Home Equity Loan Options
The home equity product we offer is a line of credit (HELOC), not a closed-end loan. At least one program draws the full line at closing, so it can work much like a lump sum. Lines run from $5,000 to $750,000, with the largest lines limited to primary homes.
What our home equity line requires
Each item below is a requirement of at least one home equity line we offer.
- It is a line of credit: one program draws 100% of the line at closing, and another pays out at least 75% at closing.
- Lines start at $5,000 and reach $750,000 on a primary home at the top score tiers.
- Minimum credit scores start at 600 for a primary home at one program and 640 at another.
- Lines over $500,000 at one program need at least a 700 score and must be on a primary home.
- Second homes need a 640 score at one program, and lines on them stop at $500,000.
- The line can be in first or second lien position, so a home with nothing owed on it can qualify.
Full line drawn at closing
Lines from $5,000
Fixed or variable rate
First or second lien
600 score on a primary home
Debt payoff or renovation
Is A Home Equity Loan The Same As A HELOC?
We offer both. At least one program offers a fixed home equity loan up to $1,000,000, and at least one HELOC program draws the full line at closing.
If you searched for a home equity loan, you probably want one amount paid out at closing. The home equity product we offer is a line of credit. At least one program approves you for a set credit limit and draws 100% of it at origination. Another program requires at least 75% of the line to be drawn at closing.
At the program that draws the full line, the first draw and any later draws carry either a fixed or a variable rate. A variable rate there needs a 640 score or higher. Because the full line is drawn at closing, a later draw needs available credit on the line, must be at least $500 ($4,000 in Texas, or more where state law requires) and must fall within the draw period. For the full rules, see our heloc draw requirements page.
Some limits apply. One program accepts a single applicant only, with no co-borrowers, while another permits co-borrowers. Investment property lines at one program need a 680 score, reach $350,000 with a 760 score and are not available in Texas or New York. How much you can borrow depends on your home’s value, your existing mortgage and your credit score.
Why choose Saxton for home equity financing
This page is for homeowners who searched for a home equity loan and want a set amount of cash at closing.
The Full Line Funds At Closing
At least one program approves you for a set credit limit and draws 100% of it at origination.
Another Pays At Least 75%
Another program requires a minimum 75% draw at closing, so most of the line comes out on the day you close.
Lines Up To $750,000
Lines run from $5,000 to $750,000. Over $400,000, one program needs a 760 score, a primary home that is not 2 to 4 units and no more than one existing lien; the other needs a 700 score and a primary home for lines over $500,000.
Choose Fixed Or Variable
At least one program offers a fixed rate on the first draw and on later draws. Its variable rate needs a 640 score or higher.
Scores Start At 600
One program starts at 600 for a primary home. Its debt-to-income cap is 50%, or 45% for scores from 600 to 679.
We Say What Will Not Work
We cannot place a closed-end home equity loan. Homes listed for sale now or in the last 60 days are not eligible at one program.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about home equity loan options.
We offer a home equity line of credit, not a closed-end home equity loan. At least one program draws the full line at closing, and another draws at least 75% at closing.
The home equity programs we offer are lines of credit. Rather than turn you away, we show you a line that pays out all or most of the amount at closing.
Lines run from $5,000 to $750,000. The amount depends on your home’s value, your existing mortgage and your credit score. Lines over $400,000 at one program need a 760 score, a primary home and no more than one existing lien.
At least one program starts at 600 for a primary home and 640 for a second home. Another starts at 640 and needs 680 for a home you do not live in.
Yes, with limits. One program allows second homes at a 640 score, up to $500,000. Another allows second homes and investment property from a 680 score, with lines that reach $350,000 at a 760 score, but not in Texas or New York.
It depends on the program. One permits co-borrowers, including non-occupant co-borrowers. Another accepts a single individual applicant only.
At least one program lists debt consolidation, home renovation, major purchases and other personal use. Another permits paying off debt to lower your debt-to-income ratio.
Find out what you qualify for
Tell us how much you need and what it is for, and we will show you the home equity line options that fit.
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. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.