Keep your great rate. Tap your equity.
A HELOC lets you borrow against your home's equity without touching your first mortgage. I work with several lenders, including same-day HELOC options for qualified homeowners.
Like a credit card backed by your house, without the credit card rates
Your available credit line depends on lender approval, property value, equity and program guidelines. You draw what you need, when you need it, and pay interest only on what you use during the draw period.
- Your first mortgage stays exactly as it is
- Borrow, repay and borrow again during the draw period
- Available for primary homes, and with some lenders for second homes and rentals
Need the money soon? Some options can close the same day.
Several of the lenders I work with offer online HELOCs with digital applications, automated home valuations and e-closing. For qualified borrowers, that can mean approval and closing in as little as one day, instead of the weeks a traditional home equity loan can take.
Same-day timelines are not typical for every borrower. Timing depends on the lender, property, title, identity verification and your documentation, and funds may not be available until after any required waiting or rescission period. Not all borrowers or properties are eligible for expedited programs.
What you'll typically need
- Photo ID
- Recent mortgage statement
- Proof of income
- Homeowners insurance info
Common reasons my clients open one
Renovations
Kitchens, roofs, pools and hurricane upgrades.
Debt payoff
Consolidate higher-interest balances into one payment.
Investing
A down payment or rehab funds for your next property.
A safety net
Have access to cash for emergencies, and pay nothing if you don't use it.
HELOC vs. cash-out refinance
| HELOC | Cash-out refinance | |
|---|---|---|
| Your first mortgage | Stays the same | Replaced with a new, larger loan |
| How you get the money | Draw as needed from a credit line | One lump sum at closing |
| Rate type | Usually variable | Fixed or adjustable |
| Closing costs | Often lower | Similar to a purchase loan |
| Best for | Keeping a low first-mortgage rate; short-term or ongoing needs | Larger amounts you'll repay over a long term |
General comparison only. Terms, fees, rate types and eligibility vary by lender and borrower. Your home secures both options, and failure to repay could result in foreclosure.
“He accepted calls outside of business hours and responded promptly to any enquiry or question. The whole process was managed very well and he made it as easy as possible.”
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Excerpt from a client review on Experience.com, shortened where marked with “…”. Individual results vary. Not all applicants will qualify.