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2nd LOANS







Cash out, without the need to refinancing your low rate first.

2nd Loans (HELOC)


What Is a Home Equity Line of Credit (HELOC)?
A home equity line of credit (HELOC) is a line of credit that uses the equity you have in your home as collateral. The amount of credit available to you is dependent on the equity in your home, your credit score, and your debt-to-income (DTI) ratio.
Because HELOCs are secured by an asset, they tend to have higher credit limits and much better interest rates than credit cards or personal loans. While HELOCs usually have variable interest rates, there are some fixed-rate options available.

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HELOC

HELOCs are credit lines secured by your home. They most frequently are issued as credit cards or as a checkbook. HELOCs have both a draw period and a repayment period. The draw period involves minimal interest-only payments, and the repayment period involves much higher payments. While fixed rate HELOCs do exist, most have variable rates, meaning minimum payments can skyrocket as interest rates increase. If you can't afford to pay your HELOC back, you may be at risk of losing your home to foreclosure.


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