HELOAN - Home Equity Loan
Because you want predictable payments, a fixed-rate home equity loan locks your rate for the life of the loan. Get a lump sum for large one-time expenses. All income types accepted.
No hard credit pull to start. No commitment. Approval in 21-28 days.
Why Choose a HELOAN?
Lock in your rate today. Your monthly payment stays the same for the entire loan term.
Receive all funds at closing. Perfect for large one-time expenses like renovations or debt payoff.
W-2, bank statements, P&L, DSCR, asset-based, 1099 - we accept all documentation types.
Close in as little as 21 days. Get your funds quickly for time-sensitive projects.
Eligibility Requirements
Credit Score: 620+
Best rates for 700+
Home Equity: 15%+
Up to 85% CLTV available
Income Verification
All types accepted (W-2, bank statements, P&L, DSCR, asset-based)
DTI: Up to 50%
Flexible debt-to-income ratios
Reserves: 6 months
Liquid assets for PITIA payments
Property Types
Single-family, condo, townhouse, multi-unit
Loan Amount
$25,000 - $500,000
Interest Rate Range
7.00% - 8.50%
Fixed rate for entire term
Loan Term
10, 15, or 20 years
Choose the term that fits your budget
Payment Type
Fully Amortized
Principal + interest from day one
Major Renovations
- • Full kitchen or bathroom remodel
- • Home addition or second story
- • New roof, windows, or HVAC system
- • Basement finishing or ADU construction
Debt Consolidation
- • Pay off all credit cards at once
- • Consolidate student loans or auto loans
- • Lower overall interest rate
- • Single predictable monthly payment
Large Purchases
- • College tuition or education expenses
- • Wedding or major life event
- • RV, boat, or luxury vehicle
- • Investment property down payment
Business Funding
- • Start or expand a business
- • Purchase equipment or inventory
- • Working capital for growth
- • Lower rates than business loans
One-Time Disbursement
Receive the full loan amount at closing. The funds are typically wired to your bank account or paid directly to contractors/creditors based on your instructions.
Fixed Monthly Payments
Your payment includes both principal and interest from day one. The payment amount never changes, making budgeting easy. Choose 10, 15, or 20-year terms based on your goals.
Fixed Interest Rate
Your rate is locked at closing and never changes. Unlike a HELOC, you're protected from rising interest rates. This makes long-term financial planning much easier.
Second Lien Position
The HELOAN sits in second position behind your first mortgage. If you sell or refinance, the first mortgage is paid off first, then the HELOAN. No prepayment penalties.
| Feature | HELOAN | HELOC |
|---|---|---|
| Disbursement | Lump sum at closing | Draw as needed |
| Interest Rate | Fixed | Variable |
| Payment | Principal + interest | Interest-only option |
| Best For | One-time large expense | Ongoing or uncertain needs |
| Max CLTV | 85% | 90% |
| Closing Time | 21 days | 14 days |
Your Fixed-Rate Quote in 48 Hours
Because you want predictable payments, we'll lock your rate for the life of the loan. One lump sum, fixed payment forever.
No hard credit pull to start. No commitment. Cancel anytime before closing.
Frequently Asked Questions
Get answers to common questions about home equity loans
HELOAN Rate Information
Home Equity Loan (HELOAN) rates are fixed for the life of the loan. Your actual rate will depend on credit score, combined loan-to-value (CLTV), loan amount, and other factors. Fixed monthly payments make budgeting predictable.
Rates, terms, and availability subject to change. All loans subject to credit approval.
Licensed MLO approval required for all rate quotes and loan commitments.
Protect Your Rate with a Rate Lock
Once you're pre-qualified, ask your loan officer about locking your rate to protect against market fluctuations. Lock periods typically range from 15-60 days.
Learn more about rate locks