Compare ways to access your home equity.

Home equity is the difference between your home’s market value and the amount you owe on your mortgage.

What is home equity and what are your options?

Home equity is the difference between what your home is worth and what you still owe on your mortgage. U.S. Bank has three ways you can put it to use.

Rates shown for ZIP code   Edit

funds as you need them

Home equity line of credit (HELOC)

Included with this option:

  • Funds as needed
  • Adjustable rate with fixed option
  • Pay only for what you use

Variable interest rate


APR

For  

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fixed rates and payments

Home equity loan

   

Included with this option:

  • Funds as needed
  • Adjustable rate with fixed option
  • Pay only for what you use

Fixed rate


APR

For  

See if you prequalify Learn more
Cash at closing

Cash-out refinance

 

Included with this option:

  • Funds as needed
  • Adjustable rate with fixed option
  • Pay only for what you use

Conventional Term

APR

Rate

For  

Start your application Learn more

The rates shown are current as of . These rates are based on some standard assumptions as described below.3

See below for a conforming fixed-rate monthly payment and APR example.4 

Obtaining only a Loan Estimate for a home equity loan

A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. A banker can help you obtain a Loan Estimate without completing a full loan application.

Not sure what your home improvement project could cost?

Answer a few quick questions about your project to get an estimate of the cost and your potential return on investment.

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Explore home improvement loans.

Make your dream home a reality with a variety of financing options. From home repairs and fixes to remodeling and renovations, we've got home-improvers covered.

Go to the home improvement hub

Get a rate estimate.

Home equity loans and lines of credit can be great ways to fund major purchases. Find out what rates could be available for you with our rate and payment calculator.

Go to the calculator

Find the right approach for you.

Answer a few questions about your goals and financial situation, and we’ll help you find home equity options for your specific needs.

Get a recommendation

Apply at your own pace.

With our streamlined application process, you can apply using your phone, laptop or other portable device. It’s simple to upload documents – no fax machine or trip to the bank necessary! And if you need to step away from your application, just save it to finish later.

If you have any questions at all, our loan officers are just a phone call or email away.

Contact us

Still not sure if a home equity loan or line is better for you?

You may be able to access funds you didn’t realize you had in the form of a home equity loan or line of credit, as long as you have some equity in your home. Understand how they differ, so you can make the right choice. For home-improvers looking for more ways to pay for projects, explore all of our home improvement loans.

Read the article

Get answers to frequently asked questions about home equity.

Home equity is the difference between the market value of your home and the amount you owe on your mortgage.

To calculate your home equity, subtract the amount you owe on your mortgage from the amount your home is worth. For example, if your home is valued at $300,000 and you owe $100,000 on your mortgage, you have $200,000 in equity.

Depending on your credit history, available equity in your home and your current monthly debt, you may be able to borrow between $25,000 and $750,000 (up to $1 million for properties in California).

A home equity loan can be a less expensive option for borrowers who need access to cash. But refinancing can be a great way to lower your monthly payments and save money on interest. Consider the pros and cons of both a home equity loan or refinance to determine which is best for you.

A home equity loan allows you to borrow against the equity in your home and pay it back with a steady repayment schedule. A cash-out refinance lets you negotiate new mortgage terms and borrow funds for one-time expenses at the same time. Choosing either a home equity loan or cash-out refinance depends on your goals.



A home equity loan provides a lump sum of money at a fixed rate. A home equity line of credit gives you ongoing access to funds and flexible repayment options. When deciding between a home equity loan or home equity line of credit, compare the features and benefits to determine which is right for you.

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Disclosures

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The Consumer Pricing Information disclosure lists fees, terms and conditions that apply to U.S. Bank personal checking and savings accounts and can be obtained by visiting a branch or calling 800-872-2657.

Home Equity Line of Credit: Repayment options may vary based on credit qualifications. Choosing an interest-only repayment may cause your monthly payment to increase, possibly substantially, once your credit line transitions into the repayment period. Interest-only repayment may be unavailable. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. A U.S. Bank personal checking account is required to receive the lowest rate but is not required for loan approval. Customers in certain states are eligible to receive the preferred rate without having a U.S. Bank personal checking account. Interest rate and program terms are subject to change without notice. Credit line may be reduced, or additional extensions of credit limited if certain circumstances occur.

An early closure fee of 1% of the original line amount, maximum $500, will apply if the line is paid off and closed within the first 30 months. Property insurance is required. Other restrictions may apply. Customer pays no closing costs. Initial escrow related funding costs may apply. An annual fee of $75 will apply after the first year and is waived with an existing U.S. Bank Platinum Checking Package.

Home Equity Loan: In order to receive the lowest rate advertised, a set-up of automatic payments from a U.S. Bank personal checking or savings account is required but neither are required for loan approval. Customers in certain states are eligible to receive the preferred rate without having automatic payments from a U.S. Bank personal checking or savings account. Home equity loans not available for properties held in a trust in the states of Hawaii, Louisiana, New York, Oklahoma and Rhode Island. Loans are subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.