How does a home equity loan through Achieve work?

Our home equity loan is a unique fixed-rate home equity line of credit. With this solution, you can establish a revolving line of credit secured by your home. You can borrow money from it, pay it back, then borrow again at any time during the first 5 years of your loan term. You can get up to $300,000 for home improvements and large expenses or consolidate up to $150,000 in high-interest debt.

What can you use a home equity loan for?

A home equity loan can be used for almost anything, including debt consolidation, home repairs and improvements, medical expenses, new appliances, or other large expenses.

What should I know about a home equity loan through Achieve?

Three really important (and reassuring) things to know. Our home equity loan: Won’t touch your existing mortgage, leaving your first mortgage rate and terms as is. Won’t reduce the value of your home. In fact, if you use your funds to improve your home, your value will likely go up. Will disperse funds FAST. Average time to funding is 10 days. (1) Your home is simply there to provide security for the loan. It allows you to borrow more at a lower interest rate, even with less than perfect credit.

How long does it take to get a home equity loan?

It can be as little as 10 days from the time you begin your application to the time you receive your funds. This varies with each loan situation and could take longer if there are complex state laws or property title issues involved. The quicker you can provide the documentation we need, the sooner you can receive your funds.

Cash-out refinancing versus a home equity loan: Which is better?

With a cash-out refinance loan, you borrow enough to pay off the remaining balance on your first mortgage, plus more. The amount you borrow on top of your old mortgage is cash that you can spend. For example, if you owe $100,000 on your current mortgage, you might borrow $120,000 with a cash-out refinance loan. $100,000 will go to paying off your old mortgage, and you’ll receive $20,000 in cash. Cash-out refinance loans and home equity loans can both make sense in certain situations. Cash-out refinancing can be better if you prefer not to have two separate payments, or if interest rates have gone down since you took out your first mortgage. A home equity loan can be better if you are happy with your current mortgage and don’t want to change it. A home equity loan may also be easier to qualify for.

hello perkspot member!

Q: What are people saying about Achieve Home Equity Loans on Reddit?

TastyAntelopex says: "I looked into Achieve HELOC while researching home equity options. One thing I noticed is that they offer different loan lengths - 10, 20, or 30 years—which seemed helpful if you’re looking for flexibility in how long you want to pay it off..." See more Achieve HELOC Reviews on Reddit

Q: How does a home equity loan work?

A home equity loan lets you borrow against your home’s value. You pledge something valuable (your home) as a guarantee that you’ll repay your loan. Since your home serves as collateral, home equity loans (as well as home equity lines of credit) usually have lower interest rates than credit cards and other unsecured personal loans that aren’t backed by anything of value. If you have balances on credit cards, personal loans, or other loans, a home equity loan may let you consolidate those balances into a single payment at a lower interest rate.

Own a home? Fund life's projects quickly

Mention ‘PerkSpot’ to our sales associates to get up to $1000 off your home equity loan.*

How much do you want to borrow?¹

$20,000

Need help? Have questions? Call us! (833) 418-3103

TrustScore 4.8 | 5

$800/mo

average savings for debt consolidation¹

$750 Million+

in HELOCs funded²

Make your home work for you

Borrow up to $150,000

Consolidate high-interest debt, improve your home, or cover a major expense.

More cash in your pocket

Members save an average of $10,000 a year.

No refi required

You don’t need to refinance or reset the clock on your mortgage terms.

OUR HOME EQUITY LOAN PRODUCT

3 ways to put your home equity to work

SAVE ON INTEREST

Consolidate debt at a lower rate

Simplify high-interest debt and save money using the equity you’ve built up in your home.

FIXED PAYMENT, FLEXIBLE FUNDS

Get a fixed-rate HELOC

We offer a unique fixed-rate home equity line of credit (HELOC) that’s secured by your home.

No refi required

Don’t touch your first mortgage

Love your current mortgage rate? Keep it without changing your existing rates or term.

FREE LOAN CONSULTATION

Apply online or talk to an expert

A licensed Mortgage Advisor will help you see if a HELOC is right for you and guide you at every step.

1-833-418-3103

SAVE ON INTEREST

Consolidate debt at a lower rate

Simplify high-interest debt and save money using the equity you’ve built up in your home.

FIXED PAYMENT, FLEXIBLE FUNDS

Get a fixed-rate HELOC

We offer a unique fixed-rate home equity line of credit (HELOC) that’s secured by your home.

No refi required

Don’t touch your first mortgage

Love your current mortgage rate? Keep it without changing your existing rates or term.

FREE LOAN CONSULTATION

Apply online or talk to an expert

A licensed Mortgage Advisor will help you see if a HELOC is right for you and guide you at every step.

1-833-418-3103

MEMBER STORY

The hidden gold mine in Jeremy’s home

‌

Total debt consolidated

$21,688

Debts

Member since

2022

Helped with

Debt consolidation,
RV purchase,
Dream vacation

*Actual member. Member’s endorsement is a paid testimonial. Individual results are not typical and will vary.

A unique debt solution built for homeowners

Consolidate debt

Pay off $15k-$150k in high-interest credit card debt and unsecured loans.

Save $800/mo on avg

Our members save an average of $10,000 per year.

Get a fixed rate

Your rate will never change, so it’s easier to manage your budget.¹

Lower monthly payments

Free up cash each month with an affordable lower payment vs minimums.

Fast, flexible funding

Easily apply online or by phone. Get approval in minutes, funds in 15 days.¹

Expert, personal help

A licensed Mortgage Advisor is ready to help on the phone or online.

Home equity loans basics

What is a home equity loan through Achieve?

It’s a home equity line of credit. You can borrow money from it, pay it back, then borrow again during the first five years of your loan term.

What makes a home equity loan through Achieve unique?

Unlike typical home equity loans, we offer a fixed-rate home equity line of credit. And we'll only offer you a home equity loan for debt consolidation if you can reduce your monthly payments when compared with your current monthly minimum payments⁵. To learn more, read our Responsible HELOCs Exist article.

Achieve Home Equity Line of Credit

Fixed interest rate

Save on monthly payments

Fair credit (600+ credit score) okay for debt consolidation

Funding within 10-12 business days

No early prepayment penalty fees

Traditional Home Equity Lines of Credit

Variable interest rate

Not guaranteed to save on monthly payments

Requires a good credit score

Funding in 30+ business days

May charge prepayment penalty fees

What can I do with a home equity loan through Achieve?

Turn your home’s equity into cash or credit for different purposes, including to:

Consolidate debt: Save $10,000/year on average when you consolidate and pay off $15k-$150k in high-interest debt.

Improve your home: Fund a home repair or renovation at an interest rate lower than with credit cards or personal loans.

Make a major purchase: Pay for what matters right now—from kitchen appliances to education to medical treatments.

How do I get a home equity loan through Achieve?

It’s fast, easy, and free to apply.

Apply online or with a Mortgage Advisor

Receive a pre-qualification decision in as little as 2 minutes with our automated decisioning engine. Or if you’d rather chat with a real person, we offer a fast, free, and objective assessment of your eligibility for our loan.

See if you're approved

You’re more than your credit score, so we take a holistic approach when determining your eligibility, which includes paperwork for your:
- debt & income
- home value
- credit score (min 600) for debt consolidation
- overall needs

There’s less paperwork than you expect. In most cases, a full in-person inspection of your home will not be necessary as we use an automated valuation system to determine your home’s value.

Get a loan decision

If approved, you could close and receive funds in as fast as 10-12 days.

Home equity loan FAQS

Will this impact my existing mortgage?

No. Our home equity loan does not touch your first mortgage rate or term.

What terms are offered for home equity loans?

We offer flexible 10, 15, 20, and 30-year terms. All terms have a 5-year draw period. You'll get the full approved loan amount in your initial draw. Then, for the remainder of the draw period, you can pay your balance down and borrow more, up to your loan limit, as often as you like.

What is a line of credit?

A line of credit (“LOC”) is a flexible loan that you can tap into when needed. You can borrow money up to a predefined amount, pay it back, and borrow funds again—up to that amount—at any time during your draw period.

LOCs can be either unsecured (like a credit card) or secured by some form of collateral (like property). Secured LOCs typically come with a higher credit limit and lower interest rates—both major benefits.

What are people saying about Achieve Home Equity Loans on Reddit?

TastyAntelopex says:

"I looked into Achieve HELOC while researching home equity options. One thing I noticed is that they offer different loan lengths - 10, 20, or 30 years—which seemed helpful if you’re looking for flexibility in how long you want to pay it off..."

See more Achieve HELOC Reviews on Reddit

Why do I need to use my home to secure the loan?

Your home is simply there to provide security for the loan. It allows you to borrow more at a lower interest rate, even with less than perfect credit.

Three really important (and reassuring) things to know. Our home equity loan:

Won’t touch your existing mortgage, leaving your first mortgage rate and term as is.

Won’t reduce the value of your home. In fact, if you use your funds to improve your home, your value could go up.

Will disperse funds FAST. Average time to funding is 10-12 business days.

How are home equity loans through Achieve different?

So many ways. Let’s bullet point the big ones:

Low Fixed Rates
- Achieve Loans offers home equity loans with rates that are fixed for the life of the loan, unlike most lenders whose variable rates can change month to month. Our home equity loans typically have lower rates than most personal loans.
Real Rates, Not Teaser Rates
- We don’t lure you in with too-good-to-be-true rates that you need perfect credit to qualify for. Our rates start low and stay low.
Fast Closing Speed
- Our streamlined process means you can go from app to funding in as little as 10 days.
Surefire Savings
- The average member saves around $800/month on their existing high-interest debt payments. We’ll provide you with your projected savings up front when you apply. (2)

Those are the measurable differences, but they’re not the only ones. These two are no less important:

WHO Achieve serves — While many companies brag about what they do, we focus on who we serve. Our members are moms, dads, and recent grads. They are the working families, the overworked, the under-employed, and the gig workers. We help the strivers, the savers, the people left out by the wealth advisors, people unsupported by lenders, people seen as numbers by the credit card companies. Our members are homeowners who, in some cases, are struggling to make ends meet every month. Or they get hit by an unexpected financial hardship. Maybe their finances aren’t getting worse, but they aren’t getting better either. Often these people have been denied opportunities that traditional banks and financial institutions offer to consumers who are already stable and thriving. Others are making slow progress, but they need help to reach their goals faster, with more confidence, and with less stress. They don’t need traditional financial solutions; they need a new approach that provides critical expertise and personalized attention. Achieve helps these people in ways traditional banks and lenders won’t. We support their financial journey by providing access to appropriate financial products that create a path forward toward financial stability.
How Achieve does it — We focus on each individual and understand what’s working for them and what’s not. Whether someone is searching for financial products, getting real-time account access, or taking the next step toward their financial goals, Achieve offers education, tools, multiple innovative digital financial solutions, and empathetic, relationship-driven support. Our foundation is built on over 20 years of helping people across the entire credit spectrum, not just a select few at the top. Over that time, we’ve learned a lot about consumer behavior and financial habits. Our robust data and analytics give us unparalleled insight and understanding about how to help people recover from financial setbacks and get onto a sustainable path to a better financial future. That foundation enables us to pair sophisticated data modeling with consumer-friendly technology and a wide range of financial products to tailor a personalized approach to meet each member’s specific needs and goals.

Explore your options

Find the right debt solution for you

DEBT RELIEF

Reduce what you owe³

Resolve $7.5k-$100k+ in debt

Pay down debt in as little as 2-4 years

Loan alternative to reduce debt

personal loans

Customize your loan⁴

$5,000-$50,000 fixed-rate loans

Flexible 2, 3, 4, or 5-year terms

Personalized rate discounts

FIND YOUR FIT

Explore your best solution

Find a solution to fit your budget

Pay down debt in 2-15 years

Resolve or pay debt on your terms

Home Equity Loans articles

Home Equity Loans

10 home equity loan facts to know before you apply

Sometimes, home equity loan interest is tax deductible. Learn 10 important facts before you apply.

Home Equity Loans

When does it make sense to use a home equity loan to pay off debt?

A home equity loan could be your path to lower interest rates and a more manageable financial life.

Home Equity Loans

What is a home equity loan?

Your home could be the key to financing your dreams. Meet the home equity loan.

Home Equity Loans

What it takes to get a home equity loan

Is your home your financial hero? A home equity loan could help you cash in on your castle's value.

Home Equity Loans

How does a home equity loan work?

Home equity loans deliver the cash you need upfront, but don't miss the twist—a fixed-rate HELOC might out-flex them.

Home Equity Loans

When using home equity to remodel your home makes sense

How could you improve your home if you had the cash? Here's where you could find that money.

Home Equity Loans

Pros and cons of a home equity loan

Is there hidden cash in your castle? A home equity loan could turn your humble abode into a financial ace in the hole.

what-are-closing-costs-and-fees-for-a-home-equity-loan.jpg

Home Equity Loans

What are the closing costs and fees for a home equity loan?

Learn how to manage and potentially reduce the fees associated with tapping into your home's equity.

Home Equity Loans

How much can you borrow using a home equity loan?

When life comes knocking, your home equity could be the answer. You might be able to borrow more than you think.

Home Equity Loans

Second mortgage versus home equity loan: Are they the same thing?

Second mortgage or home equity loan: the financial plot twist where your home plays the hero in your cash crunch saga.

Home Equity Loans

Home equity loan vs personal loan: tips to help you make the right choice

Home equity loan vs. personal loan: picking your financial MVP depends on your game plan.

Home Equity Loans

Choosing between a cash-out refinance and a home equity loan

Homeowner's choice: learn the difference between a cash-out refi and a home equity loan, and how to choose.

Home Equity Loans

Are home equity loans tax deductible?

A home equity loan for home improvements could put more money back into your pocket compared to other loan options.

SOC_Creating a smarter way to manage your debt with Home Equity Loans_V1-R2_1280x720_01.jpg

Debt Solutions

3 reasons your home equity could help cut costly debt

Home equity loans can put cash in your hands that you could use to consolidate and manage debt.

Home Equity Loans

Maximize your home's value: 30-year home equity loan explained

Want to transform your home into your dream home? A home equity loan could make it possible to upgrade.

Home Equity Loans

Why the 20-year home equity loan works

A 20-year home equity loan: The sweet spot between ambitious dreams and affordable payments.

Home Equity Loans

Can I still get a home equity loan if I have student loans?

A student loan isn’t a wall between you and a home equity loan. It’s just one piece of the puzzle.

Home Equity Loans

Your home equity could help cover healthcare expenses

When medical debt is piling up, a home equity loan could give you the funds you need to pay the bills.

Everyday Finances

3 ways a home equity loan could improve your life

Hey homeowner, did you know that you can get the cash you need now, borrowed from the equity of your home? Here's how.

6-smart-ways-to-use-home-equity-loan-to-consolidate-debt.jpg

Home Equity Loans

6 smart ways to use a home equity loan to consolidate debt

Ever feel like you're drowning in high-interest debt? You may be sitting on a small fortune that could help.

UNLOCK YOUR EQUITY

Open the door to lower monthly payments

Pay off $50k-$150k debt
Fixed-rate 10- or 15-year terms
$10,000/year average savings