Question 1

What is a home equity loan?

Accepted Answer

A home equity loan lets you borrow a lump sum against your home’s equity and repay it with fixed monthly payments over a set term.

Question 2

How is a home equity loan different from a HELOC?

Accepted Answer

A home equity loan is typically a one-time lump sum with a fixed rate, while a HELOC usually works like a revolving credit line you can draw from over time.

Question 3

How much can I borrow with a home equity loan?

Accepted Answer

It depends on your home value, existing mortgage balance, and program limits. Many lenders cap the total loan-to-value. To get an accurate number for your situation, [apply online](/app).

Question 4

What can I use the money for?

Accepted Answer

Common uses include home improvements, debt consolidation, tuition, and major expenses. If you want to estimate payments, use our [mortgage calculator](/calculators/mortgage).

Question 5

Are home equity loan interest payments tax-deductible?

Accepted Answer

They may be if funds are used to buy, build, or substantially improve the home—rules vary, so it’s best to consult a tax professional.

Question 6

Is a home equity loan a second mortgage?

Accepted Answer

Often, yes—it’s commonly a second lien behind your primary mortgage, which can impact rate and approval. We’ll review your best structure when you [apply online](/app).

Home Equity Loan

Turn your home’s value into opportunity — tap into your equity with a fixed-rate loan that delivers cash in hand when you need it most.

Cash in Equity

Keep Your Rate

Fixed Payments

Flexible Uses

Less Stringent Credit

Real answers. Real people.

Estimate and explore

Mortgage calculator

Refinance calculator

Frequently Asked Questions

You’ve invested in your home – let it return the favor