The weather is getting cooler, the leaves are falling, and that roof repair that you meant to get to in the summer is still on your to-do list. You're probably not the only homeowner that's facing this as nearly two-thirds have put off repairs or maintenance because of costs, according to a Clever real estate survey. And about 55% of homeowners say they couldn't cover a $5,000 emergency repair without going into debt.
The promising news is that many homeowners may be able to use their home equity to fund repairs. According to the ICE Mortgage Monitor report as of August 2026, homeowners had nearly $12 trillion of home equity that they can tap into. Here's how a home equity loan can be the funding lifeline you need and what to consider fixing before the cold sets in.
Once temperatures drop, any projects that you didn't get to can lead to larger problems like foundation damage or mold. You may even end up having to deal with repairs costing tens of thousands of dollars. To start, check major areas of your home, like the roof and gutters, and even get your heating system inspected. Consider draining and disconnecting any outdoor spigots to keep pipes from cracking, and seal drafts around your windows and doors.
According to Angi, basic winterizing costs around $250 on average, but it can run up to thousands of dollars more depending on what your home needs. For instance, roof repairs can cost more, whereas smaller jobs like sealing drafts around a window won’t cost you as much. If your list of necessary repairs is getting longer and the cost keeps climbing higher, your home's equity may help.
A home equity loan is a type of second mortgage where you borrow against the portion of the home you own and receive cash as a lump sum at the loan closing. You then repay that loan with fixed monthly payments, typically over five to 30 years. Like your primary mortgage, the loan uses your home as collateral.
Depending on the lender, you may be able to borrow up to 80% and 90% of the home’s value, minus your mortgage balance. For example, if your home is worth $300,000 and your current mortgage balance is $150,000, you could borrow around $90,000 to $120,000.
One of the main reasons homeowners may benefit from home equity loans is that rates tend to be lower than other types of debt. You may find that currently, home equity rates are around 7% to 9%, while credit card interest rates can easily climb to the double digits.
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One of the major risks of a home equity loan is that your house is used as collateral. If you default on the loan, you could be at risk of losing your home. You may also need to pay closing costs, depending on the lender and your loan terms.
Your financial profile also plays a major role in how much your loan could cost you. Most lenders want to see a minimum amount of equity in your home, that you can meet their minimum credit score requirements, and a debt to income ratio that's typically 43% or lower.
Before you sign on the dotted line, be honest about your budget. Knowing how much you can reasonably pay back is key. Borrowing more than you need could mean that your budget is stretched too thin and you could have trouble making payments. If you find that you can't take on a loan that's enough to make all of the repairs you want, consider paying for those that are absolutely necessary before winter hits, and make a plan for those you can make at a later time.
Not all lenders are equal, so take the time to shop around and compare features like home appraisal requirements, borrowing limits, fees and rates.
Homeowners can borrow up to $1 million through a home equity loan or HELOC (home equity line of credit) at fixed and variable rates. You'll need a minimum of a 600 credit score, one of the lowest around. However, you will need to complete an in-person appraisal as part of the application process and PNC Bank isn't available in all 50 states.
Figure stands out for its speed, as borrowers can get funding in as little as five days after loan approval. This online lender typically uses automated valuations instead of an in-person appraisal, which could help speed the application process. Figure requires a minimum credit score of around 640 and you may borrow up to $750,000, depending on your financial profile.
Nexus Credit Union offers home equity loans and HELOCs with no in-person appraisal required. Borrowers can qualify for five-, 10-, or 15-year terms and HELOCs come with a 15-year draw period. You may be able to borrow up to 90% of your home’s value with a minimum of a 640 credit score. You will need to be a member of the credit union, but anyone can join.
Navy Federal Credit Union is open to active and retired military, Department of Defense employees and their families. For those who qualify, the Credit Union's home equity loan lets you borrow up to 100% of your home's value with no closing costs and varying fixed rates. Its HELOC offers a 20-year draw period or the longest out there. Applicants might be able to borrow up to $500,000.
M&T Bank offers HELOCs, and you can choose between its variable rate or three fixed-rate lock options. Applicants can borrow up to $1 million and choose interest-only payments during the draw period. There are no application, closing or annual fees. M&T isn't available in all states and you will need to have at least a 680 credit score to qualify.
Prices listed reflect time and date of publication and are subject to change.
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