Your home has a story.
Plan its next chapter.

Begin with the purpose.

Equity is your home’s value minus what you owe on it. Before borrowing against it, think about how much you need, when you need it and how you will repay it. Bring your current mortgage into the discussion, too.

Three ways to borrow against your home.

• A home equity line of credit (HELOC) lets you borrow as needed up to an approved limit during a set borrowing period, called the draw period. Payments are generally required while you borrow. The rate is usually variable, so payments can change during this period, too. When borrowing ends, you must repay the remaining balance under the loan's terms. Payments can rise, and some plans require the full balance at once.
• A home equity loan gives you a lump sum to repay over time. It usually adds a second payment alongside your current mortgage. Ask about its rate and fees.
• A cash-out refinance replaces your mortgage with a larger loan and gives you some of the difference in cash. It changes your mortgage’s rate, balance and repayment schedule.

Look beyond the available equity.

These loans use your home as security. If you cannot repay, you could lose it. Look at the new payment and fees before deciding. Ask what happens if your plans or income change. Your loan officer can review which options are available for your property and situation.