Book a call and get personalized information.
Skip the wait and get started on your pre-approval asap.
FIXED-RATE HOME EQUITY LOAN
A Home Equity Loan lets you turn your home equity into a one-time lump sum of cash while keeping your current mortgage in place.
It can be a great option for debt consolidation, home improvements, major expenses, or borrowers who want a fixed rate and predictable monthly payment
100% secured. No impact to your credit scores.
Fixed rate second mortgage
payment and rate never changes
one time lump sum of cash
Competitive Rates
Use for debt payoff, renovations or major expenses
Access your equity without refinancing your mortgage.
HELOANs gives you a fixed rate and payments.
Use for deb payoff, improvements, or expenses.
SEE PAYMENT EXAMPLES
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
Best for: Small renovations, credit card payoff, or emergency reserves.
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
Best for: Large home improvements, major debt consolidation, investing.
At 7.5% APR for 10 year draw
Interest only payment
Principal & Interest Payment
Best for: Larger renovations, investment needs, or high-interest debt payoff.
EQUITY ACCESS OPTIONS COMPARED
|
Option
|
Best For
|
Rate Type
|
Payment Structure
|
Keeps Current Mortgage
|
Access Funds As Needed
|
|---|---|---|---|---|---|
|
HELOAN (Home Equity Loan)
|
One time expenses, fixed rate & payments
|
Fixed
|
Fixed principal & interest payments
|
✅ Yes
|
❌ No
|
|
HELOC
(Home Equity Line of Credit)
|
Flexibility, revolving line, on going expenses
|
Variable
|
Interest-only during draw period
|
✅ Yes
|
✅ Yes
|
|
Cash-Out Refinance
|
Large expenses, debt consolidation
|
Fixed or Variable
|
Principal & interest payments
|
❌ No
|
❌ No
|
Qualifications and rates can vary based on the lender, credit score, home equity, loan amount and property type. The examples below are for illustration purposes only and are not a commitment to lend.
You’re approved for a lump sum of money received at closing.
HELOAN payments are fixed and fully amortized over 20 or 30 years.
Pay off your loan early without any penalties.
If you have a mortgage with a low rate and payment, a HELOC will not affect the terms.
HELOAN rates are affected by your financial profile, LTV and property occupancy.
Average HELOAN rates (As of today)
Based on a 740 credit score and 60% CLTV. Rates are subject to change. Get your personalized rate for accurate numbers based on your situation.
Home Equity Loan rates are based on your overall borrower profile, the amount of equity in your home, the property type, and the lender program being used.
Unlike a HELOC, which is often tied to the Prime Rate and may adjust over time, Home Equity Loans are structured with a fixed interest rate and a predictable monthly payment. That makes a HELOAN a strong option for homeowners who want to borrow a lump sum of cash without worrying about future payment changes.
Lenders typically look at several factors when pricing a Home Equity Loan, including your credit score, combined loan-to-value ratio, income documentation, occupancy type, loan amount, and existing mortgage balance. The more equity you have and the stronger your overall file is, the more options you may have available.
For traditional borrowers, income may be verified using W-2s, pay stubs, tax returns, or standard mortgage documentation. For self-employed borrowers, real estate investors, and business owners, Andes Mortgage may also have access to Non-QM Home Equity Loan programs that use alternative income documentation such as bank statements, rental income, or DSCR-style qualifying.
The best way to know your actual HELOAN rate and loan amount is to review a personalized quote based on your situation.
For self-employed borrowers and investors.
Our latest Non-QM HELOAN programs allow business owners and investors to qualify without personal income or business tax returns.
✅ No tax returns required
✅ No W2s or pay stubs
✅ Qualify using bank statements or DSCR rental income
✅ Available for primary, vacation and investment properties
✅ Funds for personal or business use
Credit Score
Max LTV
Occupancy
Income Verification
Loan Amount
680
Up to 75%
Any
Alternative
From $50k up to $500k
Looking for a HELOC instead?
We compare rates from 40+ lenders to find competitive options that fit your needs. You’ll get expert guidance, personalized solutions, and a partner who works for you.
We compare rates from 40+ lenders to find competitive options that fit your needs. You’ll get expert guidance, personalized solutions, and a partner who works for you.
Compare interest rates for home equity lines of credit.
Qualify using your bank statements for income.
Home Equity Line of Credit for investment properties.
Calculate your house payment with a cash out refinance.
A HELOAN, also called a Home Equity Loan, is a second mortgage that allows you to borrow against the equity in your home.
Instead of refinancing your current mortgage, you receive a lump sum of cash and repay it with a fixed monthly payment over a set term, typically 20 or 30 years.
A Home Equity Loan works by using the equity in your home as collateral.
The lender gives you a one-time lump sum at closing, and you repay the loan over time with monthly principal and interest payments. HELOAn payments and rates are fixed over the life of the loan.
HELOAN rates are fixed and the payment never changes.
At Andes Mortgage, we offer HELOANs with credit scores as 640. However, higher credit scores are preferred as you will receive better rates, terms and more equity access.
The amount you can borrow depends on your home’s value, current mortgage balance, available equity, and lender guidelines.
We at Andes Mortgage, we access HELOANs for up to 90% combined loan-to-value (CLTV).
A HELOAN can be a strong option for debt consolidation if your current debts have high interest rates, such as credit cards or personal loans. By consolidating those debts into a fixed monthly payment, you may be able to lower your monthly payments and simplify your finances.
Both a HELOC and a Home Equity Loan allow you to borrow against your home’s equity, but they work differently.
A HELOC functions like a revolving line of credit. You can draw funds as needed during the draw period and only pay interest on the amount you use. Most HELOCs have variable interest rates.
A Home Equity Loan (HELOAN) provides a lump sum of money upfront and typically comes with a fixed interest rate and fixed monthly payment.
Yes. A Home Equity Loan is a type of second mortgage because it sits behind your existing first mortgage. You keep your current mortgage in place and add a separate loan secured by your home equity.
A HELOAN is a separate loan that leaves your existing mortgage intact. A cash-out refinance replaces your current mortgage with a new loan and provides cash from your home’s equity at closing.
A HELOAN gives you a lump sum of money upfront with a fixed monthly payment. Think of having a personal loan.
Meanwhile, A HELOC is a revolving line of credit that lets you borrow, repay, and borrow again during the draw period. A HELOC acts more like a credit card. HELOANs are usually better for one-time expenses, while HELOCs are better for ongoing or flexible borrowing needs.
In most cases, we use an AVM or a desktop appraisal which are both automated and cheaper than a full appraisal. Sometimes, a full appraisal may be needed depending of your loan amount, property characteristics and the overall market of where the property is located.
Most people use HELOANs for home renovations, debt consolidation, different expenses and other investments.
No! You can pay off the balance of your HELOAN faster and you will not be assessed any penalties or fees.
Absolutely! Homeowners who take out a HELOAN often pay off high interest revolving debt, personal loans and other expenses if the numbers make sense.
Get a personal rate in minutes and explore your best loan options – no impact to your credit.
Book a call and get personalized information.
Skip the wait and get started on your pre-approval asap.