Won’t affect your credit score
Want to get cash from your home?
Let us figure out the best way for Better to help you get the cash you need fast!
01.
Check if you qualify online in minutes without any impact to your credit score
02.
You’ll see your maximum cash, rates, and expected monthly payments
03.
Select a loan and get cash in as fast as 7 days¹
Won’t affect your credit score
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of 2023
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Affordability 2023
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Online Homebuying
$100B+
Home loans funded online
400,000+
Customers proudly served
What cash-out option is better for me?
A HELOC and a home equity loan are both great options to access your home equity as cash, but what's the difference? Here is the high-level break down, but once you answer a few quick questions, we’ll help you choose the right option, with side-by-side comparisons and advice from a dedicated loan consultant.
HELOC
(Home Equity Line of Credit)
HELOAN
(Home Equity Loan)
Best for
Flexible ongoing borrowing needs
One-time large expenses or projects requiring a fixed lump sum
Interest only period
Interest rate
Adjustable
Fixed
How you receive and spend the funds
Revolving line of credit you can pay down and withdraw from for 3 or 10 years
One upfront lump sum
Payment structure
5 or 10-year interest-only payments, followed by 10, 15, or 20 year repayment period (principal and interest payments)
15, 20, or 30-year fixed principal and interest payments¹
Get between
$50,000 - $500,000
$50,000 - $500,000
Borrow from
Primary residence
Second home
Investment property
Primary residence
Second home
Investment property
Minimum credit score
680
680
Keep your mortgage rate
How much cash can I borrow with a HELOC or home equity loan?
Homeowners can borrow up to 90% of their home’s value. In this scenario, a homeowner could qualify for a home equity line of credit or home equity loan up to $200,000.²
Won’t affect your credit score
Easier
Access up to 90% of your property's value, making it easier than ever to tap into the value of your property to build an ADU.
Faster
Close in as little as 3 days, so you can go from idea to built space faster than ever.3
Better
Better and HUTS have partnered to create the best way to finance the construction of your new favorite asset: your ADU.
Why customers love Better Mortgage
Thank you for making the whole process so painless! With the rising credit card rates, it makes perfect sense to get HELOC with low interest rate.
G
Glyn
Better Mortgage HELOC customer
I was able to close on my home equity line of credit in just three days!! Better Mortgage offered me the best rate and lowest cost when I refinanced my mortgage back in 2020, and for the second time, they offered me the best rate.
M
Matt
Better Mortgage HELOC customer
Why homeowners tap their home equity
HELOCs and home equity loans have lower interest rates than most credit cards and personal loans because they’re secured by your home, making them a popular option for large expenses and paying off higher-interest debt.³
Won’t affect your credit score
While home values are up.
Put your equity to work.
While home values are up. Put your equity to work.
In 2022, US homeowners saw their home equity increase $60,200 per borrower, on average.³ Now they can quickly tap into that equity to tackle renovations, pay off high-interest debt,⁴ or keep as an emergency fund.
Better savings
Pay interest only on what you withdraw
With a HELOC, you’ll pay interest on the amount you withdraw, not the entire loan amount. Plus, Better Mortgage cuts out the unnecessary fees so we can pass along those savings to our customers.
No unnecessary fees
Pay interest only on what you withdraw
With a HELOC, you’ll pay interest on the amount you withdraw, not the entire loan amount. Plus, Better Mortgage charges zero unnecessary fees.
With the Better Home Card
Furniture
Rugs
Appliances
Renovations
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What makes us Better
Homeownership, all under one roof
We’re making every step of the homeownership process faster, easier, and more affordable.
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Expert agents to help you list your current home or find a new one.
Better Settlement Services
We’re making title insurance faster, easier, and just plain Better.
Better Cover
We’ll shop 20+ insurance carriers to find you the best policy on home, auto or life insurance.
FAQs
What is a HELOC?
What is a home equity loan?
Should I get a cash-out refinance, instead?
What can I use my home equity for?
How much home equity can I borrow?
Are hybrid appraisals covered under our appraisal contingency?
What if the Listing Agent has questions about the appraisal alternatives?
¹ Home Equity Loan Payment Example: For example, on a $100,000 30-year fixed rate home equity loan, with an interest rate of 8.625% (8.705 APR) for the cost of 0.7 point(s) ($730.10) paid at closing, you would make monthly payments of $777. Monthly payment does not include taxes and insurance premiums. The actual monthly payment will be greater. Monthly payment assumes a loan-to-value (LTV) of 20%.
² Actual maximum loan amount will vary based on home value, lien position, and financial profile. This is not a commitment to lend.
³ Better Mortgage's HELOC and home equity loans require that you pledge your home as collateral, and you could lose your home if you fail to repay your loan.
Better Mortgage’s home equity loan product is available in all states other than MN.
Better Mortgage's HELOC product is available in all states other than TX. Please note that you are required to draw at least $50,000 or 75% of your credit limit, whichever is greater, at the time of funding (ex. if your credit limit is $200,000, you must draw $150,000 or more at funding). If you would like to draw less at funding, you may lower your credit limit.
