Check Your HELOC Eligibility

Get connected with lenders who offer HELOCs, home equity loans, and cash-out refinance.

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Understanding Your Home Equity Options

Each option taps your home equity differently. Compare your options below and check your eligibility when you're ready.

HELOC

Home equity line of credit

Revolving line of credit—draw as needed, pay interest on the balance. Usually variable rate; your first mortgage stays in place. Best when you want flexibility or aren’t sure of the amount or timing.

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Home Equity Loan

Lump sum, fixed rate

One lump sum upfront with a fixed rate and fixed monthly payments. Your first mortgage stays in place. Best when you know the amount and want one predictable payment.

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Cash-Out Refinance

New first mortgage plus cash

Replace your current mortgage with a new, larger loan and receive the difference in cash. New rate and term. Best when rates are attractive and you want a large lump sum or to reset your term.

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FeatureHELOCHome Equity LoanCash-Out Refi
PayoutRevolving LineLump SumNew Mortgage
Interest RateVariableFixedFixed
First Mortgage RateUntouchedUntouchedReplaced
Best ForOngoing renovationsOne-time projectsDebt overhaul
Time to Close2–4 weeks (Fastest, often no full appraisal)3–5 weeks (Requires more verification)30–45 days (Full mortgage underwriting process)
Summary

Revolving line of credit—draw as needed, pay interest on the balance. Best for flexibility.

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One lump sum upfront with a fixed rate and fixed monthly payments. Best for known amounts.

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Replace your current mortgage with a new, larger loan and receive the difference in cash.

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Common Uses

Use the funds for any purpose—no restrictions. The cash isn't taxable income, and borrowing instead of selling apreciating assets lets you avoid capital gains taxes. Here are some of the most popular ways to put your equity to work.

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Home Renovations

Fund upgrades with HELOC, home equity loan, or cash-out refinance.

Debt Consolidation

Erase 20%+ APR cards with one lower payment.

Travel

Fund a major trip or sabbatical with your home equity.

No Restrictions

Use the funds for any purpose—renovations, debt payoff, education, travel, or anything else.

Looking for rates first? Compare HELOC, home equity loan, and cash-out refinance rates.

Next step

Ready to speak with a lender?

Connect with a licensed lender to see your rate and options—most approvals in 24 hours. No obligation.

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NMLS-licensed lenders Fast Lender Matching No initial credit impact

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Frequently Asked Questions

Will filling out this form affect my credit score?

No. Filling out this form does not run a credit check. You self-report your credit score. A licensed broker will share advice based on their experience, walk you through your options (HELOC, home equity loan, cash-out refinance), and help you decide next steps. If you'd like to move forward, they'll verify what you've reported—that's when a credit check happens.

How much can I borrow?

Lenders typically let you borrow up to 80–90% of your home's value minus what you owe on your first mortgage. For example, if your home is worth $400,000 and you owe $250,000, you might access $70,000–$110,000 in equity. Your income, credit, and debt matter too.

What's the difference between a HELOC, home equity loan, and cash-out refinance?

A HELOC is a revolving line of credit—you draw as needed and pay interest on the balance. A home equity loan gives you one lump sum upfront with a fixed rate and fixed payments. A cash-out refinance replaces your current mortgage with a new, larger loan and you receive the difference in cash. See the comparison table above for details.

How long does it take to get approved?

HELOCs are often fastest (2-4 weeks, many without a full appraisal). Home equity loans typically take 3-5 weeks. Cash-out refinances take longer (30–45 days) due to full mortgage underwriting. Having pay stubs, tax returns, and your mortgage statement ready can speed things up.

Will this trigger a reassessment?

No. A reassessment is triggered by a change in ownership (like a sale or certain deed transfers). A HELOC, home equity loan, or cash-out refinance does not change ownership—you still own the property. You're adding a lien or replacing your loan, not transferring the deed. Your property tax basis stays the same.

Can I qualify without a high salary?

Yes. Because these loans are secured by your home's value, lenders look at your total equity and debt-to-income ratio rather than just salary. Your home equity is often your strongest qualifying asset. Check your eligibility above.