Home equity loans. Finding equity right under your own roof.

A home equity loan lets you borrow money using the value you’ve built up in your home. You get the money in one lump sum and pay it back with a fixed monthly payment.

Most lenders let you borrow up to 80–90% of your home’s value, minus what you still owe on your mortgage.

A score around 620 or higher usually works. Better credit can help you get a lower rate.

Home equity loans usually have fixed rates, so your payment stays the same every month.

Anything you want—common uses include home improvements, debt consolidation, education costs, or major expenses.

A home equity loan gives you one lump sum with a fixed payment. A HELOC works like a credit line you can use as needed, usually with a variable rate.

Your home is the collateral, so if you stop paying, you could lose your house. Also, if values drop, you could owe more than your home is worth.

Most people get approved and funded in 2–4 weeks, depending on the lender and appraisal process.

Expect fees similar to a small mortgage—often 2–5% of the loan amount. Some lenders offer reduced or no-closing-cost options.

Usually, yes. Lenders need to know your home’s value. Some offer automated valuations with no in-person appraisal.

Payments are fixed and spread over a set term—often 5 to 30 years, depending on the loan.

Sometimes yes, but lenders often limit you to one, or they may offer a second lien if you still have enough equity.

It can be—if the money is used for home improvements. It’s best to confirm with a tax professional.