Cash From Your Home Equity. Fixed Rate. Compare 20+ Lenders in One Quote.
OnPoint Mortgage Pro is a wholesale mortgage brokerage with 24+ years of experience. We shop your home equity loan across 20+ wholesale lenders, including specialists like Spring EQ, to find you the lowest fixed rate and best program for your situation, not whatever one bank happens to be selling.
- Borrow up to $500,000 (some programs up to 90% CLTV)
- Fixed interest rate, fixed monthly payment, no surprises
- Funding in as fast as 11-14 days on qualified files
- No prepayment penalty on most programs
- Credit scores from 640 (some programs go lower)
Home Equity Loan Programs From 20+ Top Wholesale Lenders
A Home Equity Loan in 3 Simple Steps
From quick quote to funded in typically 11-14 days. No black-box pricing, no retail markup.
1
Tell Us About Your Loan
Spend 60 seconds on the form: how much you want to borrow, your home's value, current mortgage balance, credit range, and what you'll use the funds for. Soft inquiry only, no impact to your credit at this stage.
2
We Shop 20+ Wholesale Lenders
Your file goes to home-equity specialists (Spring EQ and others) along with our broader wholesale panel. We bring back the strongest fixed-rate program for your LTV, credit, and purpose, priced for brokers not retail.
3
Close in 11-14 Days
Lock your fixed rate, sign disclosures, complete underwriting and appraisal. Most qualified home equity loans fund in 11-14 days, sometimes faster on streamlined programs.
What Is a Home Equity Loan?
A home equity loan (sometimes called a “second mortgage” or “HELOAN”) lets you borrow a one-time lump sum against the equity you have built up in your home. You repay it on a fixed schedule at a fixed interest rate, with predictable monthly payments over a set term (typically 10 to 30 years).
Unlike a cash-out refinance, a home equity loan does not replace your existing first mortgage. It sits in second position behind it. So if you have a 3% first-mortgage rate from 2021 you do not want to give up, a home equity loan lets you tap your equity without touching that low rate.
Unlike a HELOC, a home equity loan delivers all the money upfront at a fixed rate. That makes it ideal for one-time large expenses where you know the amount: a kitchen remodel, debt consolidation, a tuition bill, a major medical expense. Predictable rate, predictable payment, predictable payoff.
What a Home Equity Loan Makes Possible
Three of the most common reasons our clients tap their equity at a fixed rate.
OnPoint Mortgage Pro · NMLS #2134550 · 24+ years experience · Headquartered in Irvine, California · Equal Housing Lender
Three Home Equity Loan Programs
Most direct lenders offer one program at one CLTV cap. As a wholesale broker we match your file to the program that gives you the most cash at the lowest fixed rate.
Standard HEL
Up to 80% CLTV · Best rates
The most common program. Lowest fixed rates, broadest lender competition, and the cleanest underwriting. Best fit if you have substantial equity (20%+ remaining after the new loan).
- Loan amounts up to $500,000
- Terms 10 to 30 years
- Credit scores from 640
- Fixed rate, fixed monthly payment
High-LTV HEL
Up to 90% CLTV · Spring EQ specialty
Need to borrow more against the same home? Some specialty wholesale lenders (Spring EQ is the largest) extend home equity loans up to 90% combined LTV. Slightly higher rate, much more cash unlocked.
- Loan amounts up to $500,000
- Combined LTV up to 90%
- Credit scores from 640
- Fast close (often 11 days)
Jumbo HEL
Above conforming limits
For higher-value homes where you need to tap more than $500K of equity. Jumbo home equity loan programs are available through select wholesale lenders, typically requiring higher credit (700+) and a tighter LTV (80% or less).
- Loan amounts above $500K, often up to $1M+
- Credit scores typically 700+
- Higher home values, more strict underwriting
- Fixed rate, terms up to 30 years
What People Use Home Equity Loans For
The most common uses we see. Tax treatment varies by use, check with your tax advisor.
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Home Improvement
Kitchen, bath, addition, roof, HVAC, solar, accessibility upgrades. Interest may be tax-deductible when used to substantially improve the home securing the loan.
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Debt Consolidation
Pay off credit cards (often 18-25% APR) and personal loans with a single fixed home equity loan payment. Lower rate, faster payoff, simpler budgeting.
★
Education
Tuition for a child or yourself. Often beats private student loan rates and avoids variable-rate risk over a long repayment period.
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Major Purchase
Wedding, medical expense, starting a business, second-home down payment, emergency fund buffer. One-time, known amount, fixed payment.
Are You Eligible?
Home equity loans are designed for homeowners with established equity and stable income. The basic eligibility rules:
- You own a home with at least 15-20% equity remaining after the new loan (CLTV under 80-90% depending on program)
- Credit score 640 or higher (some programs accept 620)
- Debt-to-income ratio under 50% (the new loan payment is included in this calculation)
- Steady, documentable income (W2 employment, self-employment with two years of tax returns, retirement income, or rental income)
- Property is primary residence, second home, or investment property (eligibility varies by program)
- Single-family, condo, townhouse, or 2-4 unit property (manufactured homes accepted on select programs)
- You are a U.S. citizen or eligible non-citizen with a valid Social Security number
What Does a Home Equity Loan Cost?
Home equity loans have lower closing costs than a cash-out refinance because the existing first mortgage is left untouched. Here is what to expect:
Origination feeTypically 1-2% of loan amount, varies by lender
Appraisal~$500 (some programs use AVM and waive)
Title search & recording$200-$500 depending on state
Annual feeNone on most programs (unlike many HELOCs)
Prepayment penaltyNone on most programs, you can pay off any time
Total closing costs (typical)1-3% of loan amount
As a wholesale broker we shop across 20+ lenders including Spring EQ, which has built its specialty around lower fees and faster closes than retail home equity offerings. We will tell you the all-in cost upfront, not on day 25.
Home Equity Loan vs HELOC vs Cash-Out Refinance
All three tap your home's equity. Picking the right one can save thousands. Here is how they compare side-by-side.
| Feature | Home Equity Loan | HELOC | Cash-Out Refinance |
|---|---|---|---|
| Rate type | Fixed | Variable (some fixed-rate options) | Fixed |
| Funds delivery | Lump sum at closing | Revolving line, draw as needed | Lump sum at closing |
| Payment | Fixed monthly P&I | Variable (interest-only during draw) | Fixed monthly P&I |
| Affects first mortgage? | No (2nd lien) | No (2nd lien) | Replaces first mortgage |
| Typical term | 10-30 years | 10-year draw + 20-year repay | 15-30 years |
| Closing costs | 1-3% of loan amount | Often $0 or under $500 | 2-5% of loan amount |
| Annual fee? | None typical | Often $50-$100 | None |
| Prepay penalty? | None typical | None typical | None typical |
| Best for | One-time large expense, lock in rate | Ongoing or uncertain needs, flexibility | Lower first-mortgage rate + cash |
If you have a low first-mortgage rate you want to preserve, the Home Equity Loan or HELOC are usually the right choices. A Cash-Out Refinance only makes sense when current rates are at or below your existing first-mortgage rate.
What Real Clients Say
Verified Google Reviews from OnPoint Mortgage Pro clients. No edits, no curation.
Your Home Equity Specialist
With 24+ years originating mortgages, Victor has guided hundreds of homeowners through home equity loans, HELOCs, and cash-out refinances. He will tell you which one actually fits, not which one pays him most.
VS
Victor Santos
Senior Loan Officer · NMLS #888844
Victor has been originating mortgages since 2002. He shops your home equity loan file across 20+ wholesale lenders including Spring EQ, the largest specialty HEL wholesaler in the country, so you get the program and rate that actually fit your situation.
Home Equity Loan Questions Answered
What is a home equity loan?
A home equity loan is a fixed-rate, fixed-term second mortgage that lets you borrow a one-time lump sum against the equity you have built in your home. You make predictable monthly payments over a set term (typically 10 to 30 years). Your existing first mortgage is left untouched, so a home equity loan is a way to access cash without giving up a low first-mortgage rate.
How is a home equity loan different from a HELOC?
A home equity loan delivers all the money upfront as a lump sum at a fixed interest rate, with a fixed monthly payment over a set term. A HELOC (home equity line of credit) is a revolving credit line: you draw money as needed during a draw period (usually 10 years), pay interest only on what you borrow, and the rate is typically variable. Home equity loans suit one-time known expenses where you want rate certainty. HELOCs suit ongoing or uncertain needs where flexibility matters more than rate stability.
How much can I borrow?
Up to $500,000 on most home equity loan programs, with combined loan-to-value (CLTV) usually capped at 80%, though specialty programs (Spring EQ and similar) go up to 90% CLTV. CLTV means the total of your first mortgage plus the new home equity loan, divided by your home's appraised value. On a $700K home with $300K remaining on the first mortgage, an 80% CLTV cap allows up to $260K in a new home equity loan; 90% CLTV would allow up to $330K.
What credit score do I need?
Most home equity loan programs require a minimum credit score of 640, with some specialty programs going to 620. Higher credit scores unlock lower rates and higher CLTV ceilings. If you are below 620, a cash-out refinance under FHA guidelines (where minimums are lower) may be a better fit, we can advise on either path.
How long does it take to close?
11 to 14 days on streamlined home equity loan programs from specialty lenders like Spring EQ, sometimes faster. Standard lender turn times are typically 21-30 days. The rate-limiting steps are the appraisal (1-2 weeks) and underwriting (1-2 weeks). Borrowers who provide documents quickly tend to close faster.
What can I use a home equity loan for?
Anything. The most common uses are home improvement, debt consolidation (paying off credit cards or personal loans), college tuition, medical expenses, weddings, business funding, and major purchases. There is no restriction on use, although the tax treatment of the interest depends on whether the funds are used to substantially improve the home securing the loan (see the next question).
Is the interest tax deductible?
Under current IRS rules (Tax Cuts and Jobs Act, in effect through at least 2025), home equity loan interest is tax-deductible only when the loan proceeds are used to buy, build, or substantially improve the home that secures the loan. Using the funds for debt consolidation, tuition, or other purposes does NOT qualify for the deduction. The combined mortgage debt limit is $750,000 for itemized deductions. Consult your tax advisor for your specific situation.
What are the closing costs?
Typically 1-3% of the loan amount, all-in. This includes the origination fee (1-2%), appraisal (around $500, sometimes waived via automated valuation), title and recording ($200-$500), and minor administrative costs. There is no annual fee on most home equity loan programs, and no prepayment penalty on most programs. Home equity loans have meaningfully lower closing costs than cash-out refinances (2-5%) because the first mortgage is not replaced.
Will this affect my existing first mortgage?
No. A home equity loan is a separate second mortgage that sits behind your first mortgage in lien position. Your first-mortgage rate, term, balance, and monthly payment all remain unchanged. This is the main reason most homeowners with a low first-mortgage rate (3-4% from 2020-2022) choose a home equity loan over a cash-out refinance, they keep the low rate they already have.
Can I pay it off early without penalty?
Yes, on virtually all current home equity loan programs. There is no prepayment penalty, so you can pay extra principal each month, make lump-sum payments, or pay the loan off entirely whenever you want. Some older or specialty programs do have prepay penalties for the first 1-3 years, we will flag any program that does so you can decide.
What if I have a 3% first-mortgage rate I don't want to lose?
A home equity loan is built for exactly this situation. Unlike a cash-out refinance (which replaces your first mortgage at today's rate), a home equity loan leaves your existing low-rate first mortgage completely untouched. You simply take a second mortgage at today's market rate, on the equity portion you are borrowing against. The blended cost is almost always far lower than refinancing the whole loan.
Does a home equity loan affect my home's title?
Yes, the lender records a second-position lien against the title. Your name remains on the deed and you continue to own the home. The lien is released automatically when you pay off the loan, just like a first mortgage. Future sale or refinance proceeds are used to pay off both liens in order, first mortgage first, home equity loan second.
Compliance & Disclosure Information
OnPoint Mortgage Pro is registered with the Nationwide Multistate Licensing System (NMLS #2134550) and licensed to originate mortgage loans in nine states: California, Colorado, Florida, Idaho, Maryland, New Hampshire, South Carolina, Texas, and Virginia. Home equity loans are subject to standard federal lending regulations including TILA, RESPA, ECOA, and the SAFE Mortgage Licensing Act.
All loans are subject to credit approval, property approval, and program guidelines. Rates, terms, fees, and CLTV ceilings vary by lender and program. Estimates provided on this page (origination 1-2%, appraisal ~$500, total closing costs 1-3%) are typical ranges for the wholesale lender panel we shop, your actual costs depend on the program, lender, and your file.
Home equity loan interest tax-deductibility depends on how loan proceeds are used. Under the Tax Cuts and Jobs Act, interest is generally deductible only when funds are used to buy, build, or substantially improve the home securing the loan, subject to the combined mortgage debt limit of $750,000. Consult a qualified tax advisor for your specific situation.
OnPoint Mortgage Pro · NMLS #2134550 · Equal Housing Lender. This page is informational and is not a commitment to lend. Program details current as of 2026 and subject to change.
Find Out How Much You Could Borrow
Free, no-obligation quote across 20+ wholesale lenders. We will show you the best fixed-rate home equity loan for your file, and compare it head-to-head against a HELOC and cash-out refi so you pick what fits.
(877) 870-0007