Explore what's possible using your home's equity
Chase gives you options to tap into your equity
You can use the equity you’ve built up in your home — the difference between your home’s current value and the amount still owed on the mortgage — to secure funds for other large expenses, such as home improvements or a major purchase. Chase offers a home equity line of credit (HELOC) and a cash-out refinance. See which option works best for you.
This option keeps your current mortgage as is, and, with a new loan, gives you access to cash as needed during the draw period. This may be a good option if your mortgage has a low interest rate.
- Keep your current mortgage interest rate
Currently have a mortgage with a low rate? With a HELOC, you don’t have to refinance to get cash. - Flexibility
Borrow as needed during the HELOC's draw period and spend on what matters most to you. - Lower interest rates
As a HELOC is secured against your home, rates are usually lower than unsecured loans, such as credit cards or personal loans. - Interest-only payments
During the three-year draw period and the following seven years, you’ll make interest-only payments. After that, you’ll have 20 years to repay both principal and interest. Plus, you’re only required to make payments on the amount you actually borrowed. - One-time origination fee upon closing
Pay an origination fee at closing, which will not exceed 4.99% of your total credit limit. This fee is financed into the line of credit.
Cash-out refinance
This option gives you a new mortgage and access to cash to consolidate debt. This may be a good option if you need a large sum of money at once.
- Potentially lower mortgage interest rate
If rates drop, you may qualify for better rates and terms. - Full immediate amount
Receive your full lump sum amount upon closing to use immediately. - Consistent payments
Since a cash-out refinance replaces your current mortgage, you only have one monthly payment to manage. A cash-out refinance loan is fully funded and you receive all cash in a lump sum to provide stability in your monthly principal and interest payment. - Consolidate debt
Combine other debts, such as credit card balances, into one simple payment.
Here's an example of what a HELOC could look like
Variable rate of 9.74% in ZIP Code 43240 as of August 22nd, 2025.
Sample variable APR assumes a new 30-year $100,000 HELOC in second lien position with a combined loan-to-value (CLTV) ratio of up to 70% on a single-family detached primary residence in Ohio and a borrower with excellent credit. The actual APR may vary and be higher or lower than the rate shown. APR is based on the Prime Rate (the index) as published in the Wall Street Journal combined with a fixed margin and will not exceed 18%. As of August 22nd, 2025 Prime Rate is 7.5%.
Consider the ways you can use your equity
- Pay off debt
- Make home improvements
- Pay for college expenses
- Buy a car
We’re here to chat about your options
Just answer a few questions and we’ll be in touch to talk about your goals and how a HELOC or cash-out refinance could help you reach them.
FAQs
- Close: First close on your HELOC loan. 85% or more will be disbursed from your line of credit upon closing.
- Draw: You can access your available line of credit for three years for whatever you need.
- Repay: You’ll have 10 years of interest-only payments. Then 20 years to pay back the principal and interest.
Home equity is the difference between your estimated home value and your current mortgage balance. With us, you can typically borrow up to 80% of your home value.
To estimate your maximum line of credit, multiply your home value by 0.8 and then subtract your mortgage balance.
Your current mortgage term and interest rate stay the same. A HELOC isn’t a refinance. It is a new loan so you get the benefits of getting cash without changing your current mortgage.
Except in certain limited situations, you can get a Chase HELOC even if your current mortgage is with another lender.
A cash-out refinance pays off the current mortgage and replaces it with a new mortgage that may have a higher balance and different terms. You'll receive a lump sum payment upon closing.
A cash-out refinance carries many of the same requirements as a conventional mortgage or traditional refinance. Lenders differ, but the common eligibility requirements for a cash-out refinance include:
- Good credit score: A healthy credit score shows you’re able to make all your mortgage payments. Just like when you applied for your initial mortgage, a cash-out refinance requires a minimum credit score. Exact credit scores vary among lenders and change based on economic conditions. It’s also a good idea to check your credit report for any issues that may cause concerns.
- Low debt-to-income ratio: Your debt-to-income ratio (DTI) is your monthly debt divided by your monthly income. Lenders use your DTI to determine whether you can reasonably take on additional debt. The lower your DTI, the better chance you have of qualifying for a cash-out refinance. Lender requirements vary, but a DTI of 40% or lower is generally recommended.
- Loan-to-value ratio: Lenders also use your loan-to-value ratio (LTV) to evaluate your eligibility for a cash-out refinance. Your LTV is the comparison of your mortgage amount to the value of your home. Some lenders won’t allow homeowners to exceed an 80% LTV to secure a cash-out refinance.
- Minimum home equity: You need equity in your home before you can secure a cash-out refinance. Equity is the difference between your home's appraised value and how much money you still owe on your mortgage. Homeowners gain equity in one of two ways:
- Paying the principal on your mortgage.
- The value of your home increases.
Lenders are mindful of how much a person owes, so many limit the amount you can borrow on a cash-out refinance. A cash-out refinance may require a minimum of 20% home equity for some lenders, which means you can only refinance up to 80% of the value of your home. Veterans Affairs (VA) loans are an exception to the rule. The VA allows eligible veterans to refinance up to 100% of the value of their homes on a cash-out refinance.