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Still Deciding? Compare Top Lenders Below
Bottom Line: Our Top Cash-Out Option
After evaluating dozens of home equity and refinance lenders, Quicken Loans is our top overall pick. Backed by decades of lending experience and one of the largest mortgage networks in the country, Quicken makes it easy to compare loan options, lock in competitive rates, and move through the process with confidence — whether you're refinancing for a better rate, consolidating debt, or putting your equity to work.
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Need Cash Without Refinancing?
Not every homeowner wants to touch their existing mortgage. If you've built up equity and need access to cash, a home equity loan or HELOC lets you borrow against your home's value while keeping your current rate and terms intact. Compare our top picks below to find the option that fits your goals and timeline.
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Home Equity & Refinance 101
Who are refinance and home equity offers for?
These offers are designed for homeowners who have built equity in their home and are considering ways to improve their financial situation. Whether you want to lower your interest rate, adjust your loan term, or access cash, these options may be worth exploring.
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What’s the difference between refinancing and using home equity?
Refinancing replaces your existing mortgage with a new loan, which may help you change your rate, term, or monthly payment. A cash-out refinance replaces your existing home loan with a new, larger mortgage, allowing you to convert a portion of your home equity into cash.
Home equity options let you borrow against the value you’ve built in your home while keeping your current mortgage in place.
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How much money can I access with my home equity?
When it comes to a home equity loan or HELOC, lenders can use different formulas to calculate how much you can borrow. The various factors taken into consideration include your creditworthiness, existing debt, your perceived ability to repay the loan, the appraised value of your home, and the loan-to-value ratio (LTV). In general, the higher the amount of equity you have in your home, the bigger the loan amount you could receive.
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How can I use the equity value in my home?
Home equity is one of the greatest financial benefits of owning a home. You can tap into the equity you built for multiple reasons, including:
- Debt consolidation: Pay off multiple other types of debt with your home equity loan or line of credit to keep your debt organized and potentially get a low interest rate.
- Home renovations: Use your home equity to help pay for important home renovations and improvements, which can in turn increase your home value.
- Medical bills and emergencies: Cover costly medical bills or other unexpected expenses by tapping into your home equity.
- Large purchases: Use your home equity to cover large expenses involved with weddings, buying a new car, or moving houses.
Calculate how much cash you can get from your home's value
How do I know which option is right for me?
The best option depends on your goals, such as lowering monthly payments, locking in a new rate, or accessing cash without refinancing your entire mortgage. Comparing multiple offers can help you better understand what fits your situation.
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How we chose these products
FinanceBuzz evaluated a selection of home equity options offered by our partners, looking at various criteria including customer reviews, loan product variety, years in business, and more. We did not review all products in the category, and compensation was considered when evaluating and ordering the products, but does not affect our editorial ratings.