🏡 Home Equity Loans & HELOCs
“Tap into your home's value — without replacing your entire mortgage.”
📘 What’s the Difference Between a HELOC and a HELOAN?
Home Equity Loans (HELOANs) and Home Equity Lines of Credit (HELOCs) are second mortgages that allow you to borrow against the equity you’ve built in your home. They're often used as alternatives to cash-out refinancing — especially if your current mortgage rate is low and you don’t want to replace it.
🔁 Home Equity Loan (HELOAN)
A HELOAN gives you a lump sum upfront and requires fixed monthly payments over a set term.
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✅ Fixed interest rate
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✅ Predictable payments
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✅ Great for one-time expenses like renovations, tuition, or debt payoff
🔄 Home Equity Line of Credit (HELOC)
A HELOC functions like a credit card backed by your home. You borrow only what you need, when you need it.
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✅ Revolving line of credit (use, repay, reuse)
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✅ Interest-only payment options
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✅ Best for ongoing or variable expenses
🧾 What Can You Use Equity For?
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🛠 Home renovations or upgrades
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💳 Consolidating high-interest credit card debt
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🏫 Education or tuition expenses
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📈 Investing in a business or real estate
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🧘 Financial flexibility and emergency reserves
📊 HELOC vs. Home Equity Loan: Quick Comparison
| Feature | HELOC | HELOAN |
|---|---|---|
| Type of Loan | Revolving credit line | Lump-sum installment loan |
| Interest Rate | Variable (often lower to start) | Fixed |
| Payments | Interest-only or amortized | Fixed monthly payments |
| Best For | Ongoing or uncertain expenses | One-time expenses |
| Term | Typically 10–30 years | 5–30 years |
✅ Who Qualifies?
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Sufficient equity in your home (usually 15–20% or more)
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Solid credit history (620+ is common, but varies)
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Proof of income and ability to repay
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Primary, secondary, and investment properties may be eligible
💬 Common Questions
Is this a second mortgage?
Yes — both HELOCs and HELOANs are second liens unless you own your home free and clear.
Can I get one if I already have a mortgage?
Yes — these loans don’t replace your current mortgage like a cash-out refinance would.
Are HELOC payments interest-only?
Often yes, during the draw period. Once that ends, you'll begin paying principal and interest.
🔗 Related Loans
| Related Programs | Explore More |
|---|---|
| Cash-Out Refinance | Replaces your current loan + cash access |
| DSCR Investor Loans | Pull equity from rental properties |
| FHA Cash-Out | Government-backed equity access |
🚀 Ready to Unlock Your Equity?
Let’s find the right strategy — fixed loan, flexible line, or full refinance. We’ll help you use your home’s value wisely.
🔵 [See If You Qualify]
📞 [Talk to a Loan Advisor]
🔒 Disclosure
This is not a commitment to lend. All loans are subject to credit approval, property eligibility, and underwriting review. Terms and conditions may vary by lender and program. Not all applicants will qualify. Additional documentation may be required.