Home Equity Line of Credit (HELOC)

Turn your home equity into cash with a HELOC.

✓ Access up to 90% or $500k of your home’s equity
✓ Lower interest rates than unsecured loans
✓ Flexible — borrow what you need, when you need it

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Why SoFi

Finance debt consolidation or home improvements with SoFi as your Home Equity broker.

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No change to your mortgage rate

No need to refinance your first mortgage. And for qualified borrowers, there are options to access a large portion of your home’s equity

Lower monthly payment

You could save compared to a high-interest credit card or unsecured installment loan.

Finance almost anything with up to $500k

Access up to $500,000 of your home's equity (up to 90%) to finance home improvements or consolidate debt.

Dedicated one-on-one support

You’ll have a dedicated SoFi Mortgage Loan Officer to help you find the right loan option.

How it works:

  1. 1

    Help us understand your needs

    Answer a few questions online to help us assist you better.

  2. 2

    Get paired with a dedicated loan officer

    You’ll be connected with an experienced SoFi Mortgage Loan Officer ready to help you determine the right product for you.

  3. 3

    Submit your application.

    Your SoFi loan officer will submit a home equity application for you to get you access to your cash.

Why Home Equity
could be right for you:

Pay off
high-interest debt

You could save with a lower monthly payment by consolidating high-rate credit cards or other installment loans to a lower rate.

Home
improvement

Renovations often result in a higher home value. Home equity can be a cost-effective and tax-deductible way to bring your ideas to life.

Large
purchase

No restrictions on how funds are used. Plus, low rates and longer term options could result in lower monthly payments versus other loans.

FAQs

A home equity line of credit (HELOC) is a credit line secured by the value of your home, minus any existing mortgage owed. You can borrow against it, spend, repay, and borrow again using your home as collateral.
You’ll typically have an open credit line for up to 10 years. During this “draw” period you borrow — using checks or a credit card — and usually make monthly interest payments. Then you begin paying back the principal plus interest.
Monthly HELOC payments vary by interest rate and how much of the credit line you’ve used. If you use $50,000 and your rate is 8%, your monthly interest payment will be $333. When you begin repaying the principal, payments rise to $1,013.
One advantage of a HELOC is that you can borrow and repay repeatedly for several years without additional paperwork. Interest rates are typically lower than those for a credit card, and interest may be tax-deductible.
You can use a HELOC for anything, at any point during the loan period. Some people use it to finance large home improvements or to consolidate other debts into one payment.

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