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Thinking about installing a new deck, replacing a front door, or even adding an extra bedroom to your home to help increase its resale value? Considering that your home is one of the biggest investments you’re likely to ever make, it makes sense that you’d be interested in increasing its value with some upgrades.

But as you probably guessed, not all remodeling projects provide the same return on investment (ROI).

Using Zonda’s 2025 Cost vs. Value report, which compares the average cost of 28 remodeling projects in 119 U.S. housing markets, here’s a look at some of the popular home improvements based on estimated ROI, time commitment, and cost.

Things to Consider Before Starting a Home Improvement Project

It’s important to note that national averages only tell part of the story. Labor and supply costs, styles, and consumer preferences can vary by location. So before you dive into a project, you might want to consider hiring a contractor, real estate agent, or appraiser to come to your house and give an opinion on which upgrades might provide better value based on where you live.

You may also want to factor in any immediate needs that a remodeling project can help satisfy. Say, for instance, you’d like to add an extra bathroom. While you may only recoup part of your expenses, having an additional washroom may be worth the cost of a renovation.

Top Home Improvement Projects to Help Increase Your Home Value,

Looking to prioritize your wish list? These remodeling projects earned top spots on the 2025 Cost vs. Value report.

Garage Door Replacement

Average cost: $4,672

Resale value: $12,507

Costs recouped: 267.7%

General time commitment: Four to eight hours

Removing an old garage door and replacing it with an attractive, sturdy new one could return every dollar of your initial investment — and then some, according to the Cost vs. Value report. It’s an effective way to improve your home’s appearance from the outside while increasing your home’s functionality for years to come.

With an average cost of $4,672, which includes the door and the cost of labor, it’s also a relatively affordable renovation. While many homeowners would likely hire someone to help install the new garage door, it is something that you could potentially do on your own (with the help of a friend) over the course of a weekend.

If you hire someone to install the door for you, they will likely come to your home twice: first to take measurements and give you a quote and then again to install the door.

Entry Door Replacement (Steel)

Average cost: $2,435

Resale value: $5,270

Cost recouped: 216.4%

General time commitment: A half to a full day (for a prehung door)

A new, safe front door is an attractive quality to prospective homebuyers. Replacing your entry door and jambs with a steel door, including a clear dual-pane half-glass panel, jambs, and an aluminum threshold with composite stop, should get you a good bang for your buck, according to the Cost vs. Value report.

Even better, you and a friend can probably handle installation on your own, though you can certainly hire an installation expert. If you decide to go the pro route, they’ll likely need to come to your home to take initial measurements and then return for the installation. Another option is to measure and order the door yourself and just get help with the installation.

Recommended: 33 Inexpensive Ways to Refresh Your Home

Manufactured Stone Veneer

Average cost: $11,702

Resale value: $24,328

Cost recouped: 207.9%

General time commitment: One to two weeks

Removing the vinyl siding and adding a stone veneer to the bottom third of your home’s street-facing façade is an effective way to help increase the value of your home, returning 207.9% of the cost of renovation. First impressions matter when it comes to selling a home, and stone veneer is a popular look right now.

Whether you tackle this project yourself or hire a handyperson to help with the installation, this project will take several days to complete. If you choose to hire someone, understand that the construction days might not be successive, so the exterior of your home could be under construction for several weeks to a month or longer.

Minor Kitchen Remodel (Midrange)

Average cost: $28,458

Resale value: $32,141

Cost recouped: 112.9%

General time commitment: 6-10 weeks

When it comes to kitchen remodels, less may be more, at least when it comes to ROI. According to the Cost vs. Value report, major kitchen remodels recoup around 51% of costs. Meanwhile, a smaller upgrade recoups 112.9% of costs.

What does a minor remodel include? Think faster-turnaround jobs such as installing a new sink and faucet or replacing items such as cabinet fronts, cooktops, oven ranges, refrigerators with new models, countertops, or floors.

When creating your budget, you’ll probably want to factor in the cost of expert help, such as an electrician, plumber, and contractor. You’ll also want to be realistic about how long you can devote to the project — and be without a working kitchen. Expect several months at minimum for a remodel.

Wood Deck Addition

Average cost: $18,263

Resale value: $17,323

Cost recouped: 94.9%

General time commitment: One to six weeks

Nothing beats enjoying family and friends on a deck in your backyard on a sunny day. Potential buyers are typically rightfully happy to pay extra for a deck, and a wooden deck installation could recoup more than half of what you spend. And ideally, you’ll get the chance to enjoy the deck before you sell your home.

A deck installation is a pretty large project. It will likely need to pass an inspection and adhere to your city’s building codes, and it could increase your property taxes and home insurance costs. So it pays to get the job done right the first time, which may mean enlisting the help of a designer or architect. These pros can map out an initial plan, and a contractor can handle the building.

An online home renovation cost calculator can help provide you with a rough idea of how much a wooden deck — and any other home upgrade project — could cost.

HVAC Conversion/Electrification

Average cost: $19,484

Resale value: $14,053

Costs recouped: 72%

General time commitment: Anywhere from one to two days up to several days, depending on whether your home requires structural changes

Replacing a fossil fuel-burning heating, ventilation, and air conditioning (HVAC) system with one that runs on electricity isn’t cheap. Nor is it one to try to DIY. But according to the Cost vs. Value report, you could stand to get back roughly two-thirds of what you put in. Homeowners who decide to make the conversion may also notice savings in their heating and cooling bills. And there are environmental benefits to consider as well.

Unless you’re a licensed HVAC technician, this is a project better suited for the professionals. Consider speaking with a few different HVAC installation teams to compare potential systems and cost options.

Remodeling Projects With the Lowest Potential ROI

While these upgrades may not deliver the biggest returns, they could still be worth exploring if they fit your budget and lifestyle needs.

Primary Bedroom or Bathroom Addition

Average cost: $170,517 for midrange and $351,613 for upscale

Resale value: $55,097 for midrange and $63,136 for upscale

Cost recouped: 32% for midrange and 18% for upscale

General time commitment: Three to four months

Adding on a primary bedroom or bathroom may enhance your living experience, but it might not add much to your bottom line. Despite the project’s hefty financial and time commitment, it generally fails to deliver even one-third of the investment.

However, while not a great return, a home addition project of this size could change the value of your home. For example, a $300,000 home that adds a primary suite for $170,517 could potentially return about $55,000 on the investment. A home that sells for $358,000 instead of $300,000 is a 18.3% increase in the home’s value. If you were to get enough use from the addition to justify the other cost you can’t recoup, it could still be a fine investment.

Again, these figures are purely hypothetical, and the value of expanding your home can depend on a multitude of factors. And if you decide to move ahead with a primary bedroom or bathroom addition, you’ll want to think through how you’ll finance the project. Some options include applying for a home improvement loan, using home equity, dipping into your savings, or using credit cards.

Recommended: Homebuyer’s Guide

Bathroom Addition

Average cost: $60,645 for midrange and $111,255 for upscale

Resale value: $32,347 for midrange and $40,526 for upscale

Cost recouped: 53% for midrange and 36% for upscale

General time commitment: Two to three months

A bathroom remodel tends to be cheaper than a primary bathroom addition, and it generally sees a slightly better potential ROI. But again, a bathroom addition or any large remodeling project should be considered in terms of both ROI and what you want to get out of your home while you are living in it. And that’s a calculation that only you and your family can make.

The Takeaway

Home renovation shows make upgrades look quick and easy. And while sometimes they can be, in many cases, renovations can be costly and time-consuming. As you consider which ones to make, you will likely want to factor in your return on investment (ROI).

Not all remodeling projects provide the same level of ROI. Projects such as replacing a garage door or adding a stone veneer to your home’s façade tend to see better ROI than adding an extra primary bedroom or bathroom. But ROI is only one consideration. You should also consider what you want to get out of your home and whether the time and cost of taking on a big project are worth it.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

What home improvements offer the most value?

According to Zonda’s 2025 Cost vs. Value report, the top three home improvement projects that offer a strong return on investment (ROI) are: replacing the garage door, replacing the entry door with a steel version, and adding manufactured stone veneer to the home’s exterior. These projects recoup 267.7%, 216.4%, and 207.9% of costs, respectively.

Which home improvement is least likely to increase the value of your home?

Wallpapering, built-in electronics, wall-to-wall carpeting, and a swimming pool are examples of projects that typically don’t increase the resale value of your home. These projects may not provide a strong return on investment when it’s time to sell.

Does new flooring increase home value?

New flooring can potentially boost the value of your home, especially if your current flooring is worn or in poor condition. Hardwood flooring often provides significant return on investment (ROI), though luxury vinyl plank and tile flooring can also add value.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Your house is much more than a home. It’s likely one of the biggest purchases you’ll ever make, with a value that makes up a significant proportion of your (and most people’s) net worth. As such, you’ve probably wondered from time to time what your home is worth.

Determining the answer is not as simple as referring back to your sales agreement or mortgage papers. What you paid for your house when you purchased it merely reflects what your house was worth to you — and the real estate market — at a specific point in time.

In reality, housing values are dynamic, and they fluctuate based on a number of factors. Some things, such as keeping your house in good repair, are within your control. Other external influences, such as the market, mortgage rates, and other considerations, can also affect the value of your home.

Here, you can take a close look at how this works and answer questions such as:

•   How much is my house worth?

•   What factors determine my home’s value?

•   How can I increase my home’s value?

First, take this “How much is my house worth” quiz to get an overview of what value your home holds.

Next, delve into the topic more deeply with these insights.

Home Value Estimator Quiz

Estimating the Value of Your House

Knowing how much your house is worth can improve your money mindset by helping you understand where you are financially. There are a number of ways you can determine the estimated value of your house:

•   Online calculators: The easiest and fastest way to answer the question “How much is my house worth?” is probably to use an online home valuation calculator. These tools provide a ballpark estimate of the value of your home based on your address. Such estimates typically use publicly available information, including average home sale prices in your area, property tax assessment information, market trends, and other data.

•   Market dynamics: Once you have a rough estimate of your property’s worth, you can use other cues about the housing market in your area to gain more insight. This might include such factors as sales and mortgage trends, which can give you a sense of whether your property value is likely to increase, decrease, or remain stable. For instance, during times of rising mortgage interest rates, consumer demand might wane as it becomes more expensive to borrow money.

•   Professional opinions: A professional appraiser or real estate agent can also help you get a more precise estimate of what your house is worth. An appraiser will consider both the local housing market and the unique characteristics of your property when creating your home appraisal.

Real estate agents, meanwhile, will typically conduct a comparative market analysis (also called a comp or CMA). This is an estimate based on actual data from recently sold homes that are most similar to yours.

If you are looking to sell, you may want to consider getting a comparative market analysis from several different real estate agents to help you assess their knowledge of and viewpoint on the local market before you commit to one. Understanding the various criteria real estate agents use to determine listing prices can also help you get an accurate picture of what your house is worth.

Recommended: What Hurts a Home Appraisal?

A Home’s Worth: 3 Factors to Consider

Every house is unique, but the factors used to determine property value are fairly consistent:

1.    Neighborhood: There’s a good reason why “location, location, location” is one of the most popular mantras in real estate. The same home, in the exact same condition, will fetch different prices depending on where it is. Proximity to desirable schools, shopping centers, public transportation, and other resources and infrastructure can increase the desirability of a neighborhood and thus the value of the home. Safety considerations, such as crime rates, sidewalks, and traffic signals, can also impact house values.

2.    House specifications: Attributes such as the size of your lot, square footage, age of your home, number of bedrooms and bathrooms, parking space, and updated mechanical systems are among the criteria buyers will typically consider. Agents may factor these in while developing a comparative market analysis.

Also, the style of your house and the amenities can matter. Does it have a fabulous family room, a spa-style bathroom, skylights, or a pool? That can lift the value.

3.    House condition: Well-maintained houses with high curb appeal can typically fetch better prices than run-down fixer-uppers. As such, your home’s condition is probably the most easily controlled aspect of its value.

To evaluate the condition of your home, take stock of any repairs (both major and superficial), any upgrades (such as premium kitchen appliances), and any renovations you may have performed.

There are additional factors outside of your control that will affect the value of your home, though these may be less significant if you are not imminently considering selling.

For example, the state of the economy and mortgage rates may dictate others’ appetite for real estate purchases, as well as how much they are willing to spend. At press time, mortgage interest rates have stabilized, remaining around a fairly favorable 6.50%.

That trend could change, and rates may begin rising in the case that the Federal Reserve decides it needs to offset inflation’s impact on consumers. This sort of move’s impact on lenders can cause a softening of the housing market or a lowering of prices, since it’s more expensive to borrow money.

Seasonal fluctuations such as holidays and weather can also affect home purchasing patterns. In addition, spring has often been looked at as the prime selling season, when families hope to find a new home and get settled before the start of the next school year.

Recommended: Should I Sell My House Now or Wait?

Increasing the Value of Your Home

Though there are some factors that may be out of your control (such as inflation and its impact), there are things you can do to increase the value of your home. If you are considering selling soon, staging your house or making small improvements, such as tidying your garden, can go a long way toward appealing to buyers — without a big financial investment.

But if you are considering investing in renovations and upgrades, it is helpful to know which will deliver the greatest returns. An online calculator can compare different projects to determine how various home improvements impact your home’s value. You might be able to finance such improvements with a home equity line of credit (or HELOC).

Recommended: Does Net Worth Include Home Equity?

Why Your Home Value Matters

If you are considering selling your house, “How much is my home worth?” is likely one of the first things you’ll wonder about. But even if a move isn’t something you are considering right now, there are other reasons why it might be important to know the actual value of your home:

•   Relocation plans: For those considering relocating, getting a reliable estimate of how much your house is worth will inform the amount you can afford to spend on your next home. As taxes, real estate agent commissions, and some other fees will be based on the actual sale price of your house, this valuation will also help you estimate some of your moving costs.

•   Financial planning: Even if you aren’t planning to move, it can be wise to know your house’s value for another reason. As one of the greatest assets in many people’s financial portfolios, your home’s worth can play a helpful role in guiding long-term money planning, including retirement and estate planning.

If these things seem a long way off, there are immediate benefits to being informed about your home’s worth, too.

•   Property taxes: Your property tax bill is based on the market value of your house and may change from year to year, based on your municipality’s estimate of its worth as determined by a government assessor. A reliable estimate of how much your house is worth can help you identify discrepancies in the assessed value. If you believe there is an error, you can file an appeal in an attempt to get your property tax bill reduced.

•   Homeowners insurance: Having an accurate estimate of the value of your home is also important for obtaining appropriate insurance coverage. If your estimate is too low relative to the actual value of your home, you run the risk of being underinsured in the event of a claim. Too high, and you’re paying for coverage you don’t need.

•   Equity considerations: Your home’s value can also help you access money to pay for home improvements, a financial emergency, or other needs that may arise. If the current value of your home is more than it was at the time you purchased it, you may be able to tap into that increased value with, say, a HELOC or cash-out mortgage refinance.

Home Improvements and Your Mortgage

Even if you’re not looking to sell, adding value to your home may result in savings in the near term. This can be especially true for those who are paying private mortgage insurance (PMI):

•   Typically, buyers who purchase a home with less than 20% down are required to pay for PMI, a fee that is based on a percentage of your total mortgage loan.

•   The amount of equity in your home can be determined by subtracting what you owe on your house (or your mortgage principal) from the current total value of your home. If your property value has increased, you have more equity than when you purchased your home.

•   If the increase in your property value brings your equity over the 20% threshold, you can ask your mortgage loan servicer to cancel the PMI. That, in turn, will save you money every month.

The Takeaway

Understanding how much your house is worth is an important fact. Your house is a major investment, and knowing its current value can help you in a variety of ways, whether or not you are planning on selling it. Even if you are staying put, knowing its worth could help you make sure your insurance is keeping pace with its price, open the door to a home equity loan, or perhaps lower an assessment.

If you’re ready to find out your property’s value, SoFi’s money tracker app can help. Meanwhile, the property tracking tool can help you learn your home’s worth. It can help you know when more insurance is needed, how much renovations would cost and financing options, and what you might be able to save by refinancing your loan.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How can I find out how much my house is worth?

You can get a fast estimate by using an online valuation calculator, which uses your address along with public records, such as local sales prices and tax assessments. For a more precise valuation, you can hire a professional appraiser or ask real estate agents to run a comparative market analysis based on recent sales of similar homes in your area.

What factors have the biggest impact on my home’s value?

Key influences include your neighborhood’s desirability, your property’s specific physical features (such as square footage, layout, and upgraded systems), and overall home condition. External economic conditions, such as prevailing mortgage interest rates, consumer demand, and seasonal real estate trends, also play a major role in determining market value.

How can knowing my home’s value save me money if I’m not selling?

An up-to-date valuation helps ensure you aren’t overpaying for property taxes or paying for more homeowners insurance than you actually need. Additionally, if market value growth increases your home equity past 20%, you can ask your lender to remove private mortgage insurance to lower your monthly payments.

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This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOHL-Q326-081

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If you drive a car, you need car insurance, and not just because it’s the law in nearly every state.

Fortunately, these days, getting car insurance is usually a simple process. You can buy car insurance online, over the phone, or even in person, but the easiest way to do so is with a few mouse clicks.

5 Steps to Getting Car Insurance

Knowing how to get car insurance that suits the type of vehicle you have and your driving habits is easier when you know your way around the car insurance market. Here’s a step-by-step guide to buying automobile insurance.

1. Figure Out What Type of Coverage You Need

The first step in learning how to get insurance on a car? Understanding what car insurance is in the first place and how much coverage you really need.

There’s a veritable dictionary of different auto insurance terms to understand, but one of the most important distinctions is between liability insurance and full insurance coverage:

•   Liability insurance is coverage that pays out to another driver if you’re found to be at fault in an accident. Liability insurance is further split into property damage and bodily injury coverage, coverage for vehicular damages and medical expenses, respectively.

•   Uninsured/underinsured motorist coverage is another type of liability insurance that pays out in the event of an accident involving another driver who doesn’t have insurance (or much of it).

•   Full coverage includes liability insurance but also pays out for damage to your own vehicle, even if you’re at fault. This may include collision coverage, which pays out in the event of an accident involving another vehicle, and comprehensive coverage, which pays out in the event of noncollision damages, such as fire, falling objects, or glass damage.

•   You may also be able to purchase medical payments coverage, which can offset the cost of your medical bills in the event of an accident, or personal injury protection insurance, which can help with lost wages and other expenses. These types of coverage kick in regardless of who’s at fault.

Most state laws only require liability insurance. However, this varies, as do the minimum policy limits in each state, so be sure to get familiar with your state laws before you go shopping.

Requirements aside, full coverage might be worth considering. Even in a minor accident, you could face thousands of dollars in repair costs, not to mention random damages, such as a windshield crack due to a rock kicked up on the highway.

And keep in mind, too, that even full coverage doesn’t mean everything is covered or coverage is unlimited. How much coverage you decide you want is up to you. It’s worth factoring in the age and value of your vehicle, other coverages you may have that can help, and how high a deductible you could afford to pay out of pocket in the event of an accident. Higher deductibles generally mean lower monthly car premiums, but, of course, you’re on the hook for a larger portion of the expenses if you do need to file a claim.

Recommended: What Does Car Insurance Cover?

2. Gather Your Information

Once you have an idea of the kind of coverage you need, it’s time to get serious about shopping for auto insurance. You’ll need certain information in order to buy an auto insurance policy, so in order to make the transaction go smoothly, it’s a good idea to gather the following ahead of time:

•   The name and birth date of every driver to be put on the policy

•   The driver’s license number and issuing state of every driver to be put on the policy

•   The driving history (both at-fault and no-fault accidents) of every driver to be put on the policy

•   The car’s make, model, and vehicle identification number

•   The car’s current mileage

•   The estimated mileage the car is driven each year, as well as its primary purpose (business or leisure)

•   Any car safety features, such as car alarms

•   The address the car is kept at most of the time

•   The name and policy number of your current insurance plan, if you have one

Other information may also be required, but gathering the basic details ahead of time should help save you some time.

Recommended: How Much Is Sports Car Insurance

3. Choose Your Shopping Method

There are three main ways to purchase car insurance: directly from an insurance company, through a captive agent, or through an independent broker:

•   Buying auto insurance directly (either online or over the phone) from an insurance company means you can do the research yourself. However, getting individual quotes from a variety of different companies can take time.

•   Buying auto insurance through a captive agent means you’re working with a representative from a single insurance company, which can be useful if you want a single point of contact who can help walk you through every step of the process. This might also be a good idea if you have more than one insurance policy through the same company because you may qualify for multipolicy discounts.

•   Buying auto insurance through an independent broker can create a bespoke insurance-buying experience where the broker does the footwork of shopping around for the best deal to suit your needs. However, your premiums may include a broker’s fee.

Each approach has its own drawbacks and benefits, and the best one when deciding how to get auto insurance for you will depend on your preferences.

4. Compare Quotes

Car insurance is one of those areas of life where you can save a lot of money by shopping around. Of course, getting multiple quotes can be time consuming, but given that car insurance premiums can cost more than $189 per month, it might just be worth your time.

Fortunately, these days, there are some great auto insurance comparison websites and apps that can help you see your potential savings by filling out just a single form. (Be aware that you may start getting phone calls, emails, and letters from insurers eager to acquire your business, however.)

Recommended: Car Insurance Guide for New Drivers and 3 Ways to Save

5. Drive Happy — But Check In Regularly

We’ve all heard the commercials, but it really is true: You may stand to save money by switching your car insurance to a different carrier, so it’s worth checking in at least once a year to make sure you’re happy with your coverage and its cost.

That said, many carriers also offer loyalty discounts to longtime customers, and if you get a lower offer elsewhere, your insurer may be able to match it. Your car insurance premium may get lower over time if you improve your driving record or your credit history, and you may also be able to score discounts by bundling different types of insurance from the same provider (such as renters insurance, homeowners insurance, etc).

Of course, it’s not just monthly costs that are worth considering. You may decide you want more or less coverage over time or as your life situation changes, which is another good reason to check in from time to time. Additionally, if you do decide to switch carriers, make sure you’re purchasing a policy of equivalent coverage. Otherwise, you’re not saving money on an equivalent product. You’re just buying something cheaper from elsewhere.

Recommended: Electric Vehicle Insurance: Everything EV Drivers Need to Know

The Takeaway

Knowing how to buy car insurance might not be exciting, but car insurance is an important financial product that could relieve a financial burden in the case of an accident. As you start exploring your options, you’ll want to decide the type and amount of coverage you’ll need based on the age and value of your vehicle, your budget, and other coverage that you may have. Taking the opportunity to compare car insurance companies before committing to a policy can be a smart move that might save you money on your insurance rate.

When you’re ready to shop for auto insurance, SoFi can help. Our online auto insurance comparison tool lets you see quotes from a network of top insurance providers within minutes, saving you time and hassle.

SoFi brings you real rates, with no bait and switch.

FAQ

What is the difference between liability coverage and full coverage car insurance?

Liability insurance only pays for property damage and medical expenses for the other driver if you are found at fault in an accident. In contrast, full coverage includes liability insurance while also covering damage to your own vehicle through collision coverage for accidents and comprehensive coverage for noncollision events such as fire or vandalism.

What information do I need to gather before shopping for car insurance?

You will need personal details for every driver on the policy, including legal names, birthdays, driver’s license numbers, and driving histories. You also need specific vehicle information, such as the make, model, current mileage, estimated annual mileage, vehicle identification number, safety features, and the primary address where the car is parked.

What are the main ways to shop for and buy car insurance?

You can buy auto insurance directly from an insurance company online or over the phone, through a captive agent tied to a single insurer, or through an independent broker. While direct buying lets you handle research yourself, brokers can shop around for you (though they may charge a fee), and captive agents offer a single point of contact for personalized service or policy bundling.

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Photo credit: iStock/LumiNola

This content is for educational and informational purposes only. The products, services, or features discussed may not currently be available via the SoFi platform. Any references to third-party products, services, or companies do not constitute an endorsement, recommendation, or solicitation by SoFi. Readers should independently evaluate their options and consider their individual financial needs and circumstances before making any decisions. ©2026 SoFi Technologies, Inc. All rights reserved.

SOPRO-Q326-008

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If you own a home, you may be interested in tapping into your available home equity. One popular way to do that is with a home equity line of credit (HELOC). What is a HELOC? Well, for starters, it’s different from a home equity loan. But like a home equity loan, it can help you finance a major renovation or cover other expenses.

Homeowners sitting on at least 20% equity (the home’s market value minus what is owed) may be able to secure a HELOC. Let’s take a look at how a HELOC works, the pros and cons, and what alternatives to a HELOC might be.

How Does a HELOC Work?

The purpose of a HELOC is to tap your home equity to get some cash to use on a variety of expenses. Home equity lines of credit offer what’s known as a revolving line of credit, similar to a credit card, and usually have low or no closing costs. The interest rate is likely to be variable (more on that in a minute), and the amount available is typically up to 85% of your home’s value, minus whatever you may still owe on your mortgage. (You can roughly calculate home equity before you apply for a HELOC by using online property estimates. Ultimately, your lender will likely do an appraisal.)

Once you secure a HELOC with a lender, you can draw against your approved credit line as needed until your draw period ends, which is usually 10 years. You then repay the balance over another 10 or 20 years or refinance to a new loan. Worth noting: Payments may be low during the draw period, as you might be paying interest only. You would then face steeper monthly payments during the repayment phase. Carefully review the details when applying.

Here’s a look at what is a HELOC good for:

•   HELOCs can be used for anything but are commonly used to cover big home expenses, such as home remodeling costs or building an addition. The average cost of a bathroom remodel topped $12,000 in 2026 according to Angi, while a kitchen remodel was, on average, almost $27,000.

•   Personal spending: If, for example, you are laid off, you could tap your HELOC for cash to pay bills. Or you might dip into the line of credit to pay for a wedding (you only pay interest on the funds you are using, not the approved limit).

•   A HELOC can also be used to consolidate high-interest debt. Whatever homeowners use a home equity credit line for, whether it’s investing in a new business, taking a dream vacation, or funding a college education, they need to remember that they are using their home as collateral. That means if they can’t keep up with payments, the lender may force the sale of the home to satisfy the debt.

HELOC Options

Most HELOCs offer a variable interest rate, but you may have a choice. Here are the two main options:

•   Fixed rate: With a fixed-rate home equity line of credit, the interest rate is set and does not change. That means your monthly payments won’t vary either. You can use a HELOC interest calculator to see what your payments would look like based on your interest rate, how much of the credit line you use, and the repayment term.

•   Variable rate: Most HELOCs have a variable rate, which is frequently tied to the prime rate, a benchmark index that closely follows the economy. Even if your rate starts out low, it could go up (or down). A margin is added to the index to determine the interest you are charged. In some cases, you may be able to lock a variable-rate HELOC into a fixed rate.

•   Hybrid fixed-rate: These HELOCs are not the norm but have gained attention. They allow a borrower to withdraw money from the credit line and convert it to a fixed rate.

Note: SoFi does not offer hybrid fixed-rate HELOCs at this time.

HELOC Requirements

Now that you know what a HELOC is and the basics of how does a HELOC work, think about what is involved in getting one. If you do decide to apply for a home equity line of credit, you will likely be evaluated on the basis of these criteria:

•   Home equity percentage: Lenders typically look for at least 15% or more commonly 20%.

•   A good credit score: Usually, a score of 680 will help you qualify, though many lenders prefer 720. If you have a credit score below 680, you may be approved by some lenders.

•   Low debt-to-income (DTI) ratio: Here, a lender will see how your total housing costs and other debt (say, student loans) compare to your income. The lower your DTI percentage, the better you look to a lender. Your DTI will be calculated by your total debt divided by your monthly gross income. A lender might look for a figure in which debt accounts for 43% or less of your total monthly income.

Other angles that lenders may look for is a specific income level that makes them feel comfortable that you can repay the debt as well as a solid, dependable payment history. These are aspects of the factors mentioned above, but some lenders look more closely at these as independent factors.

Example of a HELOC

Here’s an example of how a HELOC might work. Let’s say your home is worth $300,000, and you currently have a mortgage of $200,000. If you seek a HELOC, the lender might allow you to borrow up to 80% of your home’s value:

$300,000 x 0.8 = $240,000

Next, you would subtract the amount you owe on your mortgage ($200,000) from the qualifying amount noted above ($240,000) to find how big a HELOC you qualify for:

$240,000 – $200,000 = $40,000.

One other aspect to note is a HELOC will be repaid in two distinct phases:

•   The first part is the draw period, which typically lasts 10 years. At this time, you can borrow money from your line of credit. Your minimum payment may be interest-only, though you can pay down the principal as well, if you like.

•   The next part of the HELOC is known as the repayment period, which is often also 10 years, but may vary. At this point, you will no longer be able to draw funds from the line of credit, and you will likely have monthly payments due that include both principal and interest. For this reason, the amount you pay is likely to rise considerably.

Recommended: What Are the Different Types of Home Equity Loans?

How to Get a Home Equity Line of Credit

If you’re ready to apply for a home equity line of credit, follow these steps:

•   First, it’s wise to shop around with different lenders to reveal minimum credit score ranges required for HELOC approval. You can also check and compare terms, such as periodic and lifetime rate caps. You might also look into which index is used to determine rates and how often and by how much it can change.

•   Then, you can get specific offers from a few lenders to see the best option for you. Banks (online and traditional) as well as credit unions often offer HELOCs.

•   When you’ve selected the offer you want to go with, you can submit your application. This usually is similar to a mortgage application. It will involve gathering documentation that reflects your home’s value, your income, your assets, and your credit score. You may or may not need a home appraisal.

•   Lastly, you’ll hopefully hear that you are approved from your lender. After that, it can take approximately 30-60 days for the funds to become available. Usually, the money will be accessible via a credit card or a checkbook.

How Much Can You Borrow With a HELOC?

Depending on your creditworthiness and debt-to-income ratio, you may be able to borrow up to 85% of the value of your home (or, in some cases, even more), less the amount owed on your first mortgage.

Thought of another way, most lenders require your combined loan-to-value ratio (CLTV) to be 85% or less for a home equity line of credit.

Here’s an example. Say your home is worth $500,000, you owe $300,000 on your mortgage, and you hope to tap $120,000 of home equity.

Combined loan balance (mortgage plus HELOC, $420,000) ÷ current appraised value ($500,000) = CLTV (0.84)

Convert this to a percentage, and you arrive at 84%, just under many lenders’ CLTV threshold for approval.

In this example, the liens on your home would be a first mortgage with its existing terms at $300,000, and a second mortgage (the HELOC) with its own terms at $120,000.

How Do Payments On a HELOC Work?

A HELOC is distinguished from other types of loans by its two-phase payment structure. During the first stage of your HELOC (the draw period), you can borrow against your credit line, up to the approved ceiling, but you may be required to make only minimum payments. These are often interest-only payments. (Of course, if you choose to repay all that you owe, you can then borrow against the entire credit line again and again up to the end of the draw period.)

Once the draw period ends, your regular HELOC repayment period begins, when payments must be made toward both the interest and the principal.

Interest-Only vs. Principal and Interest Payments

After the draw period ends and the repayment period begins, you’ll begin making monthly payments that, similar to a home mortgage loan, include both principal and interest. For some borrowers, the end of the interest-only period can be a bit of a shock to the budget, so make sure you are prepared and know when the draw period is ending (often at the 10-year mark). A HELOC repayment calculator can help you understand what your payments might be based on how much you borrow.

Remember that if you have a variable-rate HELOC, your monthly payment will fluctuate over time. And it’s important to check the terms so you know whether you’ll be expected to make one final balloon payment at the end of the repayment period.

Pros of Taking Out a HELOC

Here are some of the benefits of a HELOC.

1. Initial Interest Rate and Acquisition Cost

A HELOC, secured by your home, may have a lower interest rate than unsecured loans and lines of credit. What is the interest rate on a HELOC? The average rate for a $100,000 HELOC in July 2026 was 7.50%.

Lenders often offer a low introductory rate, or teaser rate. After that period ends, your rate (and payments) increase to the true market level (the index plus the margin). Lenders normally place periodic and lifetime rate caps on HELOCs.

The closing costs may be lower than those of a home equity loan. Some lenders waive HELOC closing costs entirely if you meet a minimum credit line and keep the line open for a few years.

2. Taking Out Money as You Need It

Instead of receiving a lump-sum loan, a HELOC gives you the option to draw on the money over time as needed. That way, you don’t borrow more than you actually use, and you don’t have to go back to the lender to apply for more loans if you end up requiring additional money.

3. Only Paying Interest on the Amount You’ve Withdrawn

Paying interest only on the amount plucked from the credit line is beneficial when you are not sure how much will be needed for a project or if you need to pay in intervals.

Also, you can pay the line off and let it sit open at a zero balance during the draw period in case you need to pull from it again later.

Cons of Taking Out a HELOC

Now, here are some downsides of HELOCs to consider.

1. Variable Interest Rate

Even though your initial interest rate may be low, if it’s variable and tied to the prime rate, it will likely go up and down with the federal funds rate. This means that over time, your monthly payment may fluctuate and become less (or more) affordable.

Variable-rate HELOCs come with annual and lifetime rate caps, so check the details to know just how high your interest rate might go.

2. Potential Cost

Taking out a HELOC is placing a second mortgage lien on your home. You may have to deal with closing costs on the loan amount, though some HELOCs come with low or zero fees. Sometimes loans with no or low fees have an early closure fee.

3. Your Home Is on the Line

If you aren’t able to make payments and go into loan default, the lender could foreclose on your home. And if the HELOC is in second lien position, the lender could work with the first lienholder on your property to recover the borrowed money.

Adjustable-rate loans such as HELOCs can be riskier than others because fluctuating rates can change your expected repayment amount.

4. It Could Affect Your Ability to Take On Other Debt

Just like other liabilities, adding on to your debt with a HELOC could affect your ability to take out other loans in the future. That’s because lenders consider your existing debt load before agreeing to offer you more.

Lenders will qualify borrowers based on the full line of credit draw even if the line has a zero balance. This may be something to consider if you expect to take on another home mortgage loan, a car loan, or other debts in the near future.

Alternatives to HELOCs

If you’re looking to access cash, here are HELOC alternatives.

1. Cash-Out Refi

With a cash-out refinance, you replace your existing mortgage with a new mortgage based on your home’s current value, with a goal of a lower interest rate, and cash out some of the equity that you have in the home. So if your current mortgage is $150,000 on a $250,000 value home, you might aim for a cash-out refinance that is $175,000 and use the $25,000 additional funds as needed.

Lenders typically require you to maintain at least 20% equity in your home (although there are exceptions). Be prepared to pay closing costs.

Generally, cash-out refinance guidelines may require more equity in the home vs. a HELOC.

Recommended: Cash Out Refi vs. Home Equity Line of Credit: Key Differences to Know

2. Home Equity Loan

HELOCs and home equity loans are often confused. Both are second mortgages (assuming you still have your first mortgage) that allow you to borrow against your home equity. The key difference in the HELOC vs. home equity loan comparison: With a home equity loan, you get a lump sum all at once and begin repaying what you owe (principal plus interest) immediately. A HELOC, as noted above, works more like a credit card. You borrow what you need in increments before you reach your repayment term.

Another difference: Home equity loans almost always come with a fixed interest rate, which allows for consistent monthly payments. HELOCs typically have a variable rate.

3. Personal Loan

If you’re looking to finance a big-but-not-that-big project for personal reasons, and you have a good estimate of how much money you’ll need, a low-rate personal loan that is not secured by your home could be a better fit.

With possibly few to zero upfront costs and minimal paperwork, a fixed-rate personal loan could be a quick way to access the money you need. Just know that an unsecured loan usually has a higher interest rate than a secured loan.

A personal loan might also be a better alternative to a HELOC if you bought your home recently and don’t have much equity built up yet.

4. Reverse Mortgage

If you are 62 or older, a reverse mortgage could allow you to turn part of your home equity into cash. Funds can be paid out as a lump sum, a monthly payment, or a line of credit and are repaid when the home is sold. Borrowers who want a reverse mortgage usually turn to a home equity conversion mortgage, or HECM, which has fairly rigid standards. All owners must be at least age 62, and the home must be paid off or largely paid for.

Note: SoFi does not offer home equity conversion mortgages (HECMs) at this time.

5. Bridge Loan

A short-term bridge loan lets owners use the equity in their existing home to help pay for a home they’re ready to purchase. A bridge loan is secured by the first home and typically issued by a lender who will be the lender on their new mortgage. If you’re buying and selling a home at the same time, a bridge loan might be an appropriate way to help cover costs in the transitional period, such as when closing dates on the two properties don’t align.

Note: SoFi does not currently offer bridge loans for home financing.

The Takeaway

If you are looking to tap the equity of your home, a HELOC can give you money as needed, up to an approved limit, during a typical 10-year draw period. The interest rate is usually variable. Sometimes closing costs are waived. It can be an affordable way to get cash to use on anything from a home renovation to college costs.

Unlock your home’s value with a home equity loan from SoFi.

FAQ

What can you use a HELOC for?

It’s up to you what you want to use the cash from a HELOC for. You could use it for a home renovation or addition or for other expenses, such as college costs or a wedding.

How can you find out how much you can borrow?

Lenders typically require 20% equity in your home and then offer up to 85% or even more of your home’s value, minus the amount owed on your mortgage. There are online tools you can use to determine the exact amount, or contact your bank or credit union.

How long do you have to pay back a HELOC?

Typically, home equity lines of credit have 20-year terms. The first 10 years are considered the draw period, and the second 10 years is the repayment phase.

How much does a HELOC cost?

When evaluating HELOC offers, check interest rates, the interest-rate cap, closing costs (which may or may not be billed), and other fees. This will help you see just how much you would be paying.

Can you sell your house if you have a HELOC?

Yes, you can sell a house if you have a HELOC. The home equity line of credit balance will typically be repaid from the proceeds of the sales when you close, after any mortgage principal is paid off.

Does a HELOC hurt your credit?

A HELOC can hurt your credit score for a short period of time. Applying for a home equity line can temporarily lower your credit score because a hard credit pull is part of the process when you seek funding. This typically takes your score down a bit.

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SoFi Mortgages
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.
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Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Early retirement age for Social Security is 62. While you can receive benefits then, you will not collect as much as if you wait until full retirement age, which is either 66 or 67, depending on the year you were born. If you delay claiming your benefits until age 70, you can receive even more.

Throughout your working career, you pay employment taxes that help fund Social Security, which provides income when you retire. In 2025, approximately 70 million people received Social Security benefits, totaling more than $1.6 trillion. Whether you choose to retire at 62 or later is a very personal decision with several contributing factors.

Here, learn more about Social Security benefits, early retirement age, and the advantages and disadvantages of filing for your benefits early and late.

What Are Social Security Benefits?

Social Security is a social insurance program created in 1935 to pay workers an income once they take retirement at age 65 or older. When people talk about Social Security benefits, they’re referring to a monthly payment that replaces a portion of a worker’s preretirement income.

The amount you receive depends on how much you earned and paid in Social Security taxes during the 35 highest-earning years of your career. Generally speaking, the higher your income, the bigger your monthly check will be — up to a point. Also important is the age at which you claim benefits. Typically, the later you receive benefits, the higher your monthly check will be.

Note that retirees aren’t the only ones who are eligible for Social Security benefits. People with qualifying disabilities, surviving spouses of workers who have died, and dependent beneficiaries may also qualify for benefits.

Recommended: When Will Social Security Run Out?

At What Age Can You Collect Social Security?

When the Social Security program began, the full retirement age (FRA) was 65, and that’s still what many in the U.S. think of as the average retirement age. However, as life expectancy in the U.S. has increased, the Social Security Administration (SSA) has adjusted the FRA accordingly.

The chart below illustrates FRA by year of birth.

If You Were Born In	Your Full Retirement Age Is
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

Recommended: Low-Stress Jobs for Introverts

What Is the Early Retirement Age for Social Security?

You can choose to claim retirement benefits as early as age 62. However, the SSA will reduce your benefit by about 0.5% for every month you receive benefits before your FRA, up to 36 months. For example, if your full retirement age is 67 and you file for Social Security benefits when you’re 62, you’d receive around 70% of your benefit.

On the other hand, if you wait to claim benefits after your FRA, you’ll accrue delayed retirement credits. This increases your benefit by a certain percentage for every month you delay after your FRA. For example, if your full retirement age is 67 and you delay receiving benefits until age 70, you’ll get 124% of your monthly benefits. Note that the benefit increase stops when you turn 70.

Recommended: When Can I Retire? This Formula Will Help You Know

Can You Claim Social Security While You’re Still Working?

When you claim your Social Security benefits, the SSA considers you retired. However, you can continue working after retirement and receiving benefits at the same time, though they may be limited.

If you’re younger than FRA for the entire year, the SSA will deduct $1 from your payment for every $2 you earn above an annual limit. In 2026, that limit is $24,480. In the year you reach full retirement age, the SSA will begin deducting $1 for every $3 you make above a different earnings limit — $65,160 in 2026.

No matter their work history, your spouse has the option to claim Social Security benefits based on your work record. That benefit can be up to 50% of your primary insurance amount, which is the benefit you’d receive at FRA. Your spouse can begin receiving spousal benefits at age 62, but they will receive a reduced benefit.

Pros and Cons of Claiming Social Security Early

The main advantage of filing for Social Security early is that you’ll have access to retirement funds sooner. This can be a boon to individuals who need extra money to get by each month. To help you maximize every last dollar, consider using a spending app to create budgets, track spending, and monitor bills.

The main disadvantage of filing early is that you may permanently reduce your monthly benefit amount. This could be a factor to keep in mind as you determine whether you’re on track for retirement.

So how do you decide when to file for your benefits? Consider your “break-even point.” This is the age at which receiving a delayed higher benefit outweighs claiming benefits earlier.

Here’s an example of how that works. Imagine your FRA is 67 and your annual benefit is $24,000. If you claim your benefit at age 62, your benefit drops to $16,800 a year. If you delay until age 70, your benefit would be $29,760 a year.

By adding up each year’s worth of benefits and comparing them across different potential retirement ages, you find your break-even point. So in that last example, claiming your benefit at FRA breaks even with early filing at age 78. If you expect to live until this age or longer, you may consider filing for Social Security at full retirement age. Delaying until age 70 breaks even with claiming at FRA at age 82. So if you expect to live until 82 or longer, you may consider delaying your benefits.

Recommended: How Can I Retire Early?

The Takeaway

Early retirement starts at age 62. That is the earliest age you can receive Social Security income. Your monthly payment amount is determined by how much you’ve earned during your working career and the age at which you claim Social Security benefits. You’re eligible to receive your full benefits when you reach full retirement age (FRA). If you file before then, the monthly payment will be reduced. If you file later, your monthly payment can increase, up to a point. Consider your short- and long-term financial needs carefully before deciding when to claim Social Security so you can budget appropriately.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

Can I take Social Security at age 55?

You cannot claim Social Security benefits at age 55. The earliest you can file for benefits is age 62.

What happens to my Social Security if I retire at 55?

If you retire at 55, you will have to wait seven years, until age 62, before you are eligible to claim early Social Security benefits. Retiring early may also affect the size of your benefit if you’re leaving work in your top-earning years.

What is the average Social Security benefit at age 62?

The average monthly Social Security retirement benefit in December 2025 was about $2,016.48 for those filing at full retirement age. Filing early at age 62 would reduce that benefit by 30% to $1,424.40.

What are the main advantages and disadvantages of filing for Social Security early?

The main advantage of filing early is that you’ll be able to access retirement funds sooner, which is helpful if you need more money to get by each month. The primary disadvantage is that by claiming Social Security benefits early, you may permanently reduce the monthly amount you receive.

Can my spouse claim Social Security benefits based on my work history while I’m still working?

Yes, your spouse can claim Social Security benefits based on your work record. They can receive up to 50% of your primary insurance amount, and they can begin receiving spousal benefits at age 62.

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Photo credit: iStock/svetikd

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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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