Your home equity refers to the value you’ve built up in your home by paying down your current loan balance and through your home’s appreciation in value over time.  A cash-out refinance can help you tap into this value and get a lower interest rate at the same time. But you can also access your equity without replacing your current loan. A home equity loan or a home equity line of credit (HELOC) borrows against your home’s equity while keeping your current mortgage loan intact. If you’re happy with your current home loan’s rate and term, one of these second mortgage options may be best for your financial situation.