Don't give up your low first mortgage rate. A HELOC or home equity loan lets you tap equity as a second lien — up to 80% combined LTV on Texas homesteads.
Especially if you locked in a low rate during 2020–2022, a HELOC is the smart way to access equity.
If you locked in a 3–4% rate during 2020–2022, a HELOC lets you access equity as a second lien without touching that rate. A cash-out refi would replace it with today's 6–7% rate.
A HELOC works like a credit card secured by your home. Borrow what you need, pay it back, and borrow again during the draw period (typically 10 years). You only pay interest on what you use.
A home equity loan gives you a fixed amount at a fixed rate with a fixed payment. Better for large, one-time expenses like a major renovation or debt payoff.
Interest on home equity borrowing may be tax-deductible if the funds are used to buy, build, or substantially improve your home. Consult a tax professional for details.
Home value × 80% − first mortgage balance = available HELOC amount. We run a preliminary estimate before ordering an appraisal.
Submit your application. We order an appraisal to confirm your home's current value. The 12-day Texas cooling period starts.
Underwriting reviews your income, credit, and equity. Title company prepares second-lien closing documents.
Sign your HELOC or home equity loan docs. Funds are available within 3 business days. Your first mortgage is untouched.
Run the numbers before you commit. These tools answer the questions every refi shopper asks.
Find out when your refinance pays for itself and whether the closing costs are worth it.
Should you buy discount points to lower your rate? See break-even months and lifetime savings.
See how extra payments shave years off your loan and save tens of thousands in interest.
Common questions about second-lien equity access in Texas.
HELOC • Home Equity Loan • Up to 80% combined LTV.
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