Home Equity Loans
Fixed-rate second mortgage secured by your home.
A home equity loan is a fixed-rate second mortgage that lets you borrow a lump sum against your home's equity while keeping your existing first mortgage in place. It's an alternative to a cash-out refinance when your current rate is already low.
What a Home Equity Loan Looks Like
A quick read on who this program fits, what it takes to qualify, and where the money goes - so nothing feels like a surprise.
Who It’s For
Fixed-rate second mortgage secured by your home.
- Homeowners with a low first-mortgage rate
- Fixed one-time expenses (renovations, tuition)
- Homeowners who want predictable payments
How You Qualify
Underwriting reviews credit, income, and the property together to build the loan.
- Sufficient equity (usually leave 15%–20% in the home)
- Credit generally 600+
- Debt-to-income within program limits
What It Costs
N/A - home equity product. - Typically 2%–5% of the loan amount, sometimes reduced for smaller loans.
- Preserve your low first-mortgage rate
- Fixed rate and fixed monthly payment
- Predictable payoff schedule
What You’ll Need to Qualify
- Sufficient equity (usually leave 15%–20% in the home)
- Credit generally 600+
- Debt-to-income within program limits
- Appraisal or valuation
Have These Ready
- Current mortgage statement
- Pay stubs and W-2s
- Bank statements
- Photo ID
- Homeowners insurance
Not Sure If You Qualify Yet?
A licensed loan advisor will walk your numbers with you - no credit pull, no obligation. You’ll leave the call knowing exactly what to fix first.
The Upside - and What to Weigh
Every program has trade-offs. Here’s the honest picture side by side, without the marketing gloss.
Benefits
- Preserve your low first-mortgage rate
- Fixed rate and fixed monthly payment
- Predictable payoff schedule
- Interest may be tax-deductible on qualifying home improvements
Considerations
- Second lien means higher rate than a first mortgage
- Adds a second payment
- Closing costs apply
- Homeowners who prefer revolving access (a HELOC fits better)
- Homeowners without at least 15–20% equity remaining
- Very short-term needs (closing costs and fixed schedule apply)
Run the Numbers on a Home Equity Loan
Adjust the price, down payment, and rate to see an estimated monthly payment. Great for narrowing the search before you formally apply - a quick preapproval confirms your real numbers.
Estimate only. Taxes, insurance, and PMI vary by location and loan program.
Get Preapproved
From Application to Keys in Most home equity loans close in 3–4 weeks.
- 01Apply
Quick online form or a 10-minute call.
- 02Verify
Income, assets, and credit reviewed together.
- 03Appraisal
Property value confirmed for the loan amount.
- 04Close
Sign, fund, and get your keys.
More for Home Equity Loans Shoppers
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Run the Numbers
Read up Before You Apply
Questions We Hear About Home Equity Loans
Can’t find yours here? A licensed advisor can walk through your specific situation in under 15 minutes.
Straight answers, no pressure - email or call directly.
See if a Home Equity Loan Fits Your Situation.
A 10-minute preapproval gives you real numbers and a licensed advisor to answer questions - no pressure, no obligation.
