Home Equity Loan Up To $1,000,000
Borrow up to $1,000,000 in one fixed-rate second mortgage and keep your first mortgage in place. At least one program covers primary homes, second homes and investment properties.
Large equity, one fixed loan
A fixed home equity loan can reach $1,000,000 at two programs, on top of your first mortgage.
- At least one program lends from $50,000 up to $1,000,000 on a single closed-end second mortgage.
- At the $1,000,000 level, at least one program accepts a primary home, second home or investment property with a 720 credit score.
- Another program accepts a 700 credit score for loans up to $1,000,000 on a primary residence.
- Income can be documented with W-2s, tax returns, 12 or 24 months of bank statements, a P&L or 1099s.
- Total liens on the home as high as $4,000,000 with one lender*
- On investment properties, title can vest in an LLC, partnership or corporation.
$1,000,000 from a 720 score
Your first mortgage stays put
Fixed, fully amortizing payments
Rentals and second homes to $1,000,000
Bank statement and P&L income
Cash out or refinance a second
How This Loan Works
You receive one fixed loan amount at closing, secured in second position behind the mortgage you already have.
A home equity loan is a closed-end second mortgage. You receive the loan as one lump sum, and your existing first mortgage stays in place. At least one program offers loan amounts from $50,000 up to $1,000,000.
The loan has a fixed rate and is fully amortizing. Interest-only payments are not offered on the largest loan sizes. If you would rather draw funds as you need them, a HELOC is a separate product.
At least one program allows your first mortgage and this loan to total up to $4,000,000 combined. Single-family homes, PUDs, townhomes and warrantable condos are eligible, and 2-4 unit homes are eligible except as second homes. Loans of $400,000 or more need a full appraisal with an interior and exterior inspection.
Why choose Saxton for a large home equity loan
This page is for homeowners who want a large, fixed loan against their equity without replacing their first mortgage.
We Check Every Program
We compare the closed-end second programs we offer and match your file to the one that fits your loan amount, property and income best.
Bank Statements Above $750,000
Above $750,000, one program accepts only full documentation or bank statements, on a single-family home or PUD you live in. DTI at that size is capped at 43%.
Assets Spread Over 84 Months
When your income comes entirely from assets, one program divides net qualified assets by 84 months. If your DTI without assets is 60% or lower, it divides by 36 months instead.
Rentals And LLCs Welcome
At least one program lends up to $1,000,000 on investment properties with a 720 credit score. Title on an investment property can vest in an LLC, partnership or corporation.
Reserves Stay Flexible
At least one program requires no minimum reserves and no cash to close. Another requires 6 months of reserves on loans over $500,000, and cash-out proceeds can count toward them.
Past Credit Events Considered
At least one program accepts a past bankruptcy, foreclosure, short sale or deed in lieu once 48 months have passed.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about large, fixed home equity loans.
A jumbo home equity loan reaches $1,000,000 at two programs we offer. With the first, that amount needs a 720 score, and your first and second liens together can total as much as $4,000,000.
720 on at least one program, for a primary home, second home or investment property. Another program accepts 700 on a primary residence. On at least one program, additional borrowers can have a score as low as 600.
Yes. A rental can carry a $1,000,000 home equity loan in one program when the score is at least 720. Another program limits loans above $750,000 to a primary home.
No, a home equity loan is a closed-end second lien with all funds drawn on day one, while a HELOC is a line you can draw on again. At one program, home equity loans must sit in second position, while its HELOCs can be first or second.
Yes. Loans of $400,000 and above need a full appraisal with an interior inspection in one program. Another orders an inside appraisal once the loan passes $400,000 and does not accept appraisal waivers.
Yes, one program’s home equity loan can close alongside a brand-new first mortgage to buy a home, on purchases only. Another lets the cash fund a second purchase already in escrow, closing together or back to back.
Owner-occupied homes face no ownership wait at one home equity loan program, though vacation and investment homes there require six months. A stand-alone second from another program requires more than six months of ownership.
Find out what you qualify for
Tell us about your home, your current mortgage and how much you want to borrow, and we will check how it fits our programs.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.