Loan Programs  |  09

Home Equity Loans

Put your equity to work without starting over.

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The quick version

How it works

If you've built equity in your home, you can borrow against it without replacing your current mortgage. That matters when your first mortgage has a rate you'd rather not give up. A home equity line of credit, or HELOC, works like a credit card secured by your home: draw what you need, when you need it, and pay interest only on what you use. A home equity loan gives you one lump sum with a fixed payment. Homeowners use both for remodels, tuition, paying off high-interest debt, or a down payment on that lake place they keep scrolling past.

Highlights

Keep your first mortgage

Your current rate stays untouched.

Line of credit or lump sum

HELOC flexibility or a fixed-rate loan.

Use it for almost anything

Remodels, tuition, debt payoff, investments.

Often faster than a refinance

Fewer moving parts than replacing your whole loan.

FAQ

Questions people actually ask

Tap a question to see the answer.

1What's the difference between a HELOC and a home equity loan?+
A HELOC is a revolving line of credit, usually with a variable rate, that you draw from as needed. A home equity loan is a one-time lump sum, usually with a fixed rate and payment.
2How much can I borrow?+
It depends on your home's value, what you owe, your credit, and the lender's combined loan-to-value limit. We'll run the numbers so you know your real borrowing power.
3Is this better than a cash-out refinance?+
If your current mortgage rate is low, a home equity loan or HELOC lets you keep it. If your rate is higher than today's rates, a cash-out refinance might be smarter. We'll compare both.
4Is the interest tax-deductible?+
Sometimes, depending on how you use the money and current tax law. Talk to your tax advisor about your situation.
5Can I get a HELOC on a rental or second home?+
Some lenders offer equity loans on second homes and investment properties, usually with tighter limits. We'll check which ones fit.
6How long does it take?+
Often faster than a full refinance, since there's less to underwrite. Timing depends on the lender and the appraisal method.
7What are the risks?+
Your home secures the loan, so missed payments put it at risk. A variable-rate HELOC payment can also rise over time. We'll make sure the payment fits your budget before you borrow.
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This information is general and educational. It is not a commitment to lend. Program guidelines vary by lender, change over time, and are subject to credit approval and underwriting.

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Plano Mortgage Broker

Mohave Mortgage

5830 Granite Pkwy # 100-213

Plano Texas, 75024

Office: (469) 414-5554

Branch NMLS # 2690682

Mohave Mortgage

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