HOME EQUITY LOANS & HELOCS
Use Your Equity Without Giving Up Your Rate
If you locked in a low mortgage rate, a cash-out refinance means handing it back on your entire balance. A second-lien home equity loan or HELOC leaves your existing first mortgage in place. Its payment can still change for reasons such as escrow adjustments or an adjustable interest rate. As a Mortgage Broker with Barrett Financial Group, I compare second lien programs across 180+ lenders to find the one that actually fits what you’re doing.
Lump Sum or Line of Credit
Two Ways to Tap Your Equity, and They’re Not the Same
A home equity loan gives you one lump sum at a fixed rate with a fixed payment, which is the right tool when you already know the number. A HELOC is a revolving line you draw from as you go, paying interest only on what you’ve actually used, which is the right tool when the total isn’t set yet. Same collateral, very different shape. Most people land on this page not knowing which one fits, so I price both and show you the real difference before you decide anything.
Why Homeowners Choose Jim
What You Get With Jim
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Your First Mortgage Stays in Place
A second-lien home equity loan or HELOC leaves your existing first mortgage in place. Its payment can still change for reasons such as escrow adjustments or an adjustable interest rate.
180+ Lenders
Second lien limits and terms vary a lot from lender to lender, and that spread is real money. I shop it for you.
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Loan vs. Line, Compared
I price a home equity loan against a HELOC side by side so you can see which one actually costs you less.
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Honest Guidance
Sometimes a cash-out refinance still wins. If that’s your situation, I’ll tell you instead of selling you a second.
The Process
A Simple, Straightforward Way to Use Your Equity
1
Tell Me the Goal
Renovation, ADU, debt consolidation, tuition, or a cushion you want available. What you’re funding decides which product fits.
2
Find Your Number
I look at your home’s value, what you still owe, and your credit to tell you what you can actually borrow.
3
Compare Your Options
Home equity loan, HELOC, and cash-out refinance, priced against each other so you’re choosing with real numbers.
4
Close & Put It to Work
I handle the paperwork and the lender. Most of my loans are cleared to close within about two weeks.
Where I Help Homeowners Use Their Equity
Jim Apessos is a mortgage broker with Barrett Financial Group, serving buyers and homeowners throughout Arizona, including Phoenix, Scottsdale, and the East Valley. He has a strong focus on the West Valley, including North Glendale, Peoria, Surprise, Sun City, Sun City West, Litchfield Park, and Goodyear.
In Southern California, he serves San Diego County, Orange County, Los Angeles County, and the Inland Empire.
Jim is also licensed and helps homeowners access their equity in Oregon, Washington, Colorado, Pennsylvania, New Jersey, and Florida.
FAQs
Frequently Asked Questions
How is a home equity loan different from a HELOC?
A home equity loan is one lump sum at a fixed rate with a fixed payment. A HELOC is a revolving line you draw from as you need it, usually at a variable rate, and you only pay interest on what you’ve actually used. If you know the exact number, the loan usually wins. If the total could grow or you just want funds standing by, the line does. I’ll price both so you can see the real difference.
Can a HELOC affect a future mortgage refinance?
It can. Your HELOC lender may need to agree to keep its loan behind the new first mortgage. If it doesn’t agree, you may need to pay off the HELOC to complete the refinance. I’ll help you consider this if another refinance is part of your plans.
How much can I borrow?
It comes down to what your home is worth, what you still owe on it, your credit, and the individual lender’s limits. Those limits vary quite a bit from one lender to the next, which is exactly why it’s worth shopping instead of taking the first offer. Send me your numbers and I’ll give you a real range, not a guess.