Home equity
Home Equity Loan (HELOAN)
A home equity loan gives you a lump sum against your home's equity, repaid with a fixed payment. You keep your current first mortgage.
Who it's for
- Homeowners with a specific, one-time expense
- People who prefer a predictable payment
- Anyone who wants to keep their current first mortgage
Requirements at a glance
EquityEnough equity after your first mortgage.
RateOften fixed, so your payment stays the same.
RepaymentA set payment on a set schedule.
Credit and incomeYour credit and income are reviewed.
RiskYour home secures the loan, so missed payments put it at risk.
General information only. Eligibility, terms, and requirements vary by lender and borrower, and not everyone will qualify. This is not a commitment to lend.
How it differs
HELOAN compared with a HELOC.
| HELOAN | HELOC | |
|---|---|---|
| How you get the money | One lump sum at closing | A line you draw from as needed |
| Rate | Often fixed | Often variable |
| Payment | A set payment on a set schedule | Based on what you use |
| Best for | A one-time, known expense | Ongoing or uncertain costs |
Weighing both? See the HELOC page
How it works
Four steps. Zero guesswork.
1
Tell me your goals
A short, no-pressure conversation about what you want and your numbers.
2
I compare lenders
I look across lenders to find the best HELOAN option for your situation.
3
You apply, I run the file
One application. I manage the file and keep you updated.
4
Close with confidence
You know what to expect at every step, all the way to the keys.
Questions
Good to know.
A HELOAN gives you one lump sum with a set payment, often at a fixed rate. A HELOC is a line you draw from as needed, often at a variable rate.
A HELOAN is a one-time lump sum, so you'd need a new loan to borrow more. If you want ongoing access, a HELOC may fit better.
No. It sits behind your first mortgage, so you keep your current loan.
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It takes five minutes and a soft credit check. No obligation, no pressure, just a clear picture of your options.