You can use a home equity loan (aka HELOC) or fixed-rate second mortgage to access home equity without doing a cash-out refinance of your first mortgage. This may be really desirable considering the appreciation of homes and recent low mortgage rate environment.
Here are some of the features:
- Variable home equity lines of credit or fixed rate fully amortized second mortgages
- Single family residences or condos
- Second homes
- Investment properties, 1-2 unit (fixed rate second mortgages only)
- Higher combined loan-to-values
- No prepayment penalties
- Stand alone or piggy-back
- No seasoning after purchase.
I should add that if you’re considering buying a home and wanting to access your home equity for the down payment on your next home, a bridge loan may be an option worth considering.
I am happy to review your options if you are considering buying, refinancing or need a second mortgage/HELOC for your home located anywhere in Washington state. Please contact me! Click here for a no-hassle rate quote.
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About Rhonda Porter
It is possible to refinance a current HELOC through you? Or is there a better way to access my home equity to for a down payment on an investment property? I’m trying to buy a condo for my daughter to live in during college. I have been consulting some online resources to try to figure out what are my best options. Thanks.
Yes! I can help you refinance your current HELOC as long as the property is located in Washington state. Lucky daughter!