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They are not variations of one product. They behave differently and suit different situations.
Home equity line of credit. Revolving, secured against the home, interest on the drawn balance only. Best for ongoing or unpredictable needs. Standalone HELOCs are limited to 65 percent of the property value, and combined with a mortgage to 80 percent.
Home equity loan or second mortgage. A lump sum with fixed payments behind your existing first mortgage. Best for a known one-time need. Rates above a HELOC, and it does not disturb the first mortgage.
Refinance. Replace the existing mortgage with a larger one to 80 percent of value. Best rate of the three, and it triggers the penalty on the existing mortgage.
The choice usually comes down to whether the need is one-time or ongoing, and whether the existing mortgage carries a penalty worth avoiding.
The number that matters is not what the home is worth minus what you owe. It is:
80 percent of appraised value, minus the existing mortgage balance.
On a $800,000 home with a $400,000 mortgage, that is $240,000 available, not $400,000. The 20 percent stays with the lender regardless of how much equity you hold.
Appraised value, not what a neighbour's house sold for. The appraisal is the lender's number and it is frequently lower than owner estimates.
Income qualification applies to most products. Equity alone is not enough at institutional lenders, and a HELOC is stress-tested like a mortgage.
Equity-qualified lending exists where income is the obstacle. Private and alternative lenders assess the property and the loan-to-value rather than income ratios, and they are priced accordingly.
Credit standing affects the rate and the tier but matters less than on unsecured borrowing, since the lender has security.
Every product on this page converts unsecured or absent debt into debt secured against your home.
Consolidating cards into a home equity product lowers the rate. It also means a missed payment now has a path to foreclosure that a card balance never had.
That trade is frequently worth making. It should be made knowingly.
Generally to 80 percent of appraised value across all mortgages combined. A standalone HELOC is limited to 65 percent.
For ongoing needs, usually. For a known one-time amount, a fixed second mortgage gives certainty and a payoff date.
Equity-driven lenders qualify primarily on the property and the loan-to-value rather than on credit or income. Rates are higher.
A second mortgage or HELOC sits behind it and leaves it untouched. Refinancing replaces it and triggers the penalty.
