Home Equity Loan
Tap into your home's equity to achieve your goals.
Get the funds you need without giving up your current mortgage's interest rate.*
Unlock the Power of Your Home Equity
Access Cash
Borrow from the equity you have built and turn it into cash to leverage it in the best way for you.
Keep Your Rate
Access your equity at a competitive market rate while keeping your primary mortgage's current interest rate.
Flexible Spending
Unlike loans specific to a purchase, like an auto loan or student loan, spend your money, your way.
How Can I Use My Equity?
We've seen our homeowners often turn to home equity for big milestones and life events, such as a wedding, moving costs, vacation, or other medical expenses.
The Newrez Loan Process
Call 888-673-5521 to speak with one of our mortgage consultants to find a mortgage option that works for you.
Explore My Options
Talk with an expert loan advisor to find out how a home equity loan can help meet your financial needs.
Submit an Application
Review your finances, gather required documents, and complete your online application.
Receive Your Cash
Upon loan closing, get your lump sum of loan funds and start spending as you see fit.
Is a Home Equity Loan Right for Me?
A home equity loan is a second mortgage at the current market rate that is independent of your existing mortgage, meaning your primary mortgage loan and rate stay the same. How much you may borrow is determined by the amount of equity in your home, your credit score and debt-to-income ratio.
If you’re an existing Newrez customer, the application process is seamless. If you’re new, no problem! We’ll get you up to speed on the benefits of working with us.
Frequently Asked Questions
The Newrez Home Equity Loan is specifically designed for homeowners who want to tap into their home’s equity without altering their current mortgage. This loan product allows you to keep your primary mortgage interest rate while securing a second mortgage with a fixed interest rate. The loan is disbursed in a lump sum upon closing and per the repayment schedule, the borrower will remit fixed monthly principal and interest (P&I) payments.
Home equity represents the portion of your home that you truly own. To learn more and calculate the equity you have built, check out this article.
When you finance a home purchase, you're building equity over the life of the loan. There are a few ways to build equity:
- Putting forth a down payment
- Consistent monthly loan payments
- Additional payments towards the principal balance
- Invest in home improvements for market appreciation
For more ways to leverage your home equity to achieve your goals, read this article.
Home equity is the portion of your home that you truly own. It is the difference between your mortgage balance and your home's current market value. For example, if you owe $100,000 in mortgage loans and your home is valued at $250,000, you have $150,000 in home equity.
Yes, a home equity loan is a second or JR lien against your property.
Disclosure:
*The rate on your existing mortgage will not change. The Newrez Home Equity Loan program requires borrower to obtain a second mortgage at current market rates. Loan amount based on underwriting guidelines. Minimum 660 credit score. Minimum and maximum loan amounts apply. Program financing only available on properties with one existing mortgage lien and subject to maximum loan-to-value ratio. Not available in all states or territories. Other terms and restrictions apply. Please contact us for more information.