Last updated: September 2025
Quick Answer
HomeEQ offers a faster, more flexible HELOC with digital control and real-time decisioning. SoFi offers a fixed-rate lump sum, but with less adaptability. HomeEQ wins on speed and usability.
If you’re weighing HomeEQ vs SoFi, you’re likely deciding between two types of home equity financing:
- A HELOC from HomeEQ, offering revolving credit and flexible draws
- A home equity loan from SoFi provides a lump sum with fixed payments
Each fintech lender brings modern technology, digital processing, and streamlined approval, but their loan structures, funding timelines, and borrower flexibility differ significantly.
This article breaks down the key comparisons to help you choose the right path.
Home Equity Loan vs HELOC: What’s the Key Difference?
The first major difference between a HELOC and a loan is how funds are accessed and repaid.
| Feature | HomeEQ HELOC | SoFi Home Equity Loan |
|---|---|---|
| Loan type | Revolving credit line | Lump sum loan |
| Rate type | Variable | Fixed |
| Draw structure | Flexible draws | Full amount upfront |
| Payment during draw period | Interest-only | Principal + interest |
| Repayment period | 10–20 years | 5–30 years |
What is a HELOC? A HELOC is a line of credit backed by your home equity. Unlike a traditional loan, you can draw, repay, and draw again. All of which gives you more financial control.
A HELOC is a form of revolving credit, similar to a credit card, but backed by the equity in your home. That means you can borrow, repay, and borrow again during the draw period—making it more flexible than fixed personal loans or lump-sum home equity loans.
Application speed and funding timeline
Both HomeEQ and SoFi are digital-first platforms, but one is built specifically for home equity lending.
- HomeEQ uses a proprietary Decision Engine to process applications instantly, often funding in 5–10 business days.
- SoFi offers a hybrid process. While the application is online, loan officers and underwriting steps can extend funding to 2–3 weeks.
| Step | HomeEQ | SoFi |
|---|---|---|
| Prequalification | Instant, soft credit pull | Soft credit pull |
| Appraisal required? | Often waived | Usually required |
| Document upload | Fully digital | Digital with manual checks |
| Funding time | 5–10 business days | 10–20 business days |
How does a HELOC work? After approval, you can draw funds as needed during the draw period. You only pay interest on what you use, and repayments are flexible.
With HomeEQ’s online HELOC approval, you can apply, get prequalified, and fund your loan in as little as 5–10 business days—all from your phone or computer.
Flexibility in repayment and access
Homeowners often choose between HomeEQ and SoFi based on how they plan to use their funds, rather than just how quickly they can access them.
HomeEQ offers:
- Ongoing access to unused funds
- Early repayment without penalty
- Interest-only payments during draw
- Ability to redraw repaid amounts
SoFi offers:
- Fixed monthly payments
- Predictable amortization
- No option to borrow again after funding
If your expenses are unpredictable or spread over time, such as renovations, education, or investment, HomeEQ provides far more flexibility.
Check your HELOC rate in minutes. HomeEQ lets you preview your personalized HELOC rate based on your equity and credit profile. The bonus: this has zero impact on your credit score.
Digital experience and borrower interface
Both lenders claim to be “fintech,” but HomeEQ’s platform was purpose-built for home equity management. SoFi, while broad in scope, sometimes lacks the precision of a single-focus system.
HomeEQ platform includes:
- Real-time loan tracking
- Automated income and ID verification
- Live borrower dashboard
- Fast document review
SoFi platform includes:
- Centralized account for loans, investing, and banking
- Less focus on equity-specific workflows
- Manual contact for disclosures and review
If your priority is a purpose-built home equity tool, HomeEQ’s interface is more streamlined and equity-specific than SoFi’s generalized portal.
Use our HELOC calculator. Estimate your payments, total cost, and optimal borrowing strategy based on your home’s current value and mortgage balance.
LTV limits and qualification differences
SoFi and HomeEQ offer competitive loan-to-value (LTV) limits, but with varying levels of flexibility.
| Criteria | HomeEQ | SoFi |
|---|---|---|
| Max LTV | Up to 90% | Up to 90% |
| Minimum credit score | 640+ | 680+ |
| Employment type supported | W2, self-employed, mixed | W2 preferred, some self-employed |
| Rate transparency | Instantly after soft pull | After preapproval |
How to apply for a HELOC. With HomeEQ, you start with a soft credit check, upload basic documents, and verify income automatically—all online. You’ll receive your offer in minutes and can close digitally.
Which home equity option makes more sense?
Choose HomeEQ if you:
- Want flexible borrowing over time
- Prefer a fully digital, fast-track application
- Need access to equity without using it all at once
- Want interest-only payments and redraw capabilities
Choose SoFi if you:
- Need a fixed monthly payment structure
- Prefer to receive all funds at once
- Have a predictable, one-time expense
- Want a single lender for all your financial products
Finding the best fintech lender for your goals
For most homeowners, a HELOC offers more control, flexibility, and adaptability than a lump sum loan. While SoFi offers strong brand recognition and fixed-rate predictability, HomeEQ outperforms in terms of speed, borrower control, and digital usability.
You get tailored access to your equity, fast decisions without guesswork, and a modern experience focused entirely on one thing: making home equity easier to access.
Faq: HomeEQ vs SoFi
Q: Does SoFi offer HELOCs or just home equity loans?
SoFi currently offers only home equity loans. These are lump-sum, fixed-rate products. They do not offer revolving HELOCs at this time.
Q: How fast can I get funded with HomeEQ?
Most borrowers are funded within 5–10 business days, depending on the turnaround time for documents and property verification.
Q: Which is more flexible: a HELOC or a home equity loan?
A HELOC is more flexible. It allows you to draw funds as needed, repay early, and re-borrow during the draw period.
Q: Do both lenders offer soft credit checks?
Yes. Both HomeEQ and SoFi allow you to check your rate with a soft inquiry that doesn’t impact your credit score.
Q: What if I need the full amount now and don’t want redraw access?
If you want all your funds upfront and a fixed repayment schedule, a home equity loan (like SoFi’s) may better suit your needs than a HELOC.
Q: How does online HELOC approval work with HomeEQ?
A: HomeEQ lets you check your rate with a soft credit pull, upload documents digitally, and receive approval in minutes—entirely online.
Q: What’s the difference between a home equity loan and a HELOC?
A: A home equity loan offers a fixed lump sum, while a HELOC is a revolving credit line you can draw from as needed. Each has pros and cons depending on your financial goals.
Choosing the right home equity solution
If you’re deciding between HomeEQ and SoFi, start by thinking about how and when you’ll use the funds. SoFi may be a suitable option if you need a one-time lump sum with fixed payments.
But for most homeowners, especially those seeking flexibility, speed, and control, HomeEQ is the more strategic choice.
With a faster digital experience, real-time rate visibility, and a revolving line of credit structure, HomeEQ helps you access your equity when you need it. Not just once, but throughout the life of the loan.
Check your HELOC rate in minutes. Apply online in just a few steps and see personalized offers without affecting your credit score.
