How do I use my home equity?

Homeowners typically access equity through a home equity line of credit, a home equity loan, or a cash-out refinance, each with different rates, repayment structures and closing costs worth comparing before choosing one. Common uses include funding a renovation, covering a down payment on another property, or consolidating higher-interest debt, though borrowing against a home always carries the property as collateral. A mortgage lender can lay out which option fits your specific equity position and goal.