Loan programs
HELOC
A home equity line of credit is a second lien you draw on as you need it. It is the way to reach equity without refinancing a first mortgage that carries a rate you want to keep.
Who it fits
- Owners with a low-rate first mortgage
- Renovations and projects paid over time
- A standing reserve for emergencies or opportunities
What to know
- You pay interest only on what you have drawn.
- Most HELOCs carry a variable rate tied to the prime rate.
- Some lenders close a HELOC online in days, often without a full appraisal.
What you'll need
- Your current mortgage statement
- Income documentation
- A credit check
Questions
HELOC questions
HELOC or cash-out refinance?
If your first mortgage's rate is lower than today's, a HELOC usually wins because it leaves that rate alone. If today's rates are lower, or you want one fixed payment, a cash-out refinance may be better. It is worth running both.
Get started
Talk through a HELOC
A few details and Lucas will come back with real options and real numbers, usually the same business day.
- No cost and no obligation
- Answered by Lucas, not a call center
- Your information is never sold