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Know your home equity options
Newrez offers several options for accessing your home equity. Each of them allows you to borrow against the equity you've built in your home to access the cash you need and then use the money for anything you like. But there are differences, and it’s important for you to understand them.
Home equity loans and home equity lines of credit (HELOC) are second mortgages at current market rate. Your primary mortgage and its rate are untouched. You use your home as collateral.1,2
Cash-out refinances replace your current mortgage with a new larger mortgage at the current market rate. The additional amount over your current mortgage balance is paid to you in cash, minus any closing costs.3
Get a lump sum of money for covering big expenses.
Apply for a home equity loanGet a revolving line of credit you can draw on anytime.
Apply for a HELOCGet cash from home equity through a new mortgage.
Learn moreLearn more about home equity
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HELOC, HELOAN or Cash-Out Refinance: Ways to Unlock Home Equity
Newrez provides several ways for you to get cash from the equity built up in your home.
3 Ways to Leverage Home Equity
Explore home equity borrowing options, including home equity loans, HELOCs and cash-out refinances. See how Newrez can help with your goals.
Home Equity and How it Works
Home Equity is how much your home is worth minus your mortgage balance. Learn about how equity can work for you with Newrez.
Home Equity
Looking to fund home improvements, consolidate debt, or cover other expenditures? A cash-out refinance may be right for you.
Frequently Asked Questions
Home equity is the portion of your home that you truly own. You can borrow against that equity when you take out a home equity loan, home equity line of credit or cash-out refinance. To learn more and calculate the equity you’ve built, check out this article.
Compare home equity options
| Newrez Home Equity Loan | Newrez Home Equity Line of Credit (HELOC) | Newrez Cash-Out Refinance | |
|---|---|---|---|
| Cash disbursement | Lump sum | Receive a cash disbursement equal to 75% of your approved line, with closing costs and any debts being paid off deducted from that amount | Lump sum |
| Cash access | Approved loan amount less closing costs and debts paid off through the transaction (if applicable) delivered at funding | Receive up to 75% of your approved line after your loan funds Option to access more later in $1,000 increments, subject to a 90‑day wait between draws Access to your full line as you repay and withdraw funds during the draw period |
Difference between your new mortgage amount and the existing balance, minus closing costs Typically up to 80% of your home’s value |
| Interest rate | Fixed for life of the loan | Variable, follows market interest rate index | Based on current market rate |
| Monthly payments | Fixed for life of the loan | Fluctuates based on how much you borrow | Fixed or variable, based on the terms of your new loan |
| Payment structure | Principal and interest from start | Interest-only first 3 years; Principal and interest after | Principal and interest from start |
| Average time to close4 | 3 weeks | 3 weeks | 45-60 days |
Estimate your budget so you can borrow with confidence
Why tap into your home equity?
Access to cash that’s yours
Your home’s equity is there for you to use. Tap into it to when you need a source of cash.
Affordable borrowing
Home equity loans, HELOCs and cash-out refinances offer competitive rates and flexible terms to fit your budget.
Your money, your way
You can use your money for anything you need, so you can take care of what matters most to you.
Talk with a loan expert about your home equity options
Home equity can be a smart way to get cash, but the right option depends on your goals. One of our loan officers can help you compare your options and understand if a Newrez Home Equity Loan, HELOC or cash-out refinance is best for you.
Get in touch today to:
- Understand how much equity you may be able to use
- Compare Home Equity Loan, HELOC, and cash-out refinance options
- Choose between a fixed lump sum or flexible access to cash
- Decide what to do next with confidence
Call loan officer ➔Call loan officer: 888-673-5521
Disclosure:
- The Newrez Home Equity Loan program allows you to keep your current mortgage rate unchanged while taking out a second mortgage at current market rates. The minimum credit score for this program is 660, and it is only available on properties with one existing mortgage lien. Loan amounts must meet program minimums and maximums, and loans are subject to maximum loan-to-value limits as well as other underwriting rules. Geographic restrictions apply.
- Our Home Equity Line of Credit is available for owner-occupied homes. At closing, we’ll draw 75% of your approved credit limit, minus any origination fees. Additional draws can be requested 90 days after closing during the first three years, up to your available limit. Rates will vary based on factors like your credit score and your total loan-to-value ratio. Loan amounts range from $50,000 to $350,000. To determine your home’s value, we may use independent data sources or automated valuation models, and in some cases, an appraisal may be required. This product is only available for eligible borrowers, certain property types, and in select states. Pre-approval is based on the information you provide and is subject to verification and full underwriting review. Not all applicants will qualify.
- By refinancing an existing loan, the total finance charges may be higher over the life of the loan.
- Processing and closing times vary depending on the nature and complexity of the transaction.