HELOC / Closed-End Second
Reach your equity without touching your first mortgage.
Home equity lines and fixed-rate closed-end seconds let you access equity while leaving a low-rate first mortgage exactly where it is.
What makes this loan different
- Keep your existing first mortgage rate
- Line of credit or fixed-rate lump sum
- Available on primary, second, and investment homes
- Often funds in one to three weeks
Who this is built for
- Homeowners with a low first mortgage rate
- Investors pulling down payments from equity
- Renovation, consolidation, and liquidity needs
Line or lump sum
A HELOC is revolving: draw what you need, repay, draw again during the draw period, usually at a variable rate. A closed-end second is a fixed-rate loan funded once with a set payment and term. Renovations and tuition suit a line; consolidation and down payments usually suit a fixed second.
Both preserve the first mortgage, which is the entire point when your first is at a rate you will never see again.
How much is available
Combined loan-to-value limits commonly run 80% to 90% on a primary residence and lower on investment property, with pricing driven by credit and the combined position.
What lenders typically ask for
- Standard income documentation, though some programs use reduced documentation
- Current mortgage statement for the first lien and evidence of its terms
- Property insurance
- A valuation, which on smaller lines is sometimes an automated valuation rather than a full appraisal
- Credit report and ID
Requirements vary by lender and by file. This is a general picture of what is commonly requested, not a checklist for a specific loan.
Worth knowing
Keeping a low first-lien rate is usually the point.
Where a borrower holds a first mortgage at a rate well below current pricing, a second lien accesses equity without disturbing it. Against a cash-out refinance, the comparison is the blended cost of both loans versus one new one.
HELOC pricing is typically variable.
Rates move with an index, so the payment can change. Closed-end seconds are generally fixed. Which structure fits depends on whether the borrower needs a lump sum or ongoing access.
Draw and repayment periods work differently.
A HELOC usually allows interest-only draws for a period, then converts to amortizing repayment. That conversion can raise the payment substantially, and it arrives on a schedule set at closing.
Combined loan-to-value governs the amount.
What is available depends on total debt against the property, not the second lien alone.
See what this program would take in your case.
We are brokers — this program is shopped across hundreds of wholesale lenders, not quoted off one rate sheet. A short application gives us enough to compare real options.
Program availability, terms, guidelines, and documentation requirements vary by lender and are subject to underwriting and change without notice. This is not a commitment to lend.