Replace Your Mortgage With A Line Of Credit.

A normal home equity line sits behind your existing mortgage as a second lien. This one takes first position and replaces the mortgage entirely, so you hold one line rather than two loans.

Lines run from $50,000 to $2 Million, with the maximum depending on occupancy, credit profile, and the equity in the property. The minimum initial draw is $50,000.

A primary residence generally starts around a 700 credit score. Second homes and investment property generally start around 720, with higher scores required at the largest line sizes.

Yes. Purchase, rate-and-term refinance, and cash-out are all eligible transaction types on this program.

On a primary residence or second home there is no stated maximum on cash-out. On investment property cash-out is capped at $500,000.

No. This program is not available in every state, and availability in a few states is limited or paused. A licensed loan officer will confirm whether it is offered where your property sits.

Full documentation is the standard route, and at least one first lien home equity line program also accepts bank statement documentation. If your income does not fit full documentation, Saxton has several alternative documentation programs instead.

A 1st lien HELOC is a home equity line of credit that sits in first lien position, which means it takes the place of your mortgage instead of sitting behind it. You will see it written as a 1st lien HELOC, a first lien HELOC, a first position HELOC or a first lien mortgage, and all of those describe the same structure: the line of credit is the only loan recorded against the home.

Yes, and that is what this program is. Using a HELOC as a first mortgage means the new line pays off the loan you have now and moves into 1st lien position. Instead of a fixed payment on a closed-end loan, you hold a revolving line and draw against it as you need it. Whether it suits you depends on your equity, your credit profile and how comfortable you are managing a balance that moves.