How is home equity calculated?

Home equity is the difference between your property's current market value and the outstanding balance on your mortgage. For example, a home worth $1.2M with a $700K remaining loan balance has $500K in equity.

Can I access my home equity without selling?

Yes. Homeowners can tap equity through a home equity loan, a home equity line of credit (HELOC), or a cash-out refinance. Each option has different rate structures, qualification requirements, and repayment terms.

How much equity do I need to qualify for a HELOC?

Most lenders require at least 15-20% equity remaining after HELOC draws. Your combined loan-to-value (CLTV) ratio typically cannot exceed 80-85% of the appraised value.

Does a cash-out refinance trigger a Prop 13 reassessment?

No. A cash-out refinance is a financing transaction, not a change of ownership, so it does not trigger a Prop 13 reassessment. Your property tax base remains unchanged.

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