Get Equity
Turn a portion of the value you have built into funds for a renovation, a major expense, or what comes next—while weighing the cost of changing or adding to your mortgage.
Equity is an asset, not a spending target. We’ll help you compare the benefit of using it with the cost and risk of borrowing against your home.
Three paths
Each option uses home equity differently. Product availability, rates, terms, and qualification requirements vary.
01
A HELOC is a revolving line of credit secured by your home. You can generally draw funds as needed during the draw period, and rates are typically variable.
May fit: phased renovations, recurring expenses, or a reserve you do not need all at once.
Start a HELOC conversation02
A home equity loan is usually a lump-sum second mortgage with a fixed rate and fixed repayment schedule.
May fit: a defined, one-time expense when predictable payments matter.
03
A cash-out refinance replaces your current mortgage with a larger new loan and gives you the difference in cash, less closing costs.
May fit: a broader refinance strategy after comparing the new loan with the first mortgage you already have.
Review refinance optionsBefore you borrow
Match the borrowing structure to a clear use, timeline, and amount.
Compare fixed-payment options with the possibility that a variable HELOC rate and payment may change.
A second-lien product may leave it in place; a cash-out refinance replaces it. Compare the whole cost, not just the cash received.
Your home secures the debt. Consider the payment alongside your income, reserves, and other obligations.
A clearer next step
Tell a licensed Bloom loan advisor what you want the funds to do. We’ll help you compare available options and understand the tradeoffs.