HELOC
A home equity line of credit offers borrowing access during a draw period. Some products allow draws over time; others require a substantial or full initial draw.
Home equity · Future Home Loans
HELOC &
Home Equity Loans
Put your home’s equity to work.
Find an option that fits your plans.
Compare HELOCs and home equity loans through multiple lender options, with guidance built around your goals.
Explore My Home Equity OptionsSoft credit check options available.
Select products offer an initial eligibility review without affecting your credit score.
A hard inquiry may be required later in the application process.
Funds in a few business days may be possible.
Available with select options. Timing depends on eligibility, documentation, property review, closing requirements, and bank processing.
Understand your options
A line of credit or a set loan amount?
The right choice depends on when you need the money, how you want to repay it, and the terms available to you.
Home equity loan / HELOAN
A home equity loan provides a set amount upfront, usually with a fixed interest rate and scheduled payments over a defined term.
| What to compare | HELOC | Home equity loan |
|---|---|---|
| Access to funds | A credit line with draw access. Initial funding requirements vary. | A set amount received in one lump sum. |
| Interest rate | Variable-rate and fixed-rate structures are available. | Usually fixed. Confirm the specific loan terms. |
| Monthly payments | Some offer interest-only payments initially; others begin principal and interest immediately. | Typically principal and interest from the start. |
| Borrowing again | Additional draws may be available as you repay, subject to the draw period and loan terms. | Payments do not replenish a credit line. |
Fixed rate and upfront funding are different features. A fixed-rate HELOC can still offer additional draws. We’ll help you compare the actual loan structure, including how much you receive at closing and how later draws work.
Start with your plans
Different goals call for different options.
Home improvements
Consider whether you need the full budget upfront or funds at different stages of a project. Draw requirements and fees matter.
Debt consolidation
Compare payments, total interest, and fees. Consolidation moves the debt into a loan secured by your home.
Other major expenses
Match the amount and repayment term to your plans, with room in your budget for an additional mortgage payment.
Costs & payments
Look at the full cost of borrowing.
Know what you’ll receive
Origination charges, valuation, title work, or other closing costs may apply. Fees that are financed or deducted from the advance still affect the amount you borrow or the cash you receive.
Ask about annual fees, draw fees, and early cancellation charges, where applicable.
Know how payments can change
Variable rates can change your payment. An interest-only period can also lead to higher payments when principal repayment begins.
For fixed-rate options, confirm what is fixed and whether future draws have their own rates and payments.
Your home secures the loan. Compare affordability, fees, and total repayment costs before choosing an option.
Why work with Future Home Loans
More options. Guidance around your needs.
Access to multiple lenders lets us consider different product structures and qualification approaches for your situation.
01Tell us your goals
Share your property, the amount you’re considering, and when you need access to funds.
02Compare your options
Review available structures, costs, payments, and estimated timing with an FHL mortgage professional.
03Choose your next step
Move forward with an option that fits your needs, then complete the lender’s application and review.
What affects eligibility? Your home’s value and existing mortgage balance, credit, income, debts, property type, state, and the lender’s guidelines. Requirements vary by product.
Common questions
Before you use your home equity.
Can I keep my current mortgage rate?
A second-mortgage HELOC or home equity loan generally lets you keep your existing first mortgage and its rate. You take on a separate loan and payment secured by your home. Your FHL mortgage professional can help compare that approach with a cash-out refinance.
How quickly could I receive funds?
Some options may provide funds in just a few business days. Timing depends on your eligibility, complete documentation, property review, closing requirements, any applicable waiting period, and bank processing. Your mortgage professional can explain the timeline for the option you choose.
Is a fixed-rate HELOC the same as a home equity loan?
No. A fixed-rate HELOC is still a line of credit, and additional draws may be available under its terms. A home equity loan is a closed-end loan for a set amount. With some HELOCs, later draws can have a different rate from your initial draw.
How much home equity can I borrow?
The amount depends on your home’s value, existing mortgage balance, credit, income, other debts, and the lender’s limits. Equity is the difference between your home’s value and what you owe; lenders typically require some equity to remain after the new loan.
Will I need an appraisal or a credit check?
The lender must evaluate your property and credit. Some options use an automated property valuation; others require an appraisal. Credit inquiry practices also vary. Ask which checks apply at the quote and application stages before you proceed.
Let’s explore what your equity could do.
Tell us a little about your plans. We’ll help you understand your available options and next steps.
Sources & product information
Researched October 6, 2026. Availability, rates, fees, eligibility, and timing vary by lender, state, property, and borrower.
Consumer Financial Protection Bureau: HELOCs and home equity loans · Potential HELOC fees