Keep Your First Mortgage. Use Your Equity.

The amount depends on your home’s value, your existing mortgage balance, your credit profile, and your available equity. Not all applicants will qualify, and credit line amounts are subject to approval.

No. A HELOC is separate from your primary mortgage, so you keep your existing first mortgage in place.

Home improvements, debt consolidation, education, major purchases, emergencies, and other financial goals.

Not exactly. A home equity loan provides a lump sum upfront, while a HELOC is a revolving line of credit you can draw from as needed.

Checking your options online carries no obligation. If you choose to move forward, a full application requires a credit review, and eligibility is subject to approval.

Most homeowners complete the online request in just a few minutes. Review times vary depending on your situation.

No. A HELOC sits alongside your existing mortgage, so you don’t have to touch your current rate or refinance.

Yes. A HELOC is a type of second mortgage, meaning it sits behind your existing first mortgage rather than replacing it. Your original loan stays in place, and the HELOC is a separate line secured by the equity in your home.

A HELOC application generally involves a credit review, and once the account is open it can appear on your credit report like other lines of credit. How it affects a score depends on factors such as balance, payment history, and overall credit profile.

Often, yes. A lender generally needs to establish your home’s current value. Depending on the program and the property, that may be a full appraisal or an alternative valuation method. Requirements vary by situation.

Credit guidelines vary by program, and credit history is only one factor. Available equity, income, and your overall profile matter too. Not all applicants will qualify. Starting the finder is the quickest way to see where you stand.

Many homeowners use a home equity line to help fund a down payment on another property. Whether it is permitted depends on the lender and the loan program for the new purchase, so it is worth confirming both sides before planning on it.

Some programs allow home equity financing on investment or rental properties, though guidelines are typically stricter than for a primary residence. Availability depends on property type, occupancy, and your overall profile.

Interest on a HELOC is typically calculated only on the amount you have actually drawn, not on your full credit line. Many HELOCs are variable, so the interest charged can change over time as the underlying index moves.

A HELOC usually has two phases: a draw period, when you can borrow and often make interest-only payments, and a repayment period, when the remaining balance is repaid. Specific terms vary by program.

A first lien HELOC takes the place of your existing mortgage and sits in first position. A traditional HELOC is a second lien, which leaves your original first mortgage in place.

The draw period is the window, often several years, during which you can pull money from the line, repay it, and pull again. Your available credit replenishes as you repay, much like a credit card. When the draw period ends, no new draws are permitted and repayment of the balance begins.

Requirements vary by program, property type and occupancy. Lenders look at your first mortgage balance plus the new line together, measured against the home’s value. Some programs allow a higher combined figure than others. Have your file reviewed to see which ones fit.

Yes. Self-employed borrowers are one of Saxton’s specialties. Options include programs that document income using bank statements or a profit-and-loss statement rather than tax returns. Two years of business history is commonly expected, though requirements vary by program.

Saxton is headquartered in San Diego and is licensed in 40 states, so a HELOC here is not a California-only option. Nevada, Arizona, Washington, Texas, Florida and most of the rest of the country are covered. If you are searching for a HELOC lender in your city, what you qualify for is set by the program and by your equity rather than by the zip code. Tell us where the property is and we will confirm availability in your state.