Explore simple home equity options.

Use the equity you’ve built for renovations, debt consolidation or major expenses while keeping your current mortgage in place.

Explore flexible home equity options
Keep your current mortgage in place
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Use your equity for the things that matter most.

Home equity can help you move forward without replacing your current first mortgage.

Renovate or repair your home
Fund repairs, upgrades or a renovation project.
Consolidate higher-interest debt
Home equity may offer an alternative to higher-interest credit cards or personal loans.
Cover major expenses
Plan for tuition, life events, emergencies or large purchases.
Protect a low first-lien rate
Keep your current mortgage in place while exploring your equity options.

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Answer a few quick questions to begin exploring home equity options that may fit your goals.

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Home Equity FAQs

Learn how home equity works, what you can use it for, and how HELOCs and Home Equity Loans can help you access the equity you’ve built.

Home equity is the difference between your home’s current value and the amount you still owe on your mortgage. Depending on your available equity and financial profile, you may be able to borrow against a portion of it with a Home Equity Loan or Home Equity Line of Credit.

Homeowners commonly use their equity to fund renovations or repairs, consolidate higher-interest debt, cover tuition, manage unexpected expenses, or pay for other major purchases. How you use the funds is generally up to you, subject to the terms of your loan.

A Home Equity Line of Credit, or HELOC, generally provides a revolving credit line that you can draw from as needed. A Home Equity Loan typically provides one lump-sum payment with scheduled monthly payments. The right option may depend on how much you need, when you need it, and how you prefer to repay it.

Yes. A HELOC or Home Equity Loan may allow you to borrow against your equity while keeping your existing first mortgage and its current interest rate in place. The new home equity financing would typically have its own rate, terms, and monthly payment.

The amount you may be able to borrow depends on factors such as your home’s value, current mortgage balance, available equity, credit profile, income, existing debts, and the requirements of the selected home equity product.

Start by telling us how you plan to use your funds, then answer a few questions about your home and financial goals. This information can help identify the home equity options that may fit your needs. Eligibility, loan terms, approval, and funding timelines vary by applicant and product.

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^*Every applicant financing scenario is different. Results are not typical. Applicant subject to credit and underwriting approval. Restrictions may apply.

^**Source: Internal Production Reports 2025.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee.    

Restrictions may apply, contact Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction.    

Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Rate.

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