HOME EQUITY SOLUTIONS
Access your home’s equity without refinancing your first mortgage. Explore flexible HELOC and fixed-rate Home Equity Loan (HELOAN) options.
✅ Explore your home equity options in minutes
✅ No impact to your credit score to get started
✅ Multiple home equity loan programs available
✅ Options for primary, second homes & investments
✓ Keep Your First Mortgage ✓ HELOC Options ✓ HELOAN Options
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CHOOSE YOUR HOME EQUITY OPTION
Both let you access your home’s available equity while generally keeping your existing first mortgage — but they work differently.
HELOC
A revolving line of credit that lets you draw from your available equity as you need it.
✅ Draw funds as needed
✅ Pay interest on the amount borrowed
✅ Revolving access during the draw period
✅ Great for ongoing expenses
✅ Access up to $750,000 for qualified borrowers
HELOAN
Receive your available funds in one lump sum with fixed-rate options and predictable payments.
✅ Lump-sum funding
✅ Fixed-rate options available
✅ Predictable monthly payments
✅ Great for a specific large expense
HELOC VS. HOME EQUITY LOAN
Choosing between a HELOC and a Home Equity Loan depends largely on how and when you want to access your money.
HELOC
HOME EQUITY LOAN
HELOC: Draw funds as needed • Revolving line of credit • Typically variable rate • Interest generally based on the outstanding amount borrowed • Best suited for ongoing or unpredictable expenses.
Home Equity Loan: One lump-sum disbursement • Installment loan • Typically fixed rate • Interest based on the outstanding loan balance • Best suited for a planned large expense or specific cash amount.
Use eligible proceeds to consolidate higher-interest debts into one payment.
Finance renovations, repairs, additions, roofing, HVAC, landscaping and more.
Help manage education, medical, emergency, business-related or other qualifying needs.
Qualified borrowers may use available equity as part of a broader real estate or investment strategy.
HOME EQUITY BENEFITS
Access equity without automatically replacing your existing first mortgage.
Choose between revolving HELOC access or a lump-sum Home Equity Loan.
Use available funds for renovations, consolidation, major expenses and more.
Alternative-documentation programs may be available for qualified borrowers.
Programs may be available for primary, second and investment properties.
Compare multiple programs with help from an experienced mortgage professional.
HOW IT WORKS
Tell us about your property and what you’d like to accomplish. We’ll help you explore available HELOC and HELOAN programs.
How much equity would you like to access?
Review available HELOC and Home Equity Loan solutions.
Choose the option that fits your financial goals.
QUALIFICATION
Property value and existing mortgage balance
Credit history and score
Traditional or eligible alternative documentation
Combined loan-to-value
Property type and occupancy
Requested equity access
UNDERSTANDING CLTV
The amount you may be able to borrow depends on your home’s value, current mortgage balance, available equity, credit profile, income documentation, property type, occupancy, loan program, and combined loan-to-value ratio (CLTV).
Combined Loan-to-Value (CLTV): 70%
Home Value
Current Mortgage Balance
New HELOC / HELOAN
QUALIFICATION OPTIONS
MULTIPLE PROGRAMS
✅ Bank statement options
✅ Alternative income documentation
✅ Non-QM programs
✅ Multiple home equity solutions
Program requirements vary.
SELF-EMPLOYED?
Alternative-documentation home equity programs may be available for qualified business owners, entrepreneurs, independent contractors and self-employed homeowners.
RATES & TERMS
Home equity rates aren’t the same for every homeowner. Several factors can influence your available rate and terms.
Credit history and score can affect eligibility and pricing.
The amount of equity remaining after the new loan can affect pricing.
The requested loan or credit-line amount may influence available terms.
REFINANCE OR HOME EQUITY?
A cash-out refinance generally replaces your existing mortgage with a new mortgage. A HELOC or Home Equity Loan may allow you to keep your existing first mortgage while adding separate financing secured by your home’s equity.
WHEN HOME EQUITY MAY FIT
COMPARE THE FULL COST
✅ Keep your existing first mortgage
✅ Access only a portion of your equity
✅ Ongoing access with a HELOC
✅ Lump-sum option with a HELOAN
✅ Compare rates, payments, closing costs and long-term costs before deciding.
Helpful answers to common home equity questions.
A HELOC, or Home Equity Line of Credit, is a revolving line of credit secured by your home. Qualified homeowners can draw funds as needed during the applicable draw period.
A HELOAN, or Home Equity Loan, is secured by your home’s equity and typically provides the proceeds in one lump sum. Many programs offer fixed-rate options and scheduled monthly payments.
A HELOC generally provides revolving access to funds as needed. A HELOAN generally provides a one-time lump-sum disbursement.
Yes. A second-lien HELOC or Home Equity Loan may allow qualified homeowners to access available equity while generally keeping the existing first mortgage in place.
The amount depends on available equity and program requirements, including property value, mortgage balance, credit, income, CLTV, occupancy and requested loan amount.
Traditional HELOCs commonly have variable rates. Fixed-rate or fixed-payment options may also be available depending on the program.
Many Home Equity Loans offer fixed-rate options with predictable principal and interest payments. Program availability varies.
Generally, HELOC interest is based on the amount actually borrowed rather than the unused credit line. Your loan documents determine how interest and payments are calculated.
Homeowners may use HELOC proceeds for debt consolidation when permitted by the loan program. Doing so can convert unsecured debt into debt secured by your home.
Yes, depending on the program and qualifications. Alternative-documentation and Non-QM options may be available for qualified self-employed borrowers.
Programs for eligible investment properties and second homes may be available. CLTV limits, rates and other requirements can differ from primary-residence programs.
It depends on the program. Some programs may use an automated valuation model or another acceptable property valuation method instead of a traditional appraisal.
Closing costs and fees vary by program. Review your Loan Estimate and applicable disclosures for the specific costs associated with your loan.
Neither is automatically better. A HELOC may fit flexible access to money over time, while a Home Equity Loan may fit a known amount with a lump sum and predictable payments.
Compare HELOC and Home Equity Loan options with Prime Choice Funding. You’ve worked hard to build equity in your home — explore ways to put it to work.
Loan programs, rates, terms, eligibility, loan amounts, CLTV limits, property requirements and availability are subject to change and borrower qualification. This information is for general informational purposes only and is not a commitment to lend. Additional restrictions may apply.
