Can you tap home equity without refinancing?

Instead, you can consider a home equity line of credit (HELOC) or a home equity loan. These “second mortgages” let you cash-out your home’s value without refinancing your existing loan. Check your best options to tap home equity. Start here But there are a few other lesser-known ways to tap home equity without refinancing.

Can you use home equity without refinancing?

You can tap your equity through a variety of methods, including home equity loans, home equity lines of credit, and home equity investments, to name a few. Although a cash-out refinance may tempt you, it’s not the only way to use your home equity. Here’s what you should know about pulling equity from your home without refinancing.

What is the difference between a home equity loan and refinancing?

Refinancing involves replacing your existing mortgage loan with a new one, often to reduce your interest rate or change your loan term. A home equity loan, on the other hand, is a separate loan that you take out in addition to your mortgage. It allows you to cash out your equity without refinancing the original mortgage.