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See what your home equity can do for you

Access up to $500,000*Get approved for up to $500k*
in minutes
Low-rate HELOCs & HELoansLow-rate HELOCs & HELoans
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Checking your rate won’t affect your credit score

Home equity line of credit

HELOC rates as low as 8.934% variable APR1
  • Flexible line of credit, draw as needed*
  • Up to $500,000,* use for any purpose***
  • Only pay interest on what you use²
Learn more

Home equity loan

Home equity loan fixed rates as low as 8.677% APR4
  • Fixed rate, fixed monthly payments
  • Funding in one lump sum
  • Up to $249k* use for any purpose***
Learn more

Explore your options

HELOCs vs. HELoans: what’s the difference?

We break down the differences between home equity loans and lines of credit so you can compare your home equity options side by side.

Home equity resources
Home equity line of credit (HELOC)
Flexible line of credit, draw as needed for up to $500k,* only pay interest on what you use.²
Learn more
Home equity loan (HELoan)
Fixed-rate loan with steady monthly payments, funded in one lump sum for up to $500k.*
Learn more

Turn your home equity into cash—fast

  • Get your personalized rate in minutes with no impact to your credit score
  • Quick and easy online application—we’re here to support you every step of the way
  • Access your funds in as few as 11 days**

Comparing home equity options

Variable APR
Flexible²
Fixed APR
Steady
Lines & loans, side by sideKeep your existing mortgageUse funds for any purpose***Interest rateMonthly paymentsNo prepayment penaltyFunding in as few as 11 days**Funding in one lump sumDraw funds as you need them*Interest-only payment options²
HELOC
HELoan

Explore your home equity options

Home equity line of credit (HELOC)
A HELOC is a flexible line of credit that uses your home equity to access up to $500,000* at a low, variable rate. It functions like a credit card in that you can draw funds, as needed,* up to a limit based on your home's equity.3
Flexibility in usage
Flexibility in payments
Flexibility in usage & payments
Home equity loan (HELoan)
A HELoan functions like a mortgage with a loan amount based on your home's equity. With one-time funding, a fixed rate and a steady repayment schedule, there's no temptation to outspend your budget.
One-time funding
Steady payments
One-time funding · Steady payments
A smart phone that reads 'Congrats, Jesse! Select your offer.' The screen displays two different home equity borrowing offers with examples of funding and borrowing details.

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How much home equity can you tap into?

My property in
Illinois

is
worth
$
and
has
an est.
mortgage
balance of
$
,

which gives
me an est.
$115,000
of home
equity to tap into.

Let’s give your home equity more time to grow—you’ll need $25,000+ in home equity to be eligible. In the meantime, a personal loan could be an option. Get my personal loan rate.

Home equity resources

See more home equity content

Common home equity questions

Home equity is calculated by determining your home’s fair market value, then subtracting the amount you still owe on your mortgage (and on any other loans or liens that are tied to your home). Whatever is left is your home equity. Fair market value is the price your home would sell for in an open and competitive market. You can use an online home appraisal and a competitive market analysis to estimate your own home’s value. When you apply for a home equity line of credit or home equity loan, your lender will generate their own appraisal using an independent third-party appraiser or valuation tool.

HELOCs and HELoans use the equity in your home as collateral to access larger amounts of money at lower interest rates. Many people use home equity lines of credit and home equity loans to further grow the equity in their home by completing home improvements, renovations, and additions. In other words, by using home equity products to complete work on your house that can increase its fair market value, you may effectively grow your home’s equity while you leverage it to access capital at low rates.

If you own your home outright, then its entire fair market value would count towards your equity. Fair market value is the price your home would sell for in an open and competitive market. You can use an online home appraisal and a competitive market analysis to estimate your own home’s value. When you apply for a home equity line of credit or home equity loan, your lender will generate its own appraisal.

HELOCs and HELoans are secured by your house, which allows borrowers to access larger sums of money at lower rates. A home equity loan is a bit like a second mortgage: it’s a one-time loan that you’ll start repaying immediately through fixed monthly payments. On the other hand, a home equity line of credit lets you borrow when you need to instead of all at once. Ultimately, a home equity loan is more rigidly structured while a HELOC is more flexible.

The difference between these two numbers is your home equity. You can calculate how much home equity you have in just a few seconds by using Prosper’s Home Equity Calculator.

Because you use your home as collateral for HELOCs and HELoans, you can often borrow funds at a lower interest rate than through personal loans or credit cards. This can lead to major savings and can be a great way to pay off debt.

While real estate usually increases in value over time, it is always possible that market volatility or local alterations could impact the size of your home equity.

Borrowing against your home equity could affect your credit score in a negative or a positive way, depending on whether you make timely monthly payments. But remember, checking your rate for a home equity product like a HELOC or HELoan through Prosper does not affect your credit score at all.

Home values are at an all-time high

More homes in the US are hitting historical valuations than ever before. Get ahead of the curve and unlock your home’s equity today!

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