Fixed-Rate Home Equity Loans
Explore a lump-sum home equity loan while keeping your current first mortgage in place.
Explore My Home Equity Loan Options →Tell us about your property, mortgage, and goals.
For a specific financing need and a separate loan.
A fixed-rate home equity loan may be worth comparing if you know the amount you need and want a lump sum rather than revolving draw access.
Start with these questions:
- How much do you need after costs and payoffs?
- Would you prefer a fixed repayment schedule?
- What equity and first-mortgage balance do you have?
- How does the second payment fit your budget?
Home Equity Loan Highlights
- Loan amount
- $20,000–$750,000 on selected standalone programs. The $20,000 minimum and $750,000 maximum are documented in one financing option; other financing options have different limits.
- Credit score
- Options starting at 640 on selected lower-financing tiers. The option that goes up to $750,000 starts at 680; higher financing percentages can require stronger credit.
- Down payment / equity
- Selected primary/second-home options reach 90% combined loan-to-value. Investment limits are lower. The first mortgage is included in combined financing; this is not the percentage you receive in cash.
- Occupancy
- Primary residence, second home / vacation home, or investment / rental property, subject to program and transaction requirements.
- Property types
- Eligible 1–4 unit primary residences and investment properties, plus eligible one-unit second homes and warrantable condos. Manufactured homes and co-ops are excluded in reviewed programs.
- Rate structure
- Fixed-rate standalone home equity loans. The interest rate stays the same for the loan term.
- Interest-only
- Not offered in the reviewed standalone HELOAN structures; scheduled payments include principal and interest.
- Amortization / repayment
- Fixed-rate loans with scheduled principal-and-interest payments. Available repayment lengths depend on the option.
- Lien position
- A second mortgage that can leave your existing first mortgage in place. One advance rather than a revolving credit line.
Highlights describe separate programs and may not be available together. Terms depend on the lender, credit, income, occupancy, property value, and combined liens. Closing costs and payoffs affect net proceeds. Your home secures the debt; failure to repay can put it at risk. All loans are subject to underwriting and availability.
Choose the structure that matches the need.
Home equity loan
A one-time advance with a fixed-rate, fully amortizing repayment schedule.
HELOC
A separate credit line with draw-access rules, variable rates, and payment phases.
Explore HELOC →Cash-out refinance
A replacement first mortgage that may provide cash from equity, with a new rate on the full balance.
Explore Refinance Options →Your equity and ability to repay.
- Property value, ownership, occupancy, and project eligibility.
- First-mortgage balance, payment, and other liens.
- Credit profile, income, and monthly obligations.
- Requested amount, term, costs, and use of proceeds.
Home Equity Loans in Michigan, Florida and California
Explore home equity loans through PMF in California, Florida, and Michigan.
Lender, property, state, and program conditions apply. This page does not apply DSCR licensing exceptions.
Home Equity Loan FAQs
What is a home equity loan?
It is a loan secured by your property that generally provides one lump-sum advance with a defined repayment schedule. These standalone options are fixed-rate second mortgages, separate from the existing first mortgage.
How is it different from a HELOC?
A home equity loan provides a single advance with fixed-rate principal-and-interest payments. A HELOC is a credit line with draw-access rules and generally variable-rate payments.
Can I keep my current first mortgage?
Yes, the reviewed standalone programs are second liens and do not replace the first mortgage. Your first-mortgage balance and payment still count in qualification and combined-loan-to-value calculations.
How much can I borrow?
Selected programs offer $20,000 to $750,000, with different limits by credit, occupancy, equity, and program. Existing liens, closing costs, and any required payoffs affect the net amount you receive.
Will my payment stay the same?
The scheduled principal-and-interest payment on a fixed-rate, fully amortizing home equity loan is set by its note terms. Your total housing expense may still change because of the first mortgage, taxes, insurance, or other charges.
Can I choose an interest-only or adjustable-rate option?
The reviewed standalone home equity loan programs are fixed-rate and fully amortizing. Interest-only or adjustable-rate features are not confirmed for these options.
What credit score and equity do I need?
Some lower-financing tiers start at 640. Larger loan amounts or higher combined financing can require stronger credit.
Can I use a second home or investment property?
Selected programs allow both, subject to different credit and combined-financing limits. Second-home options are limited to eligible one-unit properties.
Can I close in an LLC or use a non-warrantable condo?
These home equity loans exclude LLC and other business-entity borrowers and require an eligible warrantable condo where applicable. Do not assume DSCR ownership or condo rules apply to a home equity loan; discuss another program if your scenario needs those features.
Will I need an appraisal?
An acceptable property valuation is required. Some smaller-loan scenarios may permit approved valuation alternatives.
Can I use the funds for improvements or debt consolidation?
Your loan officer will review the intended use and any required payoffs. Moving debt into a home-secured loan can extend repayment and put your property at risk if payments are not made.
Can I repay it early or borrow the money again?
Review your note and disclosures for any prepayment, fee, or payoff conditions. A home equity loan is not revolving: funds paid back are not available to redraw under the same loan.
Is this the same as a purchase piggyback loan?
No. This page focuses on a standalone second mortgage for an existing property.
What happens after I submit my scenario?
A licensed PMF loan officer will review your scenario and discuss possible options. An inquiry is not approval.
Have a specific goal in mind?
Let's compare the amount, payment, and total costs.
Explore My Home Equity Loan Options →Program availability and terms depend on your complete scenario and underwriting. This is not a commitment to lend. A loan officer can review your scenario and discuss available options.