Your home can help you live your #bestlife.

With a Home Equity Line of Credit (HELOC) or Cash-Out Refinance1, you can tap into the equity you’ve built to help fund your home improvement projects. Which option is right for you?

What's the Difference?
HELOC vs. Cash-Out Refi
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Make a confident borrowing decision.

Hard to relax in a bathroom that’s seen better days? Want an epic outdoor space for entertaining? Using your equity is a smart way to make your home improvement plans a reality, from a new bathroom or the perfect kitchen to an outdoor space where everyone’s welcome.

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Compare a Home Equity Line of Credit and a Cash-Out Refinance.

SunTrust Home Equity Line of Credit (HELOC)

SunTrust Mortgage Cash-Out Refinance

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What you’ll get A revolving line of credit, with access to the money you need when you need it. A new mortgage offering cash back. The new mortgage will equal the old balance plus the withdrawn cash minus closing costs, all in one loan.
What it’s best for Meeting borrowing needs over an extended period of time.

Examples might include home improvements, education expenses, consolidating higher interest rate debt3, medical bills and unexpected expenses.
Meeting a one-time or short-term borrowing need.

Examples might include home improvements or education expenses.
What about rates? Interest rates are typically lower than most other borrowing options and an introductory promotional rate is available for an initial advance taken at closing. Choose between a variable or fixed rate for each advance. May be a good choice if your current mortgage already has a low rate. Interest rates can be lower on a home equity loan or home improvement loan. Choose between a fixed or adjustable4 rate. May be a good choice if your current mortgage has a higher rate that you could lower.
The fees you’ll pay No closing costs5, as long as your account is open for three years. There are closing costs, however you can use the money you receive from your cash-out refi to cover those costs or speak to your loan officer about other options.6
What about monthly payments? Minimum monthly payments could be fixed or could vary, depending on advances and repayment options. Your HELOC payments will be separate from your mortgage payment. Minimum monthly payments will be fixed or could vary, depending on type of loan - all in one convenient payment.
How you get the funds Use checks, SunTrust Online Banking, Mobile Banking or visit a branch. Receive a lump sum via a check or direct deposit at loan closing.
How long will it take after I apply? You can typically access funds within 30 days and often as quickly as 15 days. You can close on your loan usually within 45 – 60 days.
Are there tax benefits? Interest may be tax deductible when funds are used for home improvements that substantially improve your home’s value.2 Interest may be tax deductible. Rolling your high-interest debt into a mortgage payment can yield tax benefits.2
Availability Available in Alabama, Arkansas, District of Columbia, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia. Available in most states except Arkansas, Arizona, Hawaii, Oregon and Texas. 7

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Use your home to improve your home.

Your home is likely your biggest investment and a source of both pride and financial confidence. At SunTrust, we’re dedicated to providing homeowners like you with the tools, support and expert guidance to make confident financial decisions.

We can help you get the money you need to make more of the home you love.

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Not enough equity in your home? We offer a variety of lending solutions, including flexible loans and lines of credit.