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How Home Equity Financing Compares With Other Lending Options
Find out how home equity loans and lines of credit compare as financing options to personal loans, a cash-out mortgage refinance and credit cards.
Factors to consider when you want to borrow money
When trying to determine what financing option is best for you, it's important to consider a variety of factors as each individual circumstance is different. The answers to these questions will help guide your focus as you identify the lending solution that's right for you.
How much do you need to borrow?
How quickly do you need access to funds?
Do you own your home?
If you own your home, how long do you plan to live there?
How close are you to paying off your current mortgage?
Are there promotional lending offers you can take advantage of?
Personal lending options
Explore summaries of three lending options, then take a deeper dive with our articles that compare each with home equity financing.
Home equity lending options
- A home equity loan (HELOAN) and home equity line of credit (HELOC) both let you to leverage the equity you've built in your home to cover a variety of expenses
- A HELOAN can be used to cover expenses with fixed costs, and typically has a lower interest rate than an option like a personal loan as it is secured by your home
- With a HELOC, you can draw funds as you need them and only repay what you use—just like a credit card
- Home equity financing can be a good option for many homeowners and usually takes upwards of 30 days before you receive cash
Home equity lending resources
Articles, tools and videos to help you explore your home equity lending options.
Explore TD financing solutions
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