equity change my monthly payment?

Tapping into your equity can change your monthly payment. A cash-out refinance creates a new mortgage, so your monthly payment may go up or down depending on your loan amount and interest rate. With a HELOC, your payment will vary based on how much you borrow and the current interest rate.

How is a HELOC repaid compared to a cash-out refinance?

With a HELOC, you usually make interest-only payments during the draw period, then repay principal plus interest afterward. With a cash-out refinance, repayment works like a traditional mortgage, with a fixed payment schedule for the life of the loan.

Do I need an appraisal to pull equity from my home?

In most cases, yes—you’ll need an appraisal to pull equity from your home. The appraisal confirms your home’s current value so the lender knows how much equity you have. Some programs may allow an appraisal waiver if recent market data supports your home’s value.

Can I use my home’s equity for any purpose?

Yes. Once you qualify, you can typically use your home’s equity funds for almost any purpose. Common uses include home improvements, paying off higher-interest debt, funding education, or covering major expenses.

access Equity

Our results and customers speak for themselves

fAQs