Get cash with a home equity loan (HEL)
Check your eligibility and find the best option from multiple lenders.
What is a home equity loan?
A Home Equity Loan allows you to receive a lump sum of money from a lender and to use the equity you have built up in your home as collateral. The interest rates are typically lower than on credit cards and other types of unsecured loans, making it a savvy financial decision for many homeowners. It is usually a second mortgage, meaning that you keep and continue to pay your existing mortgage as well.
Why get a home equity loan through House Numbers?
Shop & save
We find you the cheapest product you’re eligible for across multiple lenders. Feel confident you’re getting the best deal.
Keep your low interest rate
A HEL does not replace your current mortgage. So, you don’t lose your low monthly payment on your first mortgage.
Unlock 95% of your equity
Access more equity with a HEL than with other products, if you have excellent credit. Unlock more cash!
How to qualify for a home equity loan
Loan-to-Value (LTV)
Many lenders will let you borrow up to 90% of your home’s value, including the balance on your primary mortgage.
Good credit
A credit score in the mid-600s will likely qualify you for a loan. A credit score above 700 will get you the lowest interest rates and most cash.
Manageable debt
Your existing monthly debt payments, plus the payment on your new loan, should be no more than 43–45% of your gross monthly income.
Reliable income
Lenders will require stable and reliable income, which can be shown using paystubs, W-2s, tax returns, bank statements, etc.
How much could I access with a home equity loan?
Find out in 5 minutes, starting with your home address.
How a home equity loan works?
Once your loan is approved, you get the full loan amount in one go, like receiving a big check. From that point on, you start repaying the principal and interest in regular, monthly, installments. Your interest rate is typically fixed, so your payments stay the same over the entire loan term, typically ranging from 5 to 30 years. Plus, there are usually no prepayment penalties, so if you want to pay it off faster, you can without any extra cost.
Related: Five Ways to Access your Home Equity
Did you know
HELs are great for...
Predictable monthly payments. Getting cash while keeping your low primary mortgage interest rate. Value-adding or money-saving purposes, like home improvement or debt consolidation. And, a fast and relatively affordable and painless way to access cash.
What can I use a home equity loan for?
Home improvement
Pay off debt
Make an investment
College tuition
Compare all home equity products
House Numbers can help you get cash from your home using any of the five home equity products. See some of the key differences below.
| HELOC | Home Equity Loan | Reverse Mortgage | Home Equity Investment | Cash-out Refinance | |
|---|---|---|---|---|---|
| What are the key requirements? | |||||
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| When do I get the money? | |||||
| 5-30 days | 5-30 days | 1-2 months | 15-60 days | 20-30 days | |
| How do I pay it back? | |||||
| Monthly payments over 20-30 years | Monthly payments over 20-30 years | A lump sum, when you move out of your home | 10–30 years, or when you sell your home | Monthly payments, usually fixed over 30 years | |
| What other factors are important? | |||||
| Monthly payments may increase (or decrease) | Monthly payments are fixed | You pay your property taxes and maintain your home | Only available in certain states and locations | Not recommended if your primary mortgage interest rate is lower | |
| What’s the main cost? | |||||
| Interest during the payback period | Interest during the payback period | Interest accrues until you move out of your home | A share of your home's future appreciation | Interest during the payback period | |
