Home equity loan
Keep the first mortgage. Add a defined second loan.
A home equity loan generally delivers eligible proceeds as a lump sum and adds a separate scheduled payment. It may deserve comparison when the amount is known and preserving the current first mortgage matters.
Starting is an inquiry, not a rate quote, lock, prequalification, approval, or commitment to lend. No hard credit pull is required for this initial plan.
Start with the decision
A home equity loan separates the new borrowing from the first mortgage.
A home equity loan is generally a closed-end loan secured by available home equity, commonly in a second-lien position. It typically provides approved funds in one disbursement with scheduled payments, often at a fixed rate. Product design varies by lender and state. Intel Loans does not promise availability, a rate, a payment, or approval on this page.
The project, consolidation, or other eligible use has a known budget.
A scheduled installment payment is preferred over flexible revolving draws.
Keeping the current first mortgage is an explicit priority in the comparison.
Decision criteria
The facts that change the route
Preserving the first mortgage is valuable only when the separate second-lien cost and payment still fit the plan.
Known funding need
A lump-sum product works differently from a line that can be drawn over time.
Is the full amount needed at once?Combined loan-to-value
The first mortgage, proposed second loan, and verified property value determine the combined lien position.
How much total debt would be secured by the home?Separate monthly payment
The first-mortgage payment continues and the new home equity payment is added.
Does the combined payment remain sustainable?Closing costs and term
Fees, repayment term, and early payoff terms affect the total cost of a fixed second loan.
How long will the balance likely remain outstanding?Qualification and property
Credit, income, debts, occupancy, property type, state, and lien position influence availability.
Do the borrower and property fit the selected program?Tradeoffs
Every useful feature has a corresponding cost or risk.
The structure can preserve a valuable first mortgage, but it adds secured debt and a second required payment.
| Factor | Potential fit | Watch for |
|---|---|---|
| First mortgage remains | Avoids repricing the entire first-lien balance. | The household now manages two mortgage payments and two liens. |
| Lump-sum funding | Matches a known one-time cost and creates a defined balance. | Interest generally applies to the full funded balance, including money not immediately used. |
| Fixed payment | Supports predictable budgeting when fixed terms apply. | The fixed rate may differ from first-mortgage pricing and can carry upfront costs. |
| Second-lien position | Can isolate the new borrowing from the existing loan. | The home secures the debt and nonpayment can lead to foreclosure. |
From plan to decision
A complete process, with the gates left visible
The review should compare the fixed second-lien path against both a cash-out refinance and a flexible line.
Define the amount
Set the use, full amount needed, timing, and expected payoff horizon.
Output: A defined funding requestPreserve the baseline
Record the first mortgage, all liens, estimated value, and current payment.
Output: A combined-lien snapshotCompare the structures
A licensed specialist evaluates fixed second-lien, HELOC, and cash-out mechanics where available.
Output: A suitable route for formal reviewVerify and underwrite
Formal application may require credit, income, property, title, and insurance review.
Output: A decision subject to conditionsReview the final obligation
Confirm costs, new payment, total secured debt, and net proceeds before signing.
Output: A documented final choicePrepare, then protect
Prepare for a combined-debt review
We never ask for document uploads at this stage. Sensitive records go through a secure process later.
- 01First-mortgage and other lien statements
- 02Property tax, insurance, and association costs
- 03Purpose and exact amount requested
- 04Income, employment, asset, and debt records
- 05Property ownership and occupancy details
Questions about home equity loan
Is a home equity loan always fixed rate?
Home equity loans are commonly offered with fixed rates and scheduled payments, but product terms vary. Any actual rate and payment require a verified application and current lender terms.
Will my first mortgage change?
A separate home equity loan generally leaves the first mortgage in place. The review must confirm lien structure, title, and lender requirements. The new loan adds another payment secured by the home.
Can this page tell me how much I qualify for?
No. It does not calculate approval or available proceeds. Those depend on verified property value, liens, credit, income, debts, occupancy, and program limits.
Is a home equity loan better than a HELOC?
Neither is universally better. A fixed lump sum may fit a known one-time need; a HELOC may fit staged borrowing. Compare payment behavior, total cost, flexibility, and risk.
Are the terms shown here an offer?
No. This page explains general mechanics only. It does not provide a live rate, quote, approval, or commitment to lend.
This is not a commitment to lend or an offer of credit. All loan approvals are subject to credit review, underwriting, and property evaluation. Programs, terms, and conditions are subject to change without notice.
Intel Loans, Inc., NMLS #2858705. Licensed in Florida. Verify our licensing at nmlsconsumeraccess.org. Equal Housing Opportunity.
A home equity loan is debt secured by the property and generally adds a separate payment. Product availability and structure vary; no rate, proceeds amount, or approval is offered here.
Intel Loans does not display live mortgage rates on this page. Any actual pricing must be tied to current market conditions and verified loan assumptions, and may change until properly locked.
Home equity loan
Give a defined equity need a defined comparison.
Record the amount, first mortgage, combined liens, and repayment horizon before deciding whether a separate fixed-payment loan fits.
A home equity loan is debt secured by the property and generally adds a separate payment. Product availability and structure vary; no rate, proceeds amount, or approval is offered here.