Access Home Equity
Put your home's value to work with a clear plan.
Make Your Home Equity Part of the Plan
Your home equity is the difference between your property"s current value and the amount you still owe on loans secured by the property.
Borrowing against available equity may provide funds for home improvements, major expenses, debt consolidation, or other financial goals. Mortgage Pros Funding can help you review your needs and compare potentially available financing options.
Explore Home Equity OptionsUnderstand the cost, payment, and risk.
- Estimate your property value and current mortgage balances
- Decide whether you need a lump sum or flexible access to funds
- Compare the rate, payment structure, fees, and total cost
- Consider how the new debt fits your long-term plans
Home equity financing is secured by your property. Failure to meet the repayment terms could put your home at risk.
Different Ways to Access Available Equity
The right structure depends on how you plan to use the funds, your current mortgage, and the costs and repayment terms of each option.
Home Equity Loan
A home equity loan generally provides a lump sum that is repaid in regular installments. It is typically a separate loan and may have a fixed or adjustable rate, depending on the product and lender.
Home Equity Line of Credit
A HELOC is a revolving line of credit that may allow repeated borrowing during a draw period. HELOCs commonly have variable rates, so payments and borrowing costs may change over time.
Cash-Out Refinance
A cash-out refinance replaces your current mortgage with a larger new loan. Compare the new rate, term, payment, and closing costs on the full mortgage balance.
Learn About RefinancingFrom Initial Review to Closing
Requirements vary by product and lender, but most home equity financing follows these general stages.
Define Your Goal
Identify how much you may need, how the funds will be used, and whether you need them at once or over time.
Review Your Information
Discuss your property, current mortgage balances, estimated value, income, credit, assets, and monthly obligations.
Compare Terms and Costs
Review the rate structure, payment, draw and repayment terms, closing costs, fees, and estimated long-term cost.
Apply and Close
The request moves through documentation, property valuation when required, underwriting, final approval, and closing.
This inquiry is not a loan application or loan approval and does not authorize a credit check.