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A lump-sum second mortgage that keeps your first mortgage in place
A HELOAN lets you access a set amount of your home equity while leaving your existing first mortgage and its terms in place.
How a HELOAN works
A HELOAN is a closed-end home equity loan secured by your home. You receive one agreed lump sum and repay it over a defined term. As you repay the balance, you do not draw those funds again.
HELOAN vs. HELOC
A HELOC is a revolving credit line that lets you borrow, repay, and draw again during its draw period. A HELOAN provides one lump sum instead. Depending on the lender and program, a HELOAN may offer a lower rate than a HELOC; rates and terms vary.
Qualification and terms
Approval depends on lender requirements for credit, income, debts, available equity, property, and ability to repay. This conventional-style option is presented separately from Non-QM loans. Loan amounts, rates, fees, and repayment terms vary by lender and borrower qualifications.