Tap Your Equity With a
Fixed Payment
and a Clear Plan
A home equity loan lets you borrow against your home’s equity and repay it with a fixed rate and fixed monthly payment—often ideal for one-time projects or consolidating debt.
What Is a Home Equity Loan?
A home equity loan is a loan that uses your home’s equity as collateral. You receive a lump sum and repay it over a set term with a fixed interest rate and fixed principal & interest payment.
Many homeowners use it for a planned, one-time expense—like a remodel, roof, HVAC, or consolidating higher-interest debt. In most cases, it’s structured as a second mortgage, meaning you keep your existing first mortgage in place.
If you’d rather have a revolving line you can draw from over time, a HELOC may fit better.
Check My Home Equity Loan Options →Why Homeowners Choose a Home Equity Loan
If you want a predictable payment and you know the amount you need, a home equity loan can be a clean, straightforward option.
Fixed Rate & Payment
No draw period surprises—your principal & interest payment stays consistent for the full term.
Debt Consolidation
Some homeowners use equity to consolidate higher-interest debt into one structured payment (case-by-case).
Renovation / Repairs
Fund a planned project—kitchen, roof, HVAC, pool, or addition—without refinancing your first mortgage.
Large One-Time Expense
Great when you need a set amount for a specific purpose rather than ongoing access to funds.
Keep Your Current Mortgage
If you have a low first-mortgage rate, a second-lien equity loan may let you keep it.
Simple Structure
Fixed amount, fixed term, fixed payment. Easy to plan for and track over time.
Home Equity Loan Requirements
These are general guidelines and vary by lender. We’ll match you to the best lane based on equity, income, and credit.
Note: Most equity loans require sufficient remaining equity after the new loan, a full appraisal or valuation, and documentation of income/expenses.
Get My Equity Options →From Equity Check to Funding in 4 Steps
We confirm value and equity, compare lenders, document the file, and coordinate closing.
Equity Snapshot
We estimate value, review your current mortgage balance, and map out usable equity.
Price & Options
We compare lenders, terms, and costs to find the best fixed-payment plan.
Docs & Valuation
We collect docs and order appraisal/valuation so underwriting can finalize approval.
Close & Fund
We coordinate closing and funding so you can move forward with your plan.
Home Equity Loan vs. HELOC vs. Cash-Out Refinance
The right move depends on whether you want a fixed payment, flexible access to funds, or to replace your current first mortgage.
| Feature | Home Equity Loan | HELOC | Cash-Out Refi |
|---|---|---|---|
| How You Get Funds | Lump sum at closing | Draw as needed (credit line) | Lump sum from new first mortgage |
| Rate Type | ✓ Usually fixed | Often variable (some fixed options exist) | Fixed or ARM (program dependent) |
| Monthly Payment | Predictable (fixed P&I) | Can change as you draw / rate changes | New full mortgage payment |
| Best For | Planned, one-time need | Ongoing projects / flexibility | Replacing first mortgage + pulling equity |
| Keeps Your Current 1st Mortgage? | ✓ Usually yes | ✓ Usually yes | No (it replaces it) |
| Complexity | Simple structure | More moving parts (draw + repayment) | Full mortgage refinance process |
Home Equity Loan Pros and Cons
Fixed-payment simplicity is the big win—less flexibility vs a HELOC is the tradeoff.
✓ Pros
- Fixed rate and fixed payment
- Lump sum funding for a planned expense
- May allow you to keep your low first-mortgage rate
- Clear payoff schedule (set term)
- Often easier to budget than a revolving line
- Can be a strong alternative to cash-out refi (scenario dependent)
✗ Cons
- Your home is collateral (like a mortgage)
- Less flexible than a HELOC if you need funds over time
- Rates/costs vary by lender, credit, and equity
- Appraisal/valuation may be required
- Closing costs can apply depending on lender structure
- Borrowing more than needed increases total interest
What Our Borrowers Say
We’ve helped hundreds of families. Here’s what some of them had to say.
Home Equity Loan FAQ
Most questions come down to equity, payment, closing costs, and whether a HELOC or cash-out refinance fits better.
Get My Equity Options →Want to Use Your Equity With a
Fixed Payment Plan?
Tell us what you’re trying to accomplish—we’ll show clear options, estimated payments, and the best path (equity loan vs HELOC vs cash-out).