Home Equity Loans & HELOCs

Highlights:

• When facing a major expense, some homeowners who do not want to alter the low rate on their first mortgage may use a home equity loan (HELOAN or Second Mortgage) or a home equity line of credit (HELOC) to borrow money against the equity in their home without refinancing their primary mortgage.
• A home equity loan allows you to borrow a lump sum of money against your home's existing equity, generally with a fixed rate and repayment term just like your first mortgage.
• A HELOC also leverages a home's equity but allows homeowners to apply for an open line of credit. You then can borrow an amount on an as-needed basis, generally with a variable interest rate on an interest only period from 3-10 years.
• While most lenders cap these prducts at 80% combined-to-value, My Mortgage Lawyer partners with lenders that allow you to access up to 95% of your home's equity.
• Most HELOCs and HELOANs require a 680 score or higher. My Mortgage Lawyer offers home equity products starting at 620 scores.

What cash-out option is best for me?

A HELOC and a home equity loan are both great options to access your home equity as cash. Once you answer a few quick questions, we’ll help you choose the right option, with side-by-side comparisons and advice from a dedicated loan consultant.