Home Equity Loan

Access cash. Keep your mortgage.

New loan, no refinance required

Get funded in as little as 15 days1

Legal disclaimer

1Based on internal Rocket Mortgage data as of June, 2026

Predictable monthly payments

Woman holding a paintbrush while painting a roomWoman holding a paintbrush while painting a room

“I completed a home equity loan through Rocket. The experience was quick & seamless, I definitely recommend!”

- Rachel

The ins & outs of Home Equity loans

Key benefits

Use funds your way

Cover home renovations, pay off debt, or handle major expenses.

Keep your rate as is

Get a lump sum with a separate loan. Your mortgage and rate stay unchanged.

Fixed monthly payments

Your primary mortgage payment doesn’t change. This is a separate loan.

What's required

Equity as leverage

Most loans require at least 15-20% equity remaining after closing.

Solid credit profile

A 680+ credit score is typically needed to qualify and could help you access better rates.

Room in your budget

Total monthly debts should sit below 43% of your gross monthly income.

Explore, compare, find the right fit

Best for

How it works

Loan limit

Credit score

Home Equity Loan2

Home Equity Loan2
Cash-out refi

Home Equity Loan2

Best for

Access equity without changing your mortgage

How it works

A second loan alongside your current mortgage

Loan limit

$45,000–$500,000

Credit score

680+

Best for

Take cash out and get a new rate

How it works

A new mortgage that replaces your current

Loan limit

$2,000-$500,000

Credit score

620+

Learn more

Cash-out refi

Home Equity Loan2
Cash-out refi

Cash-out refi

Best for

Access equity without changing your mortgage

How it works

A second loan alongside your current mortgage

Loan limit

$45,000–$500,000

Credit score

680+

Best for

Take cash out and get a new rate

How it works

A new mortgage that replaces your current

Loan limit

$2,000-$500,000

Credit score

620+

Learn more

Home Equity Loan2

Cash-out refi

Best for

Access equity without changing your mortgage

Take cash out and get a new rate

How it works

A second loan alongside your current mortgage

A new mortgage that replaces your current

Loan limit

$45,000–$500,000

$2,000-$500,000

Credit score

680+

620+

Learn more

Legal disclaimer

2Home Equity Loan Product is a second standalone lien and may not be used for piggyback transactions. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Not available on Ameriprise products. Additional restrictions, terms, and conditions apply. Must meet qualification requirements. This is not a commitment to lend.

Tools to explore

Rates

Loan Options

Calculators

Articles

Questions? We’ve got answers.

Home equity is the difference between your home’s value and what you still owe on your mortgage.

For example, if your home is worth $200,000 and your mortgage balance is $150,000, your equity is $50,000.

Estimate your equity by subtracting what you owe on your mortgage from what you could sell your home for.

Keep in mind that you might not be able to take out the full amount of your equity. You may be required to leave a percentage of your equity in your home (often 20%).

If you’d like help understanding your equity, connect with us for an Official Mortgage Review®.

Here’s how a Home Equity Loan from Rocket Mortgage works:

  1. You’ll connect with a Home Loan Expert who’ll learn about your goals and help you understand if a Home Equity Loan is right for you.
  2. A third-party appraiser will determine the value of your home.
  3. You’ll close on your loan and get a lump-sum payout—anywhere from $45,000 ($61,000 if you live in Iowa), up to $500,000.1
  4. You’ll make monthly payments at a fixed interest rate until the loan is paid off.

Legal disclosures

1Home Equity Loan product requires full documentation of income and assets, credit score and max loan-to-value (LTV), combined loan-to-value (CLTV), and home equity combined loan-to-value (HCLTV) ratios. Requirements were updated 2/5/2024 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 50% or below. Valid for loan amounts between $45,000.00 and $500,000.00. 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. This is not a commitment to lend.

You’re eligible if you meet these requirements:

  • You have enough equity in your home to take out at least $45,000.
  • You have a credit score of 680 or above. The higher your credit score, the more cash you might be able to take out.
  • You have a maximum debt-to-income (DTI) ratio of 45%.

Yes! Your current mortgage doesn’t have to be with Rocket Mortgage in order to get a Home Equity Loan with us.

You can use a Home Equity Loan for almost any purpose – paying for home improvements or renovations, consolidating debt, or covering costs like school tuition. How you use the funds is up to you.

Any time you open a new loan, your credit score may drop slightly. The drop will likely be temporary, and your score may even increase after opening the loan since your total available credit will go up.

 Learn more about home equity loans
Important legal disclosures

1Based on internal Rocket Mortgage data as of June, 2026

2Home Equity Loan Product is a second standalone lien and may not be used for piggyback transactions. Valid for loan amounts between $45,000.00 and $500,000.00 (minimum loan amount for properties located in Michigan is $10,000.00). Not available on Ameriprise products. Additional restrictions, terms, and conditions apply. Must meet qualification requirements. This is not a commitment to lend.

Debt consolidation refinances increase mortgage debt, reduce equity, and extend the term on shorter-term debt and secure it with your property. The relative benefits received from debt consolidation will vary. A debt consolidation loan may increase the total number and amount of monthly payments and the total amount paid over the term of the loan. To enjoy the benefits of a debt consolidation loan, borrowers should not carry new credit card or high interest rate debt.

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