HELOC & home equity.Only if it’s better for you.

A home equity line of credit (HELOC) is a second loan that sits behind your current mortgage. You’re approved for a line, draw what you need during the draw period, and pay interest only on what you use. Rates are usually variable. A fixed home equity loan is another option when you want one lump sum and a set payment.

The big advantage: your first mortgage—and its rate—stays untouched. How much you can access depends on your home’s value, your current balance, and the lender’s combined loan-to-value limit. Mike will compare a HELOC with a cash-out refinance so you can see the full picture.