A HELOC is a revolving, usually variable-rate line against your equity (a second lien) — draw as you need it, with low or no closing costs. A home equity loan is a fixed lump-sum version. Both leave your low first-mortgage rate untouched, which is why they've been popular since 2021.
HELOC or cash-out refinance?
A HELOC keeps your existing first mortgage; a cash-out refi replaces it — usually the HELOC wins if your current rate is low.
How much can I borrow?
Combined loan-to-value is usually capped around 80–90% of the home's value.
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