How to Get Equity Out of Your Home Without Refinancing (2026)

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Here is how to get equity out of your home without refinancing: use a home equity line of credit (HELOC), a home equity loan or a home equity agreement, all of which sit behind your current mortgage and leave its rate and payment untouched. A cash-out refinance is the one option that does the opposite, because it pays off your mortgage and replaces it with a new, larger loan at today's rate.

That difference is the whole point if your mortgage rate is lower than what lenders charge today. Freddie Mac's weekly survey put the average 30-year fixed mortgage rate at 7.28% as of October 1, 2026, so refinancing a cheaper loan to reach your equity means paying that kind of rate on money you already borrowed for less.

The three alternatives are not interchangeable. A HELOC or home equity loan adds a second monthly payment and expects steady income and solid credit. A home equity agreement has no monthly payment and lower credit minimums, but you settle it later with a share of what your home is worth, which could cost more than a loan if the home gains value. Below is how each one works, what it costs and which reader it fits, using figures published by regulators and the companies themselves as of October 6, 2026.

Options at a glance

Three of these four routes keep your first mortgage. The fourth is in the table so you can see what you would be giving up.

Option	First mortgage	Monthly payment	Typical credit needed	How the cost works	How long it takes	Best for
HELOC	Stays as it is	Yes, on what you borrow	From 600 at Figure in most states	Interest, usually at a variable rate, plus lender fees	As few as 5 days at Figure for qualifying loans	Steady income and good credit
Home equity loan	Stays as it is	Yes, a second payment that is usually fixed	Set by each lender	Interest, usually at a fixed rate, plus lender fees	Varies by lender	One lump sum and a payment that does not change
Home equity agreement	Stays as it is	None to the company	500 at Unlock and Splitero, 575 FICO at Hometap	A share of the home's future value at settlement, plus fees taken from your proceeds	About 20 to 60 days by company estimates	No room for a monthly payment, or credit under 600
Cash-out refinance	Replaced by a new, larger loan	Yes, one new mortgage payment	Set by each lender	A new rate on your whole balance, plus closing costs	Varies by lender	A current rate at or above today's rates

How each product works comes from the Consumer Financial Protection Bureau. The named figures come from Figure, Unlock, Splitero and Hometap as of October 6, 2026. They are published minimums and best cases, so your own terms will differ.

Two rows need a footnote. A traditional HELOC is a revolving line you draw on as needed, usually at a variable rate, during a draw period that could last 10 years, according to the CFPB. Some newer HELOCs, including Figure's, are drawn in full at closing and work more like a loan that you may redraw as you pay it down.

Home equity agreement is the plain name for a product the companies call a home equity investment (HEI) or a home equity agreement (HEA), and that the CFPB calls a home equity contract. Every version is the same trade: cash now for a share of the home's value later.

Why keeping your current mortgage matters

A cash-out refinance does not add a loan next to your mortgage. As the CFPB's guide to using home equity describes it, you take out a larger mortgage, use part of it to pay off the one you have and take the rest in cash, and because the new loan replaces the old one, your interest rate and other terms change. Three things follow from that.

The new rate applies to everything you owe. You may only want $50,000, but the rate changes on the full balance, including the part you already had at a lower rate.
The closing costs are figured on the whole loan. Freddie Mac tells homeowners to expect refinancing costs of 3% to 6% of the loan principal. With a second lien or an agreement, the fees are charged on the new money only.
The payoff clock could restart. The CFPB notes that a cash-out refinance may extend the time it takes to pay off your mortgage, and that these loans are usually paid back over 30 years.

Illustration: Say you owe $300,000 at 3.5% and want $50,000 in cash. A cash-out refinance turns that into one $350,000 loan. At the 7.28% average Freddie Mac reported for October 1, 2026, the $300,000 you already owed would accrue about $21,840 of interest in a year, where it used to accrue about $10,500. Leave the mortgage alone and only the new $50,000 is priced at today's rates. This is simple interest on the starting balance, shown to make the mechanics visible. The 3.5% rate and the dollar amounts are assumptions, and the rate you would be offered depends on your credit and your lender.

None of this makes the alternatives cheap. Figure lists HELOC APRs from 7.35% to 14.85%, and a home equity agreement could cost more in total if your home appreciates. What you protect by not refinancing is the rate on the balance you already have.

If your mortgage rate is already at or above today's rates, the logic flips, and one new loan through a cash-out refinance could be the simpler choice. If you are still deciding whether to tap your equity at all, start with our home equity guides.

Which option fits you

Two questions sort most homeowners. Could your budget carry a second monthly payment? Would a lender approve you on income and credit? Your answers point to one of two paths.

More: HEI vs HELOC, compared on cost, requirements and fit

Steady income and good credit: a HELOC

If you could document your income and your credit is in good shape, a HELOC or home equity loan is usually the lower-cost way to get cash and keep your mortgage. You pay interest on what you borrow, and nothing you owe is tied to what your home is worth later. The CFPB's comparison in the cost section below shows the gap.

Figure is the HELOC we feature for this reader because its line could sit behind the mortgage you already have, and because it publishes its numbers.

HELOC: best for good credit

Figure

$15,000 to $750,000, as a first lien or as a second lien behind your current mortgage
APRs from 7.35% to 14.85% as of October 6, 2026, with fixed and variable rate options
Funding in as few as 5 days for qualifying loans under $400,000
Terms of 10, 15, 20 or 30 years, with no prepayment penalty
Minimum credit score of 600 in most states, according to Figure's FAQ
Available in 48 states and Washington, D.C.

Find My Rate at Figure

The catch: Figure's line is drawn in full at closing, minus an origination fee of up to 4.99% of the initial draw, so you pay interest on the whole amount from the first day, the way you would with a home equity loan. Approval also depends on verified income and employment, and Figure's FAQ says applicants must be employed, self-employed or retired. Hawaii and New York are not on its list of states, and the minimum is higher in Alaska ($25,001) and Texas ($35,000). If you only want a standby line that you might never touch, a traditional HELOC from a bank or credit union suits that better.

Next stepSee your rate at Figure. Figure says checking your rate uses a soft credit pull that will not affect your credit score, and that submitting an application leads to a hard pull.

No room for a monthly payment, or lower credit: a home equity agreement

A home equity agreement gives you a lump sum now in exchange for a share of your home's future value. There is no monthly payment to the company. You keep paying your mortgage, property taxes and insurance, and you settle the agreement in a single payment when you sell, refinance or reach the end of the term.

That is the appeal for a homeowner guarding a low-rate mortgage on a tight budget, or one whose credit score rules out a HELOC. Published credit minimums start at 500, and the companies below set no income requirement on a primary home. The trade is cost. The CFPB describes these contracts as expensive compared with other home-secured financing, and what you settle for rises with your home's value.

For a reader who is keeping a low-rate mortgage, we lead with Splitero, because its term is tied to that mortgage: it runs as long as your senior mortgage, from 10 to 30 years. Unlock is the pick for smaller amounts and a 500 minimum credit score in 26 states. Hometap could suit homeowners with a FICO score of 575 or higher in one of its 27 states.

Term as long as your mortgage

Its term matches your senior mortgage, from 10 to 30 years. 500 minimum credit score and no income requirement.

Get an Estimate at Splitero

Credit from 500 in 26 states

$15,000 to $500,000 for a term of up to 10 years, with a 500 minimum credit score and partial buyouts along the way.

Get an Estimate at Unlock

575 FICO and up in 27 states

Hometap could invest $15,000 to $600,000 for a 10-year term if you have at least 25% equity in your home, among other qualifying criteria.

Get an Estimate at Hometap

Company	The catch
Splitero	It works in eligible areas of 17 states only. The minimum is $50,000 ($75,000 in Wyoming) and the most is 25% of your home's value or $600,000. A 4.99% origination fee and about $1,000 in third-party closing costs come out of your proceeds.
Unlock	The term is up to 10 years. You need at least 30% home equity and a home worth $175,000 or more, and a 4.9% origination fee is deducted at closing. Unlock will not sit lower than second lien position, so an existing second mortgage or HELOC would need to be paid off, and Unlock may require your proceeds to be used for that.
Hometap	The effective period is 10 years, so you would need a plan to settle the Investment by then. Hometap's fee is 4.5% of the Investment amount, up to $20,000, and it is deducted from your investment proceeds along with third-party costs.

All three share the bigger catch, which is what you settle for at the end. The cost section below covers it, and our Hometap review walks through one company's settlement math year by year.

More: Compare every home equity agreement company side by side

How qualifying works when you keep your mortgage

Every option here looks at the same things, your credit, your income, your equity and where the home is, but each weighs them differently. A lender approves a HELOC or home equity loan mainly on credit, income and existing debts. Agreement companies lean on the home more than on your paycheck.

Requirement	Figure HELOC	Unlock	Splitero	Hometap
Minimum credit score	600 in most states, 660 for investment properties	500	500	575 FICO
Income	Verified income and employment	No income requirement	No income or employment requirement	No income or employment requirements
Equity	Depends on credit, lien position and how the home is used	At least 30% home equity	More than 25% equity	At least 25% equity in your home
Amount	$15,000 to $750,000	$15,000 to $500,000	$50,000 to $600,000, up to 25% of home value	$15,000 to $600,000, up to 27% of home value
Where	48 states and Washington, D.C.	26 states	Eligible areas of 17 states	27 states

Published requirements as of October 6, 2026. Meeting them does not mean you will be approved, and each company applies further criteria.

Credit. Figure's FAQ puts its minimum at 600 in most states, though the rate tool on its HELOC page starts at 640, so expect the best pricing well above the floor. Figure also suggests keeping your debt-to-income ratio below 50%. Unlock and Splitero both publish a 500 minimum. Whichever route you take, you need to be in good standing on the mortgage you are keeping. Unlock, for example, excludes homeowners with more than one 90-day mortgage delinquency in the past 24 months. If your score is the main obstacle, our guide to getting a home equity loan with bad credit goes through the options by credit score.

Income. Figure verifies income through linked bank accounts, tax returns or pay stubs. Splitero says it will not ask for documentation about employment or income. Unlock has no income requirement, though it asks to verify rental income when the home is an investment property.

Property type. None of the four is limited to a primary home. Figure lends on second and investment properties, Unlock invests in second homes and rentals at pricing that is typically higher for a rental, and Splitero says the home does not have to be your primary residence. Hometap lists vacation and rental properties among the property types it invests in.

Where each company operates

Company	States, as of October 6, 2026
Figure HELOC	48 states and Washington, D.C. Hawaii and New York are not on its list.
Unlock (26)	Alabama, Arizona, California, Florida, Hawaii, Idaho, Indiana, Kentucky, Michigan, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Vermont, Virginia, Wisconsin, Wyoming
Splitero (17)	Eligible areas of Arizona, California, Florida, Idaho, Missouri, Montana, Nevada, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, Wyoming
Hometap (27)	Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Indiana, Kentucky, Michigan, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Wisconsin

State matters most with agreements. Alaska, Maine, Massachusetts, Mississippi, North Dakota, South Dakota, Texas and West Virginia are on none of the three agreement lists above. In those states the practical way to get cash and keep your mortgage is a HELOC or a home equity loan, and Figure lists all eight among the states where its HELOC is available.

What each option costs

The pricing models are different enough that the only fair comparison is total dollars at the point you expect to be finished, whether that is paying off a loan or settling an agreement.

A HELOC or home equity loan

You pay interest every month, plus fees at the start. Figure's published terms show the shape of it: APRs from 7.35% to 14.85%, with the lowest APRs reserved for the most qualified applicants who choose a 10-year term, and an origination fee of up to 4.99% of the initial draw. There is no prepayment penalty. A home equity loan from a bank or credit union works the same way, usually at a fixed rate, with its own fee schedule.

A home equity agreement

You pay nothing monthly. The cost arrives twice: a fee deducted from your proceeds at the start, and the company's share of your home's value when you settle.

Company	Fee taken from your proceeds	Settlement amount	Published cap
Unlock	4.9% of the investment, plus third-party costs	Your home's ending value multiplied by your Unlock percentage	19.9% a year (Annualized Cost Limit), or lower if state law requires
Splitero	4.99%, plus about $1,000 in third-party closing costs	Your split percentage of the home's value at repurchase	17.99% a year, compounded monthly (Safety Cap)
Hometap	4.5% of the Investment amount, up to $20,000, plus third-party costs	An agreed-upon percentage of your home's value when you settle (the Hometap Share)	Yes, the Hometap Cap

From each company's own pricing and FAQ pages as of October 6, 2026.

Splitero publishes a worked example. A homeowner receives $100,000, which is 10% of a $1,000,000 home. Five years later the home is worth $1,200,000 and the repurchase amount is $240,000, a 20% split percentage, or the Safety Cap if that is lower. In that example the homeowner settles for $140,000 more than the cash received, before fees.

For a sense of scale against a loan, the CFPB modeled a hypothetical $50,000 contract on a $500,000 home, with a 20% share and a 20% annual cap. After 10 years the settlement ranged from $94,074 to $215,892, depending on what home prices did. The same $50,000 as an interest-only HELOC at 9% cost $375 a month and $95,000 in total over 10 years, including paying back the $50,000. The CFPB's example does not use any one company's terms.

The honest summary: an agreement costs nothing each month and could cost the most in total. It fits when the monthly payment is the real obstacle and you have a realistic plan for settling, usually a sale or a later refinance. The whole amount is due in one payment at the end of the term.

What changes when you add a second lien

Leaving your first mortgage in place does not mean nothing changes. Whatever you add is recorded as a lien behind it. That affects how much you could take out, what happens when you sell and how easy it is to refinance the first mortgage later.

How much total financing your home could carry

Lenders call it combined loan-to-value, or CLTV: every loan secured by the home, including the new one, divided by the home's value. In Figure's example, a $200,000 mortgage plus a $50,000 HELOC on a $400,000 home is a CLTV of 62.5%. Each company states its ceiling differently.

Company	Published limit
Figure	The maximum CLTV it offers depends on your credit score, lien position and whether the home is your primary residence. Its borrowing calculator is based on 80% of your home's current value.
Unlock	At least 30% home equity to qualify. A Total Home Finance Limit in the agreement caps all financing secured by the home, typically at 75% to 80% for a second home or rental.
Splitero	At origination, the investment plus your loan balance may not exceed 75% of the home's value. The investment itself tops out at 25% of the value or $600,000.
Hometap	At least 25% equity in your home, and an Investment of up to 27% of your home's value, among other qualifying criteria.

Lien position rules

Each company also decides where in line it is willing to stand. Figure offers both first liens and subordinate (second) liens. Unlock must be in no lower than second lien position. Splitero records its interest junior to your mortgage, or in first position only when there is no mortgage.

The rules could differ by state. In Missouri, Splitero invests only in second or third lien position, so it is available there only to homeowners who have a mortgage, which is the situation this page covers. Confirm the rule for your state before you apply.

When you sell the home

The sale settles everything secured by the home. The escrow or title company pays off your first mortgage and then the second lien or the agreement, and you keep what is left after selling costs. A HELOC or home equity loan is paid off at its remaining balance. An agreement is settled for the company's share of the sale price. Unlock, for instance, says the escrow company pays the Unlock Share out of the sale proceeds and releases its lien.

Give the company notice before you list. Unlock asks to be told as soon as you decide to sell. Hometap asks you to inform it beforehand if you plan to sell your home, rent it out, add another lien or refinance your traditional mortgage.

When you refinance the first mortgage later

A new first mortgage has to be first in line, so whoever holds the lien behind it must agree to stay behind, which is called subordination, or be paid off. This is where a second lien could get in the way.

Unlock says it will typically subordinate to a new loan within its Total Home Finance Limit and may charge an administration fee. It will not subordinate to a reverse mortgage, a shared appreciation loan or a loan with negative amortization, and it cannot guarantee that a mortgage lender will agree to lend on a home with an Unlock Agreement. Splitero says it does not require payoff when you refinance and may subordinate in certain cases, such as a rate and term refinance with no cash out, but that some lenders may require it to be paid off.

The CFPB lists difficulty refinancing a first mortgage among the complaints it has received about home equity contracts. If you take a HELOC instead, ask the lender for its subordination policy in writing before you close.

Is your current mortgage lender involved?

Not in the application. Your current lender or servicer is not a party to a HELOC, a home equity loan or an agreement, and your rate, payment and payoff date stay the same. The new lender or company will see the mortgage on your title and credit report, and may ask for a recent statement. Unlock lists one among its required documents.

Federal law backs this up. Under 12 U.S.C. 1701j-3(d), a lender may not use a due-on-sale clause to call a loan on a home with fewer than five units just because the owner adds a lien behind it that does not transfer rights of occupancy.

What does change is the price of falling behind. Under Unlock's agreement, missing payments on your mortgage, property taxes or insurance counts as a default, and the CFPB notes that a default on a senior lien could trigger repayment of a home equity contract. With a HELOC or home equity loan, you have two lenders who could foreclose.

How to choose

Match your situation to the left column. If more than one row fits, price both.

If this is you	Look at
You have steady income you could document and credit around 600 or higher	A HELOC or home equity loan. Figure is the HELOC on this page.
A second monthly payment would not fit your budget	A home equity agreement.
Your credit score is between 500 and 599	Unlock or Splitero, which both publish a 500 minimum.
You plan to keep the home and the mortgage for more than 10 years	Splitero, whose term runs as long as your senior mortgage, up to 30 years, or a HELOC with a long term.
Your mortgage rate is already at or above today's rates	Price a cash-out refinance as well.

Steps to get equity out of your home without refinancing

Pull your numbers. Find your mortgage balance, rate and payment on your latest statement, and settle on a realistic home value. Our home equity calculator estimates how much you could get.
Answer the payment question. Work out whether your budget could carry a second monthly payment for years. If it could not, skip to agreements.
Check your credit score and your state. Compare them with the minimums and state lists above before you fill out anything.
Get numbers without a hard inquiry. Figure's rate check, Unlock's application and Splitero's pre-qualification each use a soft inquiry. Figure and Splitero run a hard check later, when you submit a full application.
Compare total cost at your finish line. For a HELOC or loan, add the fee to the interest you would pay by the time you expect to pay it off. For an agreement, run the company's calculator at the year you expect to sell or settle, at more than one appreciation rate.
Ask the exit questions before you sign. What happens if you sell early, and will the company subordinate if you refinance your first mortgage?
Close, then keep paying the first mortgage. Fees come out of your proceeds, and your original mortgage carries on exactly as before.

Frequently asked questions

Can you take equity out of your house without refinancing?

Yes. A HELOC, a home equity loan and a home equity agreement each give you cash and leave your first mortgage, its rate and its payment in place. A HELOC or loan adds a second monthly payment. Figure lists a minimum credit score of 600 in most states for its HELOC. An agreement has no monthly payment and is settled later for a share of your home's value.

What is the cheapest way to get equity out of your house?

It depends on your credit, your income and how long you need the money. If you qualify, a HELOC or home equity loan usually costs less over time than a home equity agreement, because you pay interest only on what you borrow. In a Consumer Financial Protection Bureau example, a $50,000 interest-only HELOC at 9% cost $95,000 in total over 10 years, while a $50,000 home equity contract settled for $94,074 to $215,892. A cash-out refinance is mainly worth pricing when your current mortgage rate is at or above today's rates.

Can I get a home equity loan without refinancing?

Yes. If you have a mortgage, a home equity loan is a second mortgage with its own separate monthly payment, usually at a fixed rate. You receive the money as a lump sum and your first mortgage does not change.

Does a HELOC or home equity agreement change my first mortgage?

No. Your first mortgage keeps its rate, payment and payoff date, and the new product is recorded as a lien behind it. You do have to stay current on the first mortgage, and you may need the second lienholder to cooperate if you refinance later.

What credit score do I need to get equity out of my home without refinancing?

It depends on the product. Figure's FAQ lists a minimum credit score of 600 in most states for its HELOC. Among home equity agreement companies, Unlock and Splitero each publish a minimum of 500. Hometap's minimum FICO score is 575.

Can I refinance my first mortgage later if I have a HELOC or a home equity agreement?

Usually, but the company holding the second lien has to agree to stay in second position or be paid off. Unlock says it will typically subordinate to a new loan within its limits and may charge an administration fee. Splitero says it may subordinate in certain cases, such as a rate and term refinance with no cash out. Ask before you sign.

Can I get a home equity agreement in Texas or Massachusetts?

Not from the three agreement companies on this page. Texas, Massachusetts, Alaska, Maine, Mississippi, North Dakota, South Dakota and West Virginia are missing from all three state lists. In those states a HELOC or home equity loan is the practical way to get cash and keep your first mortgage.