Home Equity Loans and Lines of Credit

Access your home equity without replacing your mortgage. Fixed lump sum or revolving credit line. Available in 7 states.

What Is Home Equity Financing?

What Do I Need to Qualify for a Home Equity Loan or HELOC?

Qualification typically depends on:

Available home equity
Credit profile
Income and ability to repay
Property type and occupancy

Loan limits and terms vary by lender and program.

Mortgage Marketplace LLC is licensed to help homeowners access home equity financing in Oregon, California, Washington, Idaho, Texas, Florida, and Montana. View full licensing information.

Home equity financing lets homeowners borrow against the equity they have built in their property. Equity is the difference between your home’s current value and what you still owe on your mortgage. It comes in two forms: a home equity loan, which gives you a lump sum at a fixed rate, or a HELOC, which gives you a revolving credit line at a variable rate. Neither option replaces your existing first mortgage.

How Does a Home Equity Loan Differ From a HELOC?

Home Equity Loans

Fixed interest rate
Lump-sum payout
Predictable monthly payments

Home Equity Lines of Credit (HELOCs)

Revolving credit line
Variable interest rate
Funds accessed as needed

The right option depends on how you plan to use the funds and your preference for payment stability.

How Can Homeowners Use Home Equity?

Home equity funds are often used for:

Home improvements or renovations
Debt consolidation
Education expenses
Major purchases
Emergency reserves

Using home equity strategically can provide flexibility without refinancing your primary mortgage.

Is Home Equity Financing Right for You?

A home equity loan or HELOC is a strong option when you need to access cash without refinancing your first mortgage. Your home secures the loan, so repayment is required.

We compare home equity options across multiple lenders and help you understand the full cost and trade-offs before you decide.

Home Equity Questions, Answered

Common questions about how HELOCs and home equity loans work and how to choose between them.

1. What is the difference between a HELOC and a home equity loan?

A home equity loan gives you a lump sum at a fixed interest rate with predictable monthly payments. A HELOC is a revolving credit line with a variable rate. You draw from it as needed during the draw period and repay what you use. A home equity loan works best for one-time expenses with a known cost. A HELOC works best for ongoing costs or projects without a fixed total.

2. How much equity do I need to qualify?

Most lenders require you to retain at least 15% to 20% equity in your home after the loan is issued. This means if your home is worth $400,000 and you owe $300,000, you have $100,000 in equity and may be able to borrow up to $20,000 to $60,000 depending on the lender’s combined loan-to-value limit. Requirements vary by lender and program.

3. Does a HELOC or home equity loan affect my first mortgage?

No. Both options are second liens on your property. They do not replace or modify your existing first mortgage. Your first mortgage payment stays the same. You make a separate payment on the home equity loan or HELOC in addition to your first mortgage payment.

4. What can I use home equity funds for?

Home equity funds can be used for home improvements, debt consolidation, education expenses, medical costs, or major purchases. There are generally no restrictions on how you use the funds. Because your home secures the loan, it is important to have a clear repayment plan before accessing equity.

Ready to Access Your Home Equity?

We compare home equity loan and HELOC options across multiple lenders so you find the right structure for your goals. Licensed in OR, CA, WA, ID, TX, FL, and MT.

Review Your
Home Equity Options

Home equity loan and HELOC options vary based on equity, credit, and lender guidelines. Start with a personalized review to explore your options.