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Home Equity

New home equity lines of credit are currently unavailable

Cash-out refinance

Refinancing your mortgage can allow you to access available equity by taking cash out. Start with our refinance calculator to estimate your rate and payments.

Learn more about cash-out refinancing


Personal loan

Consolidate debt, pay for home improvements, or make a major purchase. Fixed interest rates and relationship discounts for qualified customers.

Check my rate   Learn more

Loan-to-value ratio (LTV)

The amount you owe on your loan divided by your home's original value, which is either the price you paid for it or the appraised value at closing, whichever is less. This number is always expressed as a percentage.

Interest Rate

The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.

Monthly Principal & Interest Payment

The amount displayed is based on the interest rate shown. The rate on a home equity line of credit is variable so your monthly payment may vary. If a fixed-rate advance option is selected, your rate and payment will remain the same during the fixed-rate advance term.

Maximum lendable equity

Maximum lendable equity is the maximum amount available to borrow, typically up to 80% of a home’s value after subtracting any existing mortgage balance.

Draw period 

The length of time during which you can access funds from your account.

Fixed-rate advance

A fixed-rate advance gives you the flexibility to secure a fixed-interest rate on any or all of your outstanding line balances during the draw period so your payments remain the same each month.

Annual Percentage Rate (APR)

The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.

Discount points

Charges paid to the lender voluntarily by the borrower or seller to permanently reduce the interest rate. One discount point is equal to 1% of the principal amount of the mortgage; however, 1 point will typically reduce the interest rate by less than 1%.

Mortgage insurance premium

A financial obligation a borrower pays to either the FHA or a private insurer to insure the mortgage lender against loss from a borrower’s default. Upfront and monthly mortgage insurance is required on FHA and monthly mortgage insurance is typically required on conforming loans when the down payment is less than 20%.

Property tax

Also known as annual real estate tax, the amount paid to a municipal or county taxing authority for a specific property. If you're buying a home, you can usually find an estimate of the property tax on the property listing information.

Homeowners insurance

Also known as hazard insurance, a real estate insurance policy that provides protection against loss caused by fire, vandalism, some natural disasters, personal injury, and theft. If you're buying a home, you can contact an insurer for an estimate.

Closing costs

Money paid by, or on behalf of, the borrower in connection with the closing of a mortgage loan. General examples include but are not limited to an origination charge, discount points, and fees for required third-party services, taxes, and government recording fees.

Monthly payment

The amount of principal and interest, taxes, and insurance (PITI) if escrow is included in your loan payment, paid each month on a mortgage loan.

Interest Rate

The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.