Who It Is For
These loans are for homeowners with equity who need funds for a project, a large expense, or paying down other debt, without refinancing the whole mortgage.
- Owners who want to keep their current first mortgage
- Owners planning a home project, landscaping, or other improvements
- Owners consolidating higher-cost debt
- Owners who want a line of credit available for future needs
How It Works
A HELOC is a home equity line of credit. You are approved for a limit and draw from it as you need it, much like a credit card secured by your home. The rate on a HELOC is usually variable.
A standalone second is a fixed second mortgage. You receive the funds in one lump sum and repay them on a set schedule. It suits owners who know exactly how much they need.
We will help you decide which structure fits your plans. Our office is on Del Prado Blvd, and you can sit down with us and talk it through in person.
What You Need to Qualify
- Enough equity in your home, based on its current value
- Steady, documented income
- A credit history the lender can review
- Your current first mortgage in good standing
- Requirements vary by lender, and we will tell you exactly where you stand
Documents You Will Likely Need
- Your most recent first mortgage statement
- Pay stubs for the most recent 30 days and year to date
- W-2 forms or tax returns for the past two years
- Bank statements for the last 3 months
- Homeowners insurance declarations page
Common Questions
What is the difference between a HELOC and a standalone second?
A HELOC is a line of credit you draw from as needed, usually with a variable rate. A standalone second is a fixed loan paid out in one lump sum with a set repayment schedule. Both sit behind your first mortgage.
Why not just do a cash-out refinance?
A cash-out refinance replaces your whole first mortgage. If your current first loan has terms you want to keep, a second mortgage lets you borrow without touching it. We can compare both for you.
Can I get a HELOC on a rental property?
Some lenders offer equity loans on investment properties, though options are more limited. Tell us about the property and we will see which lenders on our panel can help.
General information only, not an offer to lend. Requirements vary by lender and program, and all loans are subject to credit approval, income verification, and property appraisal.