A home equity loan gives you a one-time lump sum with a fixed rate and fixed repayment term. A HELOC is a revolving credit line that allows you to borrow as needed, typically with a variable interest rate.

Most lenders allow you to borrow up to 80%-85% of your home's value, minus what you owe on your current mortgage.

Both HELOC (Home Equity Line of Credit) and a Cash-Out Refinance let you tap into your home's equity, but they work differently:

• HELOC: Works like a credit card secured by your home. You borrow only what you need, when you need it—often with a variable interest rate. It's ideal for flexible or ongoing expenses like home improvements.

• Cash-Out Refinance: Replaces your current mortgage with a new, larger one—allowing you to pocket the difference in cash. It typically offers a fixed rate and is best who want a lump sum and possibly a better interest rate on their overall mortgage.

Generally, a credit score of 620 or higher is needed. Better scores may qualify for lower rates and more favorable terms.

Yes. Both HELOCs and home equity loans are designed to work as a second mortgage alongside your existing home loan.

Approval and funding can take between 5 to 15 business days, depending on your application,
documentation, and whether an appraisal is needed.

Yes, usually 2-5% of the loan amount. Some options may include no-closing-cost loans or lender credits