Florida HELOCs & Fixed-Rate Second Mortgages
Flexible ways to tap into your home equity
Snapshot of Your HELOC & Second-Mortgage Options
What Is a HELOC or Second Mortgage?
A Home Equity Line of Credit (HELOC) lets you borrow against available home equity during a defined draw period, up to an approved credit limit. HELOCs generally have variable interest rates, so payments may change. A fixed-rate second mortgage provides a lump sum with a fixed interest rate and scheduled principal and interest payments.
When placed behind your existing first mortgage, either option lets you access equity without replacing that mortgage or changing its rate. Funds may help with renovations, education expenses, debt consolidation, or other needs.
We help Florida homeowners explore both options through our lending partners. These loans are secured by your home and add a repayment obligation, so we’ll help you understand the costs and responsibilities before moving forward.
Why choose Select Home Loans?
- Diverse mortgage options: Conventional, FHA, VA, Reverse Mortgages, Jumbo, Non-QM Loans, HELOC, Second Mortgages, and DSCR Loans.
- Trusted reputation: A+ Rated and accredited by the Better Business Bureau.
- Customized service: Solutions crafted to meet your specific requirements.
- Established credibility: A reputation built on trust and experience.
Finding the Right Home Equity Option in Florida
Choosing how to use your equity starts with what you want to accomplish. Whether you have a specific expense in mind or want access to funds over time, we’ll take time to understand your plans and help you compare available options.
Through our network of lending partners, we review rates, closing costs, repayment terms, and any applicable draw periods. We also explain how your available equity, credit, income, and property affect your choices.
From your first questions through closing, we’re here to make the details easier to understand and help you decide what fits comfortably into your budget.
Frequently Asked Questions
What’s the difference between a HELOC and a fixed-rate second mortgage?
A HELOC is a revolving credit line that lets you borrow during a defined draw period, up to your approved limit. Interest is charged only on the amount outstanding, and rates are generally variable.
A fixed-rate second mortgage provides a lump sum with a fixed interest rate and scheduled principal and interest payments over a set term. Both are secured by your home.
How much can I borrow against my Florida home?
Select programs offer financing up to 90% combined loan to value, or CLTV, for eligible borrowers and properties. That means your existing mortgage balances plus the new financing can total up to 90% of your home’s qualifying value. Your available amount depends on your current mortgage balance, credit, income, and the program. We’ll help you understand the numbers and explore what fits your budget.
Will a HELOC or second mortgage change my first mortgage’s rate?
No. When added behind your existing first mortgage, a HELOC or second mortgage leaves that mortgage and its rate in place. You’ll continue making your first mortgage payments alongside any payments required on the new loan.
Can I get a HELOC or second mortgage on an investment property?
Yes. Options may be available for eligible investment properties based on your qualifications and available equity. Some fixed second mortgage programs use DSCR, which evaluates the property’s rental income rather than your personal income for income qualification. Credit and other financial requirements still apply. We’ll help you compare available options with your rental property and investment goals in mind.
Will I need an appraisal?
Not always. Some programs accept an automated valuation or desktop appraisal instead of a full appraisal. We’ll help you understand which property review is needed for your financing.