What Is a HELOAN
A Home Equity Loan, or HELOAN, allows homeowners to borrow a lump sum using equity built in their home.
Unlike a HELOC, the funds are provided upfront, often with structured repayment terms, making it useful for planned expenses where a fixed amount is needed.
Key Benefits
- Lump-sum access to home equity
- Useful for planned one-time expenses
- Structured repayment terms
- Can preserve an existing first mortgage
- Potential fixed rate and payment structure
- Funds may support renovations or consolidation
Eligibility Requirements
Home Equity
Required
Loan Amount
Lump sum
Credit Review
Program based
Repayment
10 to 30 years
Is a HELOAN Right for You?
A HELOAN may be a strong fit if you need a specific amount of funds upfront and prefer a structured repayment plan.
- Homeowners with available equity.
- Borrowers with a defined funding need.
- Clients who prefer lump-sum financing.
- Homeowners who want to keep their current first mortgage.
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