Home equity options: HELOCs and HELOANs
Tap into your home equity
Open the door to new possibilities by accessing your home’s equity whether it’s to afford tuition, renovate, consolidate high-interest debt, purchase a second home or tackle an emergency expense. A home equity line of credit (HELOC) or home equity loan (HELOAN) can help wherever life takes you.
What is home equity?
Home equity is how much of your home you actually own. Paying your mortgage gets you more equity in your home over time. It’s the assessed market value of your home minus your remaining mortgage.
Understanding your options: HELOC vs. HELOAN
Guild’s fixed-rate HELOC*
When you need quick and flexible access to your home equity, Guild’s fixed-rate HELOC helps you get your full loan amount within five days**. This solution offers a predictable payment schedule and the choice to draw even more funds later. You’ll be able to consolidate high-interest debt, renovate your home, cover major expenses or fund whatever’s next. It’s a simplified home equity solution that gives you streamlined access to your hard-earned equity, all without changing the terms of your current mortgage.
- Loan amounts up to $750,000
- Use up to 85% of your home’s equity
- Fixed-rate option
Home Equity Line of Credit (HELOC)***
A HELOC is a line of credit secured by your home. It’s typically a piggyback line of credit to your first mortgage that lets you access funds as needed instead of all at once. You can use your revolving credit line for large purchases such as tuition, renovations and emergency expenses. A HELOC offers a way to draw and repay as the need arises.
Since HELOCs rely on your home’s equity, you can’t borrow more than the value of equity in your home.
- Loan amounts up to $750,000
- Use up to 95% of your home’s equity
- Fixed and adjustable-rate options
Home Equity Loan (HELOAN)
A HELOAN offers up to 90% of your home’s equity in a lump sum as a piggyback second mortgage. It helps you avoid mortgage insurance by pairing with a first mortgage at the time of purchase, or by acting as a second mortgage to tap into your equity—so you can avoid refinancing your first mortgage that has a potential lower rate. It offers flexible loan terms, fast funding, predictable monthly payments and a one-time withdrawal.
- Loan amounts up to $500,000
- Use up to 90% of your home’s equity
- Fixed rate financing
| HELOC | HELOAN | Guild Fixed-rate HELOC | |
|---|---|---|---|
| Type of financing | Line of credit | Lump sum loan (a second mortgage) |
Full line of credit amount at closing |
| Borrowing limit | $750,000 | $500,000 | $750,000 |
| Home equity limit | Up to 95% | Up to 90% | Up to 85% |
| Rate options | Fixed and adjustable | Fixed | Fixed |
Learn more about home equity solutions
Clear up questions and feel empowered using your home equity with these helpful articles.
Unlock a new chapter of homeownership
Home Equity Guide
Want a complete home equity rundown of all the ways you can use it? Download this complete guide on all things home equity, HELOCs and HELOANs at Guild.
*This is a single-draw fixed-rate HELOC where the borrower must take the full loan amount at closing; future draws are available based on the term selected.
**Turn times are estimates and cannot be guaranteed. A variety of issues or unforeseen circumstances beyond our control may extend turn times.
***This is a brokered loan product. State restrictions and eligibility requirements will apply based on investor guidelines.
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.