Homeowners make the common mistake of thinking that they need to refinance to pull a lump sum of cash out of their home. Whether you need extra money to fund home renovations, pay down debts or strengthen your savings account, a home equity loan could be the best option for you.

A home equity loan lets you pull money out of your home without touching your current mortgage! Unlike a HELOC, this option comes with a fixed-interest rate, so you don’t have to worry about monthly payments fluctuating. This is a great option for homeowners looking to take advantage while home equity levels are still high.

Does your kitchen need an update? Bad plumbing causing you headaches? Kids begging for a backyard pool? The cash you need to make those updates could be easier to access than you may think. Speak with a Home Loan Expert today to see how much cash you could pull from your home.

Stuck with student loans and credit card debt? You may not be able to pay them off just yet, but there is a way to ease the burden. By taking cash out of your home, you could use it to pay off higher interest debt and reduce the number of different payments you have to make every month. Rocket Mortgage® experts are standing by to help you go over your options.

Looking to start a college fund? Add to your investment portfolio? Or simply save up for a rainy day? The cash you need could be right at your fingertips. Connect with a Home Loan Expert to see how much cash you could get out of your home and help secure a better future for your family.

No matter what your financial goals, Rocket Mortgage experts are here to help you figure out how to make the most of your home equity. It costs $0 to check out your options and there’s no commitment required.

¹Based on internal Rocket Mortgage data.

$250,000 30-year Fixed-Rate Loan

An interest rate of 7.125% (7.459% APR) is for the cost of 2.00 point(s) ($5,000.00) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,684.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

$275,000 30-year Fixed-Rate Loan

An interest rate of 7.125% (7.45% APR) is for the cost of 2.00 point(s) ($5,500.00) paid at closing. On a $275,000 mortgage, you would make monthly payments of $1,852.73. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

$300,000 30-year Fixed-Rate Loan

An interest rate of 7.125% (7.442% APR) is for the cost of 2.00 point(s) ($6,000.00) paid at closing. On a $300,000 mortgage, you would make monthly payments of $2,021.16. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%.

15-Year Fixed-Rate Mortgage:

An interest rate of 6.625% (7.173% APR) is for the cost of 2.125 point(s) ($5,312.50) paid at closing. On a $250,000 mortgage, you would make monthly payments of $2,194.99. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%. Rates shown valid on publication date as of May 14, 2024.

30-Year Fixed-Rate Mortgage:

An interest rate of 7.125% (7.459% APR) is for the cost of 2.00 point(s) ($5,000.00) paid at closing. On a $250,000 mortgage, you would make monthly payments of $1,684.30. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 80.00%. Rates shown valid on publication date as of May 14, 2024.

10-Year Home Equity Loan

An interest rate of 8.5% (8.861% APR) is for the cost of 1.50 point(s) ($750.00) paid at closing. On a $50,000 mortgage, you would make monthly payments of $596.78. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 11.43%.

20-Year Home Equity Loan

An interest rate of 8.625% (8.474% APR) is for the cost of 1.50 point(s) ($750.00) paid at closing. On a $50,000 mortgage, you would make monthly payments of $410.48. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 11.43%.

Home Equity Loan product requires full documentation of income and assets, credit score and max LTV/CLTV/HCLTV. Requirements were updated 10/4/2023 and are tiered as follows: 680 minimum FICO with a max LTV/CLTV/HCLTV of 80%, 700 minimum FICO with a max LTV/CLTV/HCLTV of 85%, and 740 minimum FICO with a max LTV/CLTV/HCLTV of 90%. Your debt-to-income ratio (DTI) must be 45% or below. Valid for loan amounts between $45,000.00 and $350,000.00 (minimum loan amount for properties located in Iowa is $61,000). Product is a second standalone lien and may not be used for piggyback transactions. Product not available on Schwab products. Guidelines may vary for self-employed individuals. Some mortgages may be considered “higher priced” based on the APOR spread test. Higher priced loans are not allowed on properties located in New York. Additional restrictions apply. Not available in Texas. This is not a commitment to lend.

Participation in the Verified Approval program is based on an underwriter's comprehensive analysis of your credit, income, employment status, assets and debt. If new information materially changes the underwriting decision resulting in a denial of your credit request, if the loan fails to close for a reason outside of Rocket Mortgage's control, including, but not limited to satisfactory insurance, appraisal and title report/search, or if you no longer want to proceed with the loan, your participation in the program will be discontinued. If your eligibility in the program does not change and your mortgage loan does not close due to a Rocket Mortgage error, you will receive the $1,000. This offer does not apply to new purchase loans submitted to Rocket Mortgage through a mortgage broker. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional conditions or exclusions may apply.

Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 - Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey - Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226 Licensed Mortgage Banker-NYS Department of Financial Services; the Rocket Mortgage trade name (d/b/a) “Quicken Loans” is not authorized for use in the State of New York for mortgage loan origination activities; Rocket Mortgage does not perform loan origination activity using such trade name in the state; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking - License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply.

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The Federal Housing Finance Agency Eliminates Adverse Market Refinance Fee: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Eliminates-Adverse-Market-Refinance-Fee.aspx

GSE: https://capitalmarkets.fanniemae.com/media/20371/display

According to https://www.remodelingcalculator.org/kitchen-remodeling-calculator/, homeowners report spending $5,500-18,000 on remodeling a small size kitchen.

https://www.nytimes.com/live/2022/03/16/business/fed-meeting-interest-rates

Refinancing may cause finance charges to be higher over the life of the loan.

While highs and lows vary, the average home equity loan offered across the nation's 50 states is $83,872. Interest rates and payments vary, based on a variety of factors, including loan amount, term of loan, and qualifications of the borrower. https://www.lendingtree.com/home/mortgage/home-equity-loans-study/

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Data is collected by LowerMyBills on behalf of Rocket Mortgage. LowerMyBills, Inc. is not acting as a lender or broker. The information provided by you to LowerMyBills is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and/or other factors. LowerMyBills does not offer its matching services in all states.This loan may not be available for all credit types, and not all service providers in the LowerMyBills network offer this or other products with interest-only options.

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