HELOC
A home-equity line of credit generally provides revolving access during a draw period, often with a variable rate and payment that can change.
Apply securelyHome-equity financing
Access eligible home equity without overlooking the mortgage you already have.
A HELOC, home-equity loan or cash-out refinance may help qualified homeowners fund eligible goals. The right comparison considers the existing first mortgage, desired funds, payment structure and total transaction cost.
Start with the scenario
Compare the structure that fits the way you plan to use the funds.
Straight Deal Mortgage can compare eligible programs across a broad wholesale network and help identify the documentation and execution path that fits the complete transaction.
How the program works
Qualification built around the right information.
Home-equity loan
A home-equity loan generally provides an approved lump sum through a separate lien with scheduled repayment terms.
Cash-out comparison
A cash-out refinance replaces the existing first mortgage, making current rate, costs, term and the full payment important comparison points.
A clearer path forward
What to expect.
- 01
Review the current mortgage
Confirm the estimated property value, mortgage balance, current rate, payment, lien position and intended use of funds.
- 02
Define the funding need
Discuss the desired amount, timing, whether funds are needed once or over time and preferred payment predictability.
- 03
Compare total structures
Evaluate eligible HELOC, home-equity loan and cash-out options using rates, fees, repayment terms and the effect on existing debt.
- 04
Complete underwriting
Submit required income, asset, credit, property, insurance and existing-lien documentation for the selected lender’s review.
Common questions
Answers before you apply.
What is the difference between a HELOC and a home-equity loan?
A HELOC is generally a revolving credit line with a draw period, while a home-equity loan generally provides a fixed lump sum with scheduled repayment. Product terms vary by lender.
Will a HELOC replace my current mortgage?
A HELOC is commonly structured as an additional lien rather than replacing the first mortgage, although lien position and eligibility depend on the property and transaction.
Are HELOC rates fixed or variable?
Many HELOCs have variable rates. Some programs may offer fixed-rate features for eligible balances, so the index, margin, caps and conversion terms should be reviewed carefully.
How much equity can I access?
The available amount depends on property value, existing liens, combined loan-to-value limits, credit, income, occupancy, property type and lender guidelines.
Continue researching
Read the detailed mortgage guide.
Learn the terminology, common documentation, potential tradeoffs and questions to ask before choosing a program.
Program terms, documentation, pricing, lender participation, property eligibility and availability vary by transaction and jurisdiction and may change without notice. All loans are subject to application, credit approval, property review, underwriting requirements and applicable law. This is not a commitment to lend.