Home Equity / HELOC
Turn the value you've built in your home into money you can use.
If your home is worth more than you owe on it, the difference is your equity. A home-equity loan pays it out as a lump sum with a fixed payment; a HELOC (home equity line of credit) works more like a credit card you draw from as needed. Both are secured by your home and usually leave your existing first mortgage — and its rate — untouched.
How it works
HELOC vs. home-equity loan
A HELOC gives you a flexible credit line you borrow against during a draw period, paying interest only on what you use. A home-equity loan gives you the full amount upfront at a fixed rate with predictable payments.
Keep your first mortgage as-is
Because these are second liens, you can access equity without refinancing away a low rate on your existing mortgage — often the main reason people choose them over a cash-out refinance.
Your home is the collateral
Rates are usually lower than credit cards or personal loans because the loan is secured by your home — which also means falling behind puts the home at risk. Borrow with a plan.
A good fit if you're…
- Renovations and home improvements
- Consolidating higher-interest debt
- Keeping a low first-mortgage rate while accessing cash
This page is educational and is not a loan offer or a commitment to lend. All loans are subject to credit approval, income verification, and property appraisal. Program availability, rates, and terms vary and are subject to change without notice. Not all applicants will qualify. Legacy Loans USA, LLC | NMLS #2814261.
Explore other loan programs
Home Purchase
Conventional, jumbo, FHA, and first-time buyer programs with as little as 0–3% down.
Refinance
Lower your rate, shorten your term, or switch loan types with rate-and-term refinancing.
VA Loans
$0-down purchase, VA Streamline (IRRRL), and VA Cash-Out options for those who served.
Reverse Mortgage (HECM)
For homeowners 62+: convert home equity into cash with no required monthly mortgage payment.
Self-Employed
Bank-statement and alternative-documentation loans built for business owners.
Investor / DSCR
DSCR and investment-property financing that qualifies on the property's cash flow.