Why get a home equity loan with Kin?
Your home is likely your biggest asset. We’ll help you make the most of it.
Lower rates
We offer Kin-specific interest rates that make home equity loans even more affordable.
Customizable options
We find solutions that fit your budget and save you money.
Fast and easy
Our friendly experts work on your timeline — and we're here to help.
What can you use a home equity loan for?
You can use home equity loans however you see fit, but here are some of their most common use cases.
Home improvements
Including renovations that can increase your property's resale value, such as a new roof.
Home additions
For the new pool you’ve been dreaming about, or an ADU for extended family visits.
Debt consolidation
Including lower interest rates on credit card debt and/or personal loans.
Medical bills
Including elective surgeries or emergency procedures not fully covered by insurance.
Education costs
Including college tuition, room and board, or private school fees when savings or financial aid fall short.
Down payments
Including deposits on investment properties.
Common questions about home equity loans
What is a home equity loan?
A home equity loan is a type of second mortgage that provides a single lump sum of cash upfront, using your house as collateral. You pay it back over a set term — typically between 5 years and 30 years — at a fixed interest rate. Lenders typically let you borrow up to 80% or 85% of your home's total value, minus your current mortgage balance.
Because your home secures the debt, lenders often offer lower interest rates than you'd find with an unsecured personal loan. However, this also means that if you fail to keep up with your payments, the lender could foreclose on your home.
How does a home equity loan work?
Once approved for a home equity loan, you receive the entire amount at once and begin paying it back in monthly installments. These loans typically come with a fixed interest rate, so your payment amount never changes over the life of the loan, which usually spans anywhere from 5 to 30 years.
How do home equity loans differ from HELOCs?
While both use your home as collateral, they handle money differently. A home equity loan gives you a single lump sum of cash upfront. You pay it back at a fixed interest rate, so your monthly bill never changes. It's a straightforward way to access cash for a specific, one-time cost.
A HELOC is a revolving line of credit, similar to a credit card. You borrow only what you need during the draw period, which typically lasts 10 years. Because HELOCs usually have variable interest rates, your monthly payments can fluctuate based on market conditions.
What can a home equity loan be used for?
You can use a home equity loan for almost any major expense, but most homeowners put the money toward projects that build long-term value. It’s a popular choice for pricey, one-time expenses like a roof replacement, solar panel installation, or a complete kitchen remodel.
Beyond home improvements, home equity loans are sometimes used to consolidate high-interest debt into a single, lower-interest monthly payment. Others use the funds for significant life events, like paying for a child’s college tuition or covering a large medical bill.
Just remember that your home is the collateral. While you can technically use the money for low- or no-ROI purchases — like a luxury vacation or a new car — experts advise against it.
When should I get a home equity loan?
A home equity loan is best when you have a specific, one-time expense and want the security of a fixed monthly bill. However, because you're using your home as collateral, you should only move forward if you have a stable income and a clear plan to meet the monthly payments for the full life of the loan.
