Refinance loans
Access your equity. Keep your first mortgage.
Home-equity financing may allow eligible homeowners to borrow against available equity without refinancing their existing first mortgage.
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HELOC / Home Equity at a glance
Revolving credit
Draw from the line as needed, up to the available limit.
Secured by equity
The line is secured by your home’s equity.
First mortgage preserved
Your existing first mortgage may remain in place.
Flexible use
Common for renovations, liquidity, and major expenses.
What is a HELOC?
A HELOC — Home Equity Line of Credit — lets you borrow against the equity in your home through a revolving line of credit. You draw what you need, when you need it, rather than taking a lump sum.
Because it sits behind your existing first mortgage, a HELOC can unlock equity without replacing a low-rate first loan. LTV and CLTV limits vary by investor and scenario.
01
Home equity
02
Available line
03
Funds drawn as needed
Why consider home-equity financing?
Equity you can reach without touching a first mortgage you like.
01Keep your first mortgage
Unlike a cash-out refinance, a separate home-equity loan or line generally does not replace the existing first mortgage.
02Access available equity
Borrow against a portion of the equity accumulated in the property, subject to program requirements.
03Use funds flexibly
Depending on the product and terms, homeowners may use proceeds for eligible financial needs.
04Revolving access
A line of credit can be drawn from as needed rather than taken as a lump sum.
Cash-out refinance vs. home equity
Cash-out refinance
- Replaces the current first mortgage
- Creates one new first mortgage
- May provide cash from available equity
- New loan terms apply to the refinanced balance
Home equity / HELOC
- Typically sits alongside the existing first mortgage
- Existing first mortgage remains in place
- Provides access to eligible available equity
- Separate payment and terms may apply
Example scenario
See how it could work
The borrower
A homeowner with a low-rate first mortgage.
The line
A revolving credit line secured by home equity.
The structure
The first mortgage remains in place.
The use
Funds drawn as needed for renovations.
Illustrative example only. Actual financing structure, terms, eligibility, and availability vary.
A closer look
How available equity is estimated
Available equity is generally the home’s value minus what’s owed on it — and lenders express the combined borrowing as CLTV: all loans on the property divided by its value.
How much of that equity a line can access varies by investor, property, and scenario.
Ask Flash
“Help me compare keeping my mortgage versus refinancing.”
Plain-English educational answers — not personalized advice.
Frequently asked questions
Ready to explore your options?
Build your scenario and see whether HELOC / Home Equity or another mortgage solution may be worth exploring.
Program recommendations are informational until reviewed by an appropriately licensed mortgage professional. All loans are subject to credit and property approval; terms, eligibility, and availability vary.