A home equity loan allows you to borrow against the equity you’ve built in your existing home. You receive a lump sum payment upfront, which you repay with fixed monthly installments over a set term—typically 10 to 30 years.

A HELOC functions like a credit card secured by your home’s equity, giving you flexibility to borrow funds as needed up to an approved limit. It’s divided into two periods: the draw period, when you can access funds, and the repayment period, when you repay principal and interest.

A cash-out refinance replaces your current mortgage with a new one that has a higher balance—providing cash based on the equity you’ve built. This allows you to consolidate your renovation costs into a single monthly mortgage payment.

Securing a personal loan or credit line

Tapping into retirement funds or personal investments

Selling another property or home

Seeking financial assistance from family and friends

Acquiring private money loans

And additional options