How to Borrow Against Your House
How much can you borrow from your home?
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By looking at your individual debts and unlocking additional improvements like paying off individual debts to boost your income-to-debt ratio, our Borrowing Optimizer app unlocks > 20% more cash on average. Try it out for free!
To calculate the amount of money you can borrow, simply enter your current income and payments on debts. We’ll help you understand how much money you can borrow and the best way to do that.. Our calculator works with real time rates – as the lenders and costs of financing vary by where you are looking – to give personalized estimate of how much home you can borrow. Please note this calculator is for educational purposes only and is not a denial or approval of credit. The accuracy of the borrowing calculation is based on the accuracy and completeness of the information provided by you.Figuring out the best way to tap the equity in your house
Figure out the maximum amount you can borrow against your home
Wondering how to borrow against your house to quickly get cash at the lowest rates? Your borrowing power is a function of your income and the debts you owe (aka your debt-to-income ratio or DTI) and your credit history. Our calculator – unlike others – takes DTI into account, and optimizes across live rates and multiple options like HELOCs and HEIs so you don't have to get confused. If you want to get a definite answer including your credit history use our borrowing app for free.
Wondering the best way to borrow against your house? Before you jump to any conclusions, you can enter in a few details into our calculator to quickly figure it out.
The best way to tap into your equity depends on your particular situation, e.g. what’s your credit situation, your income and existing debts… your cost also depends on these items. Secured loans like a home equity line of credit or cashout-refinance will be the lowest interest rates available, while a home equity "tap" or co-ownership product's cost will ultimately be higher but have no monthly payments for you right now.
How much can you borrow from your house? Start by finding the loans you’re eligible for and we’ll shop for the lowest possible up-front fees and monthly payments.
How much money you can borrow depends on the loans you’re eligible for. Given a particular credit score and location, two big things to think about are how much you’re earning in income compared to your monthly payments across all your debts (Debt-to-Income ratio or DTI). The less a new loan costs – the lower the interest rate and the lower the upfront fees a lender charges – the more you can comfortably borrow!
Key Factors to Borrowing Against Your House
Your credit score - this summarizes your credit history (imperfectly) for lenders to make their decision off of. As they don’t know you personally they need something to go on! If you don’t have one there are lenders and alternative approaches that are a good home for your business too.
Your homeownership status - whether you rent or own will be a big driver of the types of loans that are best for you.
Your other debts - these are important as they determine what equity is available in your home, or how much monthly payments you already need to make.
Your location - some lenders are only available in certain states and pricing changes by market, so you need this to figure out what’s available.
We then shop across all the prices we can find, whether they’re advertised prices, or prices we get directly from lenders in our marketplace. We also block lenders that don’t live up to their prices.
Different Ways to Borrow from Your House
There're many different ways to get cash online: cash-out refinances, home equity loans or lines of credit, home equity investments, and personal loans. There is almost always some lender somewhere willing to give you cash, it just depends how much and at what price.
First mortgages, like cash-out refinances.
These loans replace your old mortgage. Whether they make most sense for you depends on the rate you got on your old mortgage (if it’s a low rate you might want to keep it).
Home Equity products.
These products go on top of your old mortgage. They tend to make the most sense for most people in our current rate environment. There’s two main forms: loans, and co-investments. The nice thing about co-investments is there’s no monthly payments attached. The drawback is the implied cost you eventually pay will be higher to make up for that.
HEI Can Help
HEI place a lien on your home, go down to lower credit scores, and give you cash today. It’s like selling a piece of your house to a co-investor. We scan across these options for you.
Borrow Money With Our App
This online borrowing calculator lets you quickly self-report things like credit score and the total payments you have on other debts. But you could actually be able to borrow a lot more by “optimizing” your debts. To play with paying off existing debts in order to borrow more, our debt optimizer maximizes your borrowing power using tradeline information from your credit report. We take tradeline data and the opportunity to pay-off and refinance/consolidate debts into consideration. You can find increases of over 20% to the previous amount of home you thought you could afford with some of our added credit help. Let us do some math for you for you for free, that’s what we’re here for!