HELOC
Home equity loan
A closed-end second mortgage with a fixed amount and, typically, a fixed payment.
- Lump sum
- Often fixed rate
- First mortgage stays in place
Who it is for
Owners who know the amount they need and want a defined payoff rather than a revolving line.
A home-equity loan is a second mortgage with a finish line. Use it when the project or debt payoff is a known number. If you need ongoing draws, a HELOC is usually cleaner.
Questions
- Can I use this for a renovation?
- Yes, if the combined loan-to-value and occupancy work. Larger rehabs may still belong in a renovation first mortgage.
Related programs
- HELOC
A revolving second lien so you can draw equity as needed without replacing a low first-mortgage rate.
- Renovation refi
Refinance and fund improvements in one mortgage when the home needs more than a HELOC draw.
Ready to structure a file that can actually close?
Tell us the purpose, the property, and how you document income. We will place the request with a program that fits — this is not a loan approval.