Finance life's next chapter,
take a vacation, or save for
a rainy day
Available equity for
personal use
Your home equity is a versatile financial tool.
Use it to your advantage.
When you tap into your home's equity, there is no restriction on how those funds can be used. Let's walk through a few common examples.
The Best Financing Options to
Borrow from Your Home Equity
When tapping into your home equity, there are a few different options to consider. We’ve laid out the most common financing tools below along with a short description.
Note that these options may not be available to everyone, so always consult your loan officer about the best option for you.
Speak with your advisor
We've teamed up with ACME Mortgage to help you plan your next move – from affordable tools to expert local agents ready to support you every step of the way.
Speak with your advisor
We've teamed up with ACME Mortgage to help you plan your next move – from affordable tools to expert local agents ready to support you every step of the way.
Accessing Your Home Equity
No matter what you plan to use your equity on, it’s important to contact your loan officer early in the process. This will help you get a clear idea of your rate, costs, and available equity so you can plan your use of funds with confidence.
Confirm Your Available Equity
Consult with your loan officer to confirm your available equity, run the numbers and determine whether a HELOC, home equity loan, or cash out refinance is the best option for you.
Apply for Loan Approval
Cash out refinances or home equity loans are typically pretty straightforward for lenders. Costs are often much lower than with a new purchase, and most can be closed in under 45 days.
Close & Draw Funds
Once you close, you may now access the funds. Depending on the loan you chose, the funds may be wired into your account at closing, or you may have a credit line that can be drawn over time.
Next Steps
Crunch the numbers with your loan officer
Scheduling a 30 minute call with your loan officer can help you estimate the potential costs of tapping into your home's equity to renovate your home.
