Home equity lines of credit compared across lenders
A HELOC turns the equity in your home into a credit line you can draw on as needed, without refinancing your first mortgage. We compare HELOC programs from multiple lenders so you can see real options side by side.
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Overview
A home equity line of credit, or HELOC, is a revolving line of credit secured by a home you already own. It is recorded behind your first mortgage as a second lien, so your current loan stays exactly as it is. You draw what you need, when you need it, up to your approved limit. As you pay the balance down, that credit becomes available to use again until the draw period ends.
A HELOC has two phases: a draw period, when you can borrow against the line, followed by a repayment period, when the line closes and the balance is paid off. The rate is usually variable, which means it can rise or fall with a published index over the life of the line. Each lender sets how minimum payments work in each phase, and we walk you through those terms before you apply.
Lenders look at your credit, your income and your equity, and they cap how much total debt can be secured by the home, counting your first mortgage and the new line together. Because a HELOC uses your home as collateral, it is worth borrowing with a plan. QMS compares HELOC programs across lenders, including options for self-employed borrowers. All loans are subject to credit approval and lender guidelines.
Is it a good fit?
- Own your home and have built up equity you want to access
- Want to keep your current first mortgage and its rate in place
- Have expenses that come in stages, such as a renovation
- Want a credit line you can draw on, pay down and use again
- Are comfortable with a rate that can change over time
- Have steady income and solid credit, or self-employment income you can document
What you'll need
- Government-issued photo ID
- Current statement for your first mortgage
- Pay stubs covering the most recent 30 days, or bank statements if self-employed
- Recent W-2 forms and federal tax returns
- Homeowners insurance declarations page
- Property tax bill and any HOA statement
How it works
How it works with QMS
Measure your equity
We estimate your home's value and your first mortgage balance to see how large a line may be possible.
Compare HELOC lenders
We compare line limits, rate structure, fees and draw rules across lenders and explain the trade-offs.
Appraise and close
The lender confirms value, you sign at closing, and the line opens for draws once any required cancellation period ends.
FAQ
HELOC loan FAQs
Don't see yours? Call us or send a message. We answer the same business day.
305-425-1990How is a HELOC different from a fixed-rate second mortgage?
A HELOC is a revolving line you draw on as needed, and its rate is usually variable. A fixed-rate second mortgage pays you one lump sum at closing and is repaid with a fixed payment. A HELOC suits expenses that arrive in stages, while a fixed second suits a single, known cost. We can price both so you can compare.
How much can I borrow with a HELOC?
It depends on your home's value, what you owe on your first mortgage, your credit and your income. Lenders cap how much total debt can be secured by the home, counting the first mortgage and the new line together, and those caps vary by lender and property type. We compare lenders to find a limit that fits your situation.
Will a HELOC change my first mortgage?
No. A HELOC is a separate loan recorded as a second lien behind your first mortgage. Your first mortgage keeps its balance, rate and payment, and you keep paying it as you do today. The HELOC adds a second payment while you carry a balance. Keeping a first mortgage rate they like is often why borrowers choose a HELOC over a cash-out refinance.
Can I get a HELOC on a second home or rental property?
Some lenders offer HELOCs on second homes and rental properties, but many limit them to a primary residence. When they are available, credit, reserve and equity requirements are usually stricter. Because availability varies so much, comparing several lenders is often the only way to find one. If a HELOC is not available, a fixed-rate second mortgage may be.
Get started
Know your numbers before you make an offer.
Tell us about your scenario and we'll price it across our lenders the same business day.