What is a home equity loan and who is it for?
A home equity loan is a fixed-rate second mortgage that disburses a lump sum at closing, designed for homeowners who need a one-time amount with a predictable fixed payment. Mortgage Go originates home equity loans through licensed loan officers in the states where each officer is individually licensed.
Who it's for
Homeowners with equity who need a one-time lump sum for a defined expense and want a fixed payment.
Benefits
- Lump-sum disbursement at closing.
- Fixed interest rate and fixed monthly payment.
- Keeps the existing first mortgage intact.
- Predictable amortization schedule.
Key facts
- Structure
- Fixed-rate second mortgage
- Disbursement
- Lump sum at closing
- Rate type
- Fixed
- Maximum loan-to-value
- Placeholder — pending compliance
Calculator
Home Equity Loan calculator embeds here in Phase 2.
Frequently asked questions
What is a home equity loan?+
A home equity loan is a fixed-rate second mortgage that disburses a single lump sum at closing, secured by your home equity, and repaid on a fixed amortization schedule.
Is a home equity loan the same as a cash-out refinance?+
No. A home equity loan is a second lien that sits behind your existing first mortgage. A cash-out refinance replaces your existing first mortgage with a larger new loan.