Home Equity Loan
A home equity loan provides a lump sum secured by your home, repaid with a fixed rate and predictable monthly payment over a set term.
What goal may it serve?
Accessing equity for a known, one-time expense — like a renovation or major purchase — where you want the certainty of a fixed payment.
Who might consider it?
Homeowners who want a lump sum and prefer a fixed rate and fixed payment rather than a revolving credit line.
Major tradeoff
You receive the full amount upfront and begin repaying it immediately, even if you don't need all of it right away. A HELOC may offer more flexibility if your needs are uncertain.
What information matters?
Your home value, existing mortgage balance, any additional liens, the amount you want to borrow, and your credit range.
FAQs
How is a home equity loan different from a HELOC?+
A home equity loan is a lump sum with a fixed rate and payment. A HELOC is a revolving line you can draw from as needed, typically with a variable rate.
Is the rate fixed?+
Home equity loans typically have a fixed rate, which means your payment stays the same over the term. Actual terms depend on a formal review.
Logical next step
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