Your equity. Your options.
A plan before a payment.
There are several ways to access equity. Understand the differences before choosing how to borrow against your home.
Keep the first mortgage—or replace it?
Home equity financing is not one product. Compare a home equity loan, a HELOC and a cash-out refinance based on how much you need, when you need it and the mortgage you already have.
What we’ll review
We’ll compare combined payments, total costs, available equity, repayment structure and reserves. Your home secures the debt; missed payments can put it at risk.
Review my equity optionsA lump sum with a defined repayment plan.
A home equity loan typically provides funds at closing and is separate from your first mortgage. Rate and payment structures depend on the actual product.
What we’ll review
Review lien position, APR, fees, term, monthly payment and prepayment provisions. Ask for the complete terms rather than assuming every second mortgage is identical.
Request home equity loan optionsAccess over time—with draw and repayment rules.
A home equity line of credit may suit expenses that occur over time. Payments and rates can change, and the repayment period may look different from the draw period.
What we’ll review
Confirm variable or fixed-rate features, minimum draws, annual fees, draw period, repayment period and payment changes.
Read our HELOC overviewOne replacement mortgage, not an added second loan.
A cash-out refinance replaces the current first mortgage. A new rate applies to that replacement balance, not only the additional cash.
What we’ll review
Compare the cost of replacing the full balance with keeping the first mortgage and adding a second lien. A lower rate on new cash alone does not settle the comparison.
Explore refinancingA lower payment is not the same as lower total cost.
Moving unsecured debt into a loan secured by your home changes the risk. A longer payoff period can increase the total amount paid even when the monthly payment falls.
What we’ll review
Compare total interest, fees, payoff timeline, spending habits and whether a non-mortgage alternative is preferable.
Review a consolidation scenarioBorrow for the project without overlooking the buffer.
For improvements, compare staged draws with a lump sum and consider what happens if the project exceeds its budget.
What we’ll review
Review contractor payment timing, contingency reserves and the effect on your household budget. Do not assume improvements will increase value by their cost.
Explore renovation financingEducational comparisons—not current pricing, approval or a commitment to lend. Rates, terms, fees, availability and eligibility require individual review.
Aaron Clowes
Air Force veteran. More than two decades in mortgage lending. Clear explanations, practical comparisons and a conversation about what works for you.
NMLS #200900 · CA DRE #02103379
New Way Mortgage is powered by Xpert Home Lending, Inc. · NMLS #2179191 · Equal Housing Lender.
Reviews are hosted by Zillow. Visit the source for review dates and details; past experiences do not guarantee your outcome.
What happens after you reach out?
- Aaron reviews your goals and the information you share.
- You confirm details and compare available paths, costs and tradeoffs.
- You decide whether to apply through the secure Xpert application.
No approval, rate or response-time guarantee. An inquiry does not authorize a credit pull.