Keep your first mortgage
A second-lien HELOC may allow you to retain your current first mortgage, including its interest rate and remaining term.
Breeze Funding | Home equity solutions
Home Equity Lines of Credit (HELOC)
Keep your existing first mortgage and explore a flexible way to access the equity in your home.
What is a HELOC?
A home equity line of credit is a revolving credit line secured by your property. During the draw period, you can typically borrow as needed up to your available credit limit. Amounts repaid may become available to borrow again, depending on your loan agreement. A HELOC may be placed behind an existing first mortgage, allowing that first loan to remain in place.
Most HELOCs have variable interest rates. Monthly payments can change, and payments may increase substantially when the draw period ends. Borrowing against your home carries risk.
Why consider a HELOC?
Borrow when you need funds
Subject to your credit agreement, draw from an available credit line for renovations, major expenses, or planned projects.
Pay interest on what you borrow
Generally, interest is charged on your outstanding balance, not the entire unused credit limit. Specific payment rules depend on the product.
What to review before choosing a HELOC
Draw period and repayment period
Understand how long you can make withdrawals, when repayments change, and whether principal and interest payments will be required.
Rates, margins and caps
Many HELOCs use a variable benchmark plus a margin. Check how often the rate can change and whether fixed-rate conversion options exist.
Equity and qualifying
Lenders evaluate your property value, existing mortgage balance, credit, income, debt obligations, and other program criteria.
Fees and total cost
Ask about appraisal, closing, annual, inactivity, and early closure fees. Compare total cost, not just the initial rate.
HELOC Frequently Asked Questions
Make your home equity work for your plans.
Talk with Breeze Funding about your goals, options, costs, and eligibility.
Subject to underwriting, property eligibility, program availability, and applicable state requirements. Home-secured borrowing involves foreclosure risk if obligations are not met.