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HELOC and Home Equity Loans, Including the 5-Day HELOC

As few as 5 business days after you accept your offer, on select digital programs.

Use your equity without refinancing your first mortgage. If you want to keep your current rate, a second lien is usually the first place I look.

Check My HELOC OptionsBook a call

Do I qualify?

Start the 5-Day HELOC

Answer a few questions, then add your contact details. I review your answers and confirm the right program for your property before anything moves forward.

  • Credit scores from 600 on a primary residence on select programs, with smaller lines and lower CLTV below 680; 680+ on most second-home and investment programs
  • Combined loan-to-value up to 85% on a primary residence with 680+ credit (lower at lower scores); 70% on second homes and investment properties
  • Lines from $25,000 to $750,000; the largest lines need 700+ credit and more equity
  • Ownership seasoning varies by lender: some programs lend once the purchase records; others limit CLTV for the first 6 to 12 months
  • Funding in as few as 5 business days after you accept your offer on select digital programs; primary residences fund after the 3-business-day right to cancel

Texas home-equity loans are capped at 80% combined loan-to-value by state law.

Find your options

No hard credit check to start. A credit pull comes later, with your OK. Randy follows up personally.

A few quick questions

Many files use an automated valuation instead of an appraisal. Your best estimates are fine.

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NMLS# 1516760Lumin Lending Inc. NMLS# 2716106 | DRE# 02291443Equal Housing Opportunity

Last updated: October 2026

Key Facts

  • A HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home equity. You borrow what you need, when you need it, and pay interest only on what you draw.
  • Randy Mathis, NMLS# 1516760, arranges HELOCs from $25,000 to $750,000 through Lumin Lending Inc., licensed in 15 states, with CLTV up to 85% on a primary residence with 680+ credit (smaller lines and lower CLTV at lower scores) and 70% on second homes and investment properties.
  • Fixed-rate home equity loans start at $50,000 on select programs.
  • HELOCs are typically variable rate based on Prime.

What Are HELOCs and Home Equity Loans?

Both are second mortgages. They sit behind your first mortgage instead of replacing it. A HELOC works like a credit card backed by your equity. You get a limit, draw what you need during the draw period, and pay interest only on what you use.

A home equity loan (HELOAN) is one lump sum at a fixed rate, repaid on a set schedule like a regular mortgage. You know the full cost on day one. That's why people with one known expense often prefer it.

HELOC vs. cash-out refinance is one of the most common questions I get. A conventional cash-out refinance replaces your entire first mortgage at today's rate. A HELOC sits behind it as a second lien. If your current rate is lower than today's rates, the HELOC often wins. You keep your low rate and pay current pricing only on the equity you access. For homeowners aged 55 or older on select programs (the minimum age is 60 or 62 in some states, and 62 for the FHA-insured HECM), a reverse mortgage is another way to access equity without monthly mortgage payments (you still pay taxes, insurance, and upkeep).

Who Is This For?

These fit homeowners who want to use their equity and leave the first mortgage alone.

  • Homeowners with a low first mortgage rate who do not want to refinance and lose their current rate
  • Home renovation projects, where a line lets you pay contractors as the work gets done
  • Debt consolidation, moving high-interest cards or loans to a lower-cost balance secured by your home, with a payoff plan
  • Real estate investors who need fast access to cash for their investment properties
  • Anyone on a deadline, since select digital HELOC programs are designed for time-sensitive situations

How Do You Qualify for a HELOC?

Equity sets the ceiling. Your combined loan-to-value (CLTV) is everything you owe on the home, including the new line, divided by the home's value. On the HELOC programs I offer, that can reach 85% on a primary residence with 680+ credit and 70% on second homes and investment properties.

Credit sets the floor. Scores start at 600 for a primary residence on select programs, with smaller lines and lower CLTV below 680, and at 680 for second homes and investment properties. Stronger scores usually earn higher limits and better pricing. The lender also checks that the new payment fits with your existing debts. Lots of equity alone won't carry an application.

Then the property. Ownership seasoning varies by lender, and the home is valued with an automated valuation or a full appraisal. Some programs lend in second or even third lien position, so an existing second mortgage doesn't automatically rule you out.

HELOC and Home Equity Loan Program Parameters

ParameterHELOCHome Equity Loan (on select programs)
Amount$25,000 to $750,000 (largest lines need 700+ credit)From $50,000 on select programs, up to $750,000 ($850,000 on select programs)
Minimum credit score600 primary on select programs; 680+ for 85% CLTV; 680 second home and investment620 on select programs at lower CLTV; 660+ on most
Maximum CLTV85% primary with 680+ credit, lower below 680; 70% second home and investmentUp to 90% on a primary residence on select programs (700 to 720+ credit, full doc or bank statements, loans up to $350,000); 80% at 660
OccupancyPrimary, second home, investmentPrimary, second home, investment
StructureRevolving line, variable rate based on PrimeLump sum, fixed rate, terms vary by program
Ownership seasoningVaries by lenderVaries by lender
Income documentationStandard income verificationFull doc; bank statement, P&L, 1099, or DSCR options may be available
Typical timeline2 to 6 weeks; as few as 5 business days after you accept your offer on select digital programs2 to 6 weeks

The HELOC is a flexible line. The home equity loan trades that flexibility for a fixed payment. Figures vary by lender and are subject to approval.

When Does a Fixed Home Equity Loan Make More Sense?

Pick the fixed loan when you know the full amount you need and want the payment locked. On select programs through my lender network, these loans run from $50,000 up to $750,000 ($850,000 on select programs), with fixed terms that vary by program, on primary homes, second homes, and investment properties.

Credit scores from 660 may be considered on most programs, and from 620 on select programs at lower CLTV. Combined loan-to-value can reach 80% at 660, and up to 90% on a primary residence on select programs with 700 to 720+ credit, full doc or bank statements, and loans up to $350,000. If you're self-employed, you may be able to qualify with bank statements, a profit and loss statement, or 1099 income. Investors may find rental-income (DSCR) second mortgages for cash-out on investment properties.

You can take it on its own and keep your first mortgage, or pair it with a purchase first mortgage. Some programs exclude certain states and cities, and Texas home equity cash-out rules limit what's available there. I confirm your property is eligible first.

What to Expect From Application to Funding

  1. A short conversation. We look at your numbers and your goal, then pick the line or the loan.
  2. Application and documents. You apply online and upload income documents and your current mortgage statement.
  3. Valuation. The lender values the home with an automated valuation or a full appraisal, depending on the program and property.
  4. Underwriting and title. The lender confirms income, credit, and lien position and clears title.
  5. Signing and funding. On a primary residence, federal law gives you a short right of rescission after signing before funds are released.

On select digital programs, HELOCs can fund in as few as 5 business days after you accept your offer, and primary residences fund after the 3-business-day right to cancel. Standard files usually take 2 to 6 weeks. To start the digital application, use the form near the top of this page.

HELOC vs Home Equity Loan vs Cash-Out Refinance

  • How it works

    HELOC:
    Revolving credit line
    Home Equity Loan:
    Lump sum, fixed payments
    Cash-Out Refinance:
    Replace existing mortgage with larger one

  • Interest rate

    HELOC:
    Variable (Prime-based)
    Home Equity Loan:
    Fixed
    Cash-Out Refinance:
    Fixed or adjustable

  • Access to funds

    HELOC:
    Draw as needed during draw period
    Home Equity Loan:
    One-time disbursement
    Cash-Out Refinance:
    One-time disbursement at closing

  • Repayment

    HELOC:
    Interest on what you use during draw, then principal and interest
    Home Equity Loan:
    Fixed monthly payments
    Cash-Out Refinance:
    New mortgage payment

  • Closing costs

    HELOC:
    Often lower; varies by lender
    Home Equity Loan:
    Moderate
    Cash-Out Refinance:
    Full mortgage closing costs

  • Ideal for

    HELOC:
    Ongoing expenses, flexibility
    Home Equity Loan:
    Known one-time expense
    Cash-Out Refinance:
    Large amount needed, want to lock rate

  • Impact on 1st mortgage

    HELOC:
    None; separate lien
    Home Equity Loan:
    None; separate lien
    Cash-Out Refinance:
    Replaces your existing mortgage

  • Typical timeline

    HELOC:
    2 to 6 weeks (as few as 5 business days on select digital programs)
    Home Equity Loan:
    2 to 6 weeks
    Cash-Out Refinance:
    30 to 45 days

If your first mortgage rate is worth keeping, start with the first two columns.

What Are the Trade-Offs?

Equity products are useful. They're still debt against your house.

  • Your home is the collateral. Miss payments and the house is at risk. That's a bigger deal than a missed credit card payment.
  • Variable rates move. A HELOC payment rises when Prime rises. If that would strain your budget, the fixed home equity loan is the safer choice.
  • The draw period ends. When repayment begins, the payment usually goes up because it now includes principal.
  • Lines can be frozen or reduced. If home values fall or your credit changes, a lender can limit further draws, so don't treat an open line as a permanent emergency fund.
  • It counts on your next application. The payment on a second lien is part of your debt-to-income ratio when you apply for another mortgage.

I show you the total interest math on each option, including doing nothing, so you decide on numbers you can check.

Frequently Asked Questions

How does a HELOC work?
It's a revolving credit line secured by your home equity. You're approved for a limit, draw what you need during the draw period, and pay interest only on what you use. It works like a credit card, but it's usually priced well below one because your home secures it. When the draw period ends, the line moves into repayment and your payment covers principal too. Most HELOCs are variable rate, tied to Prime.
What CLTV is required for a HELOC?
On the HELOC programs I work with, combined loan-to-value (CLTV) runs up to 85% on a primary residence with 680+ credit, with lower CLTV (as low as 50% to 70%) near a 600 score, and 70% on second homes and investment properties. Your exact limit depends on credit and lien position. CLTV is your mortgage balance plus the new line, divided by your home value. To estimate your room, multiply your home value by the limit and subtract what you owe today.
How long does it take to get a HELOC?
A standard HELOC typically takes 2 to 6 weeks from application to funding, mostly because of appraisal and title scheduling. On select digital programs, funding can come in as few as 5 business days after you accept your offer, using a digital application and an automated valuation where the property allows. Primary residences fund after the 3-business-day right to cancel. Got a hard deadline? Tell me up front so we pick the right program.
Can I get a HELOC on an investment property?
Yes, on select programs. The rules are stricter than for a primary residence. For second homes and investment properties, credit typically starts at 680 (640 on select programs), and the combined loan-to-value cap is usually 70% (up to 80% on select programs with 740+ credit). Pricing is usually higher, and fewer lenders offer these lines at all. That's where a wide lender network helps. If a HELOC doesn't fit, a closed-end second mortgage may.
What is the difference between a HELOC and a home equity loan?
A HELOC is a revolving line. You draw as needed and pay interest only on what you use, usually at a variable rate. A home equity loan (HELOAN) is one lump sum at a fixed rate with set payments over a defined term. On select programs, home equity loans run from $50,000 up to $750,000 ($850,000 on select programs), with fixed terms that vary by program. Pick the line when costs come over time, and the loan when you know the full amount today.
What credit score do I need for a HELOC?
On the HELOC programs I offer, credit scores start at 600 for a primary residence on select programs, where lines are smaller (about $125,000 max) and CLTV is lower (about 50% to 70%), and at 680 for second homes and investment properties. For a fixed-rate home equity loan, scores from 620 may be considered on select programs, at lower CLTV. Stronger scores also earn higher limits. If your score is below these floors, a home equity investment may consider scores as low as 500 on select programs.
More questions (8)
How much can I borrow with a HELOC?
HELOC lines run from $25,000 to $750,000 depending on lender and credit. The largest lines need 700+ credit and usually a 75% CLTV cap. Two limits decide your number. The first is equity. Your mortgage plus the new line generally can't exceed 85% of your home value on a primary residence with 680+ credit, less at lower scores. The second is ability to repay, where the lender checks income, debts, and credit to confirm the payment fits. The smaller of the two is your realistic line, and I run both before you apply.
How soon after buying a house can I get a HELOC?
Ownership seasoning varies by lender. Some programs lend once the purchase records. Others limit CLTV for the first 6 to 12 months. The bigger limit is usually equity, since a recent purchase with a small down payment may not leave much room yet. Closed-end second mortgages have their own seasoning rules, which also vary by lender, so don't assume one product's rule applies to the other.
Will getting a HELOC change my first mortgage?
No. A HELOC or home equity loan is a separate second lien. Your first mortgage keeps its rate, balance, payment, and term. That's why I often recommend a second lien over a cash-out refinance when your current rate is lower than today's rates. You pay current pricing only on the new money. The trade-off is two payments instead of one.
Should I use a HELOC to pay off credit card debt?
It can, with a plan. Moving high-interest card balances onto a home-secured line often lowers your interest and leaves one payment to track. But unsecured debt becomes debt secured by your house, and if the cards fill back up, you're worse off. I want to see a payoff schedule for the line, and I'll show you the total interest math on each option.
What happens to my HELOC when I sell my house?
It's paid off at closing from the sale proceeds, just like your first mortgage, and the line is closed. You can't move a HELOC to your next home, because it's secured by the property you're selling. If you might sell soon, ask about early closure fees before you open the line. Some programs charge one.
What happens when the HELOC draw period ends?
You can't borrow anymore, and the balance moves into repayment. Your payment now covers principal too, so it usually rises, sometimes by a lot. Plan for it from day one. Pay down principal during the draw period, or refinance the balance into a fixed home equity loan before repayment begins.
Can I refinance my first mortgage later if I have a HELOC?
Usually, yes. To keep the HELOC open, the HELOC lender has to agree to stay in second position through a subordination agreement. Most lenders do this routinely, though it adds time. You can also pay off the HELOC at closing or roll it into a cash-out refinance. Either way, the combined loan-to-value still has to fit the new lender's limits.
Can I get a home equity loan if I am self-employed?
Yes, on select programs. Some closed-end second mortgages accept bank statements, a CPA-prepared profit and loss statement, or 1099 income instead of tax returns. That helps when write-offs make your returns look thinner than your real income. Investors may also find rental-income (DSCR) second mortgages for cash-out on investment properties. Each documentation type has its own limits, and availability varies by lender.

More questions? My FAQ page covers every loan program, and the mortgage glossary defines the common terms.

Related Loan Programs

Cash out

Replace your mortgage and take cash out.

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Access equity with no monthly payments and no new loan.

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5-Day Digital HELOC Guide

How our digital HELOC process works and what to expect day by day.

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HELOC vs. Cash-Out Refinance

When to choose a HELOC over a cash-out refinance, and vice versa.

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Should You Refinance in 2026?

Compare HELOC and refinance options for accessing your equity.

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Let's Look at Your Equity

I'll run the numbers on the digital HELOC and the fixed-rate home equity loan side by side, and help you pick the one that fits.

Find your optionsBook a call

Or call (949) 990-6030

Rates and program availability may vary based on the state or region in which the financed property is located. This is not a credit decision, an offer, or a commitment to lend. Program restrictions apply.

Timing may vary based on borrower qualifications and loan conditions. Appraisal may be required in certain circumstances. Subject to credit approval. Your home is used as collateral and may be at risk if you do not repay. Rates, terms, and repayment structure vary by product and lender. Home equity loan parameters apply on select programs and vary by lender.

Randy Mathis NMLS# 1516760 | DRE# 02236644 | Lumin Lending Inc. NMLS# 2716106 | DRE# 02291443. Equal Housing Opportunity.