Share Your Scenario
Complete our brief information form to tell us about your goals. This lets us review your situation and see exactly how we can help.
HELOAN
PUT YOUR HOME'S VALUE TO WORK
Pull a one-time lump sum from your home equity with a fixed-rate and predictable monthly payments.
Explore my home equity options >Understanding the HELOAN Program
Think of a Home Equity Loan (HELOAN) as a standalone side loan backed by the equity you’ve built up, which is just what your home is worth today minus what you still owe on your mortgage.
Since this sits separate from your first mortgage, your current interest rate and terms stay completely untouched. You get your funds all at once in a single payout, locked into a fixed rate and a predictable monthly payment that never changes.
How the Timeline Works
The Funding Step: Your funds are delivered straight to your account right after your loan closes so you can start funding your plans.
The Payoff Timeline: You choose a structured 10, 20, or 30-year repayment schedule to steadily pay down both principal and interest over time.
Let's See How Much Equity You Can Unlock
Quick Equity Check • Custom Scenario Review • No Hard Credit Pull • No Obligation
Key Benefits of a HELOAN
Keep Your 1st Mortgage Untouched
Get cash without touching your existing rate or terms.
Lump-Sum Funding
Receive all your cash at once in a single delivery right after your loan closes.
Predictable Fixed Payments
Your interest rate never shifts, so your monthly payment stays exactly the same.
Long-Term Payoff Flexibility
Pick a comfortable, stable 10, 20, or 30-year payoff timeline.
Common Ways to Use a HELOAN
Home Improvements
Ideal for one-time home projects with a fixed, upfront cost—such as putting on a new roof, installing a pool, or adding a backyard ADU. Getting your entire lump sum upfront allows you to pay your contractors immediately, lock in your budget, and complete your home upgrades without unexpected financing surprises.
Debt Consolidation
If you are managing multiple high-interest credit card balances or personal loans, you can use your HELOAN lump sum to wipe them out completely. This lets you trade those shifting debt bills for a single, stable monthly payment at a fixed rate that will never change.
Higher Education
Cover college or university tuition, or pay off existing, high-interest student loans entirely. A HELOAN is a popular option for education funding because it provides your school funds upfront, allowing you to lock in a clear, protected repayment schedule from day one.
Major Life Events & Purchases
Secure the immediate funding you need for large, inevitable, or one-time milestone expenses like unexpected medical bills, complex legal fees, or funding a dream wedding without leaning on high-interest personal credit cards.
Business Investments
Launch your startup, invest in growth, or upgrade your equipment without dealing with the strict requirements of commercial lending.
Real Estate Investment
Grow your real estate portfolio by using your equity for a down payment on another property, or remodel a current rental to increase its long-term rental income potential.
Standard Program Requirements & Eligibility
- Credit Score: Minimum 660 FICO (varies depending on the lender's guidelines).
- Max DTI Ratio: Debt-to-income ratio up to 50%.
- Loan Amounts: Minimum line amount starts at $75,000 up to $500,000 (based on your available equity and lender guidelines).
- Eligible Occupancies: Owner-occupied primary homes, second homes, and investment properties (up to 10 financed properties).
- Eligible Properties: 1-4 Unit properties (second homes must be 1-unit), PUDs (attached/detached), and Warrantable Condos. (Agricultural properties may be approved on an exceptional basis).
- Eligible Borrowers: U.S. citizens, permanent resident aliens, and non-permanent resident aliens (subject to specific lender guidelines).
- Income Verification: Requires a recent paystub and W-2 for salaried employees, or the most recent two years of tax returns for self-employed individuals and landlords.
Need a
Different Way
to Qualify?
If standard tax returns or traditional paystubs don't fit your situation, we also have specialized Non-QM HELOAN options. This path is built specifically for self-employed individuals, business owners, 1099 workers, or salaried employees who face complex tax situations. It allows you to qualify using flexible paths so you can easily access your equity without the standard paperwork headaches.
Accessing Your HELOAN: A Simple 4-Step Process
What to expect from your first equity check until you are ready to move forward.
STEP 1
STEP 2
We Estimate Your Equity
We look at your home’s estimated value and your current mortgage balance to give you an idea of the equity you might be able to access.
STEP 3
We Shop Multiple Lenders
Our team compares home equity options across our lender network to find competitive rates and terms that fit your situation.
STEP 4
You Pick the Right Match
We walk you through your custom choices side-by-side so you can confidently pick the path that works best for your needs and timeline.
Why Our Borrowers Choose Us
We Shop Around So You Don't Have To
We check multiple lenders to find the best equity options available for your specific situation.
Flexibility to Build the Right Structure
With a wide variety of home loan solutions, we can easily accommodate your unique income profile and long-term financial goals.
A Straightforward, Simple Process
We keep the document gathering straightforward, tracking only what is necessary to get your file across the finish line.
No Guessing Games
You will always know exactly where everything stands with clear, honest milestone updates from start to finish.
Frequently Asked Questions
What is a home equity loan (HELOAN)?
A HELOAN is a second mortgage that allows you to tap into your home equity in one lump sum without affecting your current first mortgage's rate or terms.
How is this different from a HELOC?
A HELOC is a variable-rate line of credit that lets you borrow and repay repeatedly, like a credit card. A HELOAN gives you all your money upfront with a fixed interest rate and standard monthly payments.
How is this different from a refinance?
A refinance replaces your entire first mortgage with a brand new, larger loan at current market rates. A HELOAN sits behind your first mortgage as a separate loan, leaving your original mortgage rate completely untouched.
What can home equity funds be used for?
Most borrowers use them for practical needs like major home renovations, investing in additional real estate, or consolidating high-interest credit card debts into a single fixed monthly payment.
How much equity do I need?
Your available loan amount is based on your current home value minus your current mortgage balance. Generally, you can borrow the difference as long as your total loan amounts fit within the lender's equity limits.
Is this a full loan application?
To get started, we only need a quick scenario review to calculate your estimated equity. A formal, full application with document verification happens once you pick an option you love.
Do I need to prepare all documents before submitting?
No. You can start the initial equity review with no documents at all. We will guide you on exactly what to look over once we find the best program matches for you.
I already have a mortgage. Should I still check?
Yes! In fact, this program is designed specifically for homeowners who want to tap into cash without touching or changing the rate and term of their current first mortgage.
Ready to see how much equity you can unlock?
Don't restart your mortgage clock or alter your current loan terms. Let us help you find the right home equity solution for your specific goals.
GET
IN TOUCH
For a free consultation, connect with
one of our experienced loan offices today.
Call Us
888-870-5625
Email Us
info@lockitmtg.com
Disclaimer: Programs, rates, terms, and conditions are subject to change without notice and
vary based on individual lender guidelines, credit profile, loan-to-value ratio, and property
eligibility. A Home Equity Loan (HELOAN) involves a fixed interest rate and structured monthly payments.
Borrowing against home equity places a secondary lien on your property; failure to make timely payments
can result in the loss of the dwelling. We highly encourage you to connect with one of our licensed
mortgage loan advisors today to get a custom loan structure and unlock the most accurate, up-to-date
options built entirely around your success.
