If you’ve built up equity in your home, have a solid credit score, and maintain a low debt-to-income ratio, a home equity loan could be a smart financial move. This option allows you to access a large lump sum that you can repay over time, making it ideal for major expenses like home improvements, debt consolidation, or life events.

With fixed interest rates, your monthly payments will stay consistent, giving you a clear repayment plan and helping you budget with confidence.

However, if you’re worried about managing two separate mortgage payments, you might consider acash-out refinance instead. This option replaces your current mortgage with a new one — often at a lower interest rate — and gives you access to your equity as cash.

Choosing between a home equity loan and a cash-out refinance comes down to your financial goals and what works best for your situation. Our team of Home Loan Experts is here to help you weigh your options and make the right choice. Get started by filling out an application online today!