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Refinance & equity

Home-equity loan

The short answer A home-equity loan usually gives you a lump sum that you repay on a set schedule, often at a fixed rate. It can let you keep your existing first mortgage in place. Your home secures the loan, and the lender reviews your equity and ability to repay, so compare the combined first-and-second payment with replacing your first mortgage.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • You want to keep a low rate on your first mortgage.
  • You need a known amount for a defined project or expense.
  • You prefer a set repayment schedule over a revolving line.

Tradeoffs to weigh

  • Your home secures the loan, so missed payments put it at risk.
  • You'll have two housing payments: the first mortgage and the second loan.
  • It isn't a reusable line; borrowing more means a new loan.

What to have ready

  • A rough home value and your first mortgage balance.
  • Whether you already have another loan against the home.
  • How much you need and what it's for.
  • How you're paid and your main monthly debts.

Questions people ask

Can I borrow again after paying some back?

Usually not. A closed-end home-equity loan is not normally a reusable revolving line.

Is it better for a known project budget?

It can suit a defined amount. Compare the rate, fees and repayment terms.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

Start my applicationTalk to MarcusTry the refinance calculators

Related topics

Rate-and-term refinance Cash-out refinance HELOC (home equity line of credit) Reverse mortgages See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
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Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

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  1. 1. Tell me your goalCall, book a time or send a note. No SSN and no credit check to start a conversation.
  2. 2. I compare your optionsI look at your income, property and plans, and explain the costs and tradeoffs of each route in plain language.
  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
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