Your options
Four ways to tap equity or refinance
HELOC
Variable-rate line of creditBorrow against equity as needed during a draw period, then repay. Rates are typically variable, so payments can change. Not every product permits interest-only payments or the same draw period.
Pro: Flexible draws; pay interest on what you use
Consider: Variable rate; payments may rise after the draw period
Fixed Second Mortgage
Fixed-rate lump sumReceive a one-time lump sum with a fixed rate and predictable payment. Keeps your existing first mortgage in place.
Pro: Fixed payment; first mortgage untouched
Consider: Adds a second lien; less flexible than a line
Cash-Out Refinance
Replace your first mortgageRefinance for more than you owe and take the difference in cash. You replace your existing first mortgage with a new one.
Pro: Single loan; access equity at once
Consider: New rate and term on your full balance; closing costs apply
Rate-and-Term Refinance
Refinance without cash outRefinance to change your rate or term without taking cash out. Lowering your monthly payment by extending the term may increase your total interest cost.
Pro: Potentially lower rate or shorter term
Consider: Closing costs; longer term can mean more total interest
Tradeoffs to weigh
The honest comparison
Digital HELOC is a different product
The Digital HELOC is a specific digital home equity option—not the same as a general HELOC or bank statement HELOC. If you're curious whether it fits, there's a dedicated page with its own application.
Not sure which fits your equity goal?
Book a homeowner & refinance consultation, or estimate your equity first.