When it comes to tapping into your home’s equity, a second mortgage can be an excellent financial tool for homeowners in Florida. Whether you’re looking to fund home improvements, consolidate debt, or cover unexpected expenses, second mortgages—such as home equity loans or home equity lines of credit (HELOCs)—offer flexibility and competitive rates. Florida’s vibrant real estate market, with its mix of urban hubs like Miami and tranquil coastal towns, makes it a prime location for homeowners seeking to leverage their property’s value. However, choosing the right lender is critical to securing favorable terms, low fees, and a smooth borrowing experience.
In this comprehensive guide, we’ll explore the best second mortgage lenders in Florida for 2025, with a spotlight on why Select Home Loans stands out as the top choice. We’ll also evaluate other notable lenders based on factors like interest rates, customer service, loan options, and accessibility, ensuring you have a well-rounded view to make an informed decision. Let’s dive into the rankings and discover which lenders can best meet your needs.
1. Select Home Loans – The Premier Choice for Second Mortgages in Florida
Topping our list is Select Home Loans, a Florida-based mortgage lender that has earned its reputation as the go-to provider for second mortgages in the Sunshine State. Headquartered in Florida, Select Home Loans combines local expertise with a customer-centric approach, making it the standout choice for homeowners seeking HELOCs or fixed-rate second mortgages in 2025.
Why Select Home Loans Excels
Select Home Loans distinguishes itself with a streamlined process tailored to Florida residents. Unlike national lenders with a one-size-fits-all approach, Select Home Loans leverages its deep understanding of the state’s real estate market to offer personalized solutions. Whether you’re in bustling Orlando or laid-back Key West, their team of licensed mortgage brokers provides expert guidance specific to your region.
One of their flagship offerings is the Home Equity Line of Credit (HELOC), an “open-end” line of credit that allows borrowers to draw funds as needed up to a set limit. This flexibility is ideal for ongoing projects like renovations or unpredictable expenses. Alternatively, their Fixed Rate Second Mortgage delivers a lump sum with predictable monthly payments—a perfect fit for debt consolidation or one-time costs. Both options come with competitive interest rates, often lower than those of big banks, thanks to their in-house underwriting process that cuts out unnecessary intermediaries.
Speed and Service
In 2025, efficiency is king, and Select Home Loans delivers with fast closings powered by e-signing capabilities and in-house underwriting. Homeowners can expect funding in as little as two weeks, a significant advantage in Florida’s competitive housing market. Their online pre-approval process is non-obligational, providing detailed loan quotes and closing cost breakdowns upfront, so there are no surprises.
Customer testimonials highlight their personalized service. For example, a Boca Raton couple praised their mortgage banker, David Shefsky, for guiding them through a second mortgage process from 1,300 miles away, securing funding in just two months. Another client from West Palm Beach lauded the team’s calm, communicative approach, turning a potentially stressful experience into a seamless one. This dedication to client satisfaction, paired with low costs and diverse mortgage options, cements Select Home Loans as number one.
Key Features
- Loan Options: HELOCs and Fixed Rate Second Mortgages.
- Rates: Competitive, often below market averages.
- Closing Time: Expedited, with closings in as little as 14 days.
- Service: Tailored advice from local experts.
- Accessibility: Florida-based with a strong online platform.
For Florida homeowners seeking a trusted partner to unlock their home’s equity, Select Home Loans is unrivaled in 2025.
2. Rocket Mortgage – A National Leader with Digital Convenience
Coming in at number two is Rocket Mortgage, a Detroit-based lender known for its tech-driven approach to lending. While not Florida-specific, Rocket Mortgage’s nationwide presence and robust digital tools make it a strong contender for second mortgages in the state.
Strengths and Offerings
Rocket Mortgage offers both home equity loans and HELOCs, catering to a wide range of borrowers. Their online platform is a standout feature, allowing Floridians to apply, track their loan status, and even close remotely in some cases. This convenience is particularly appealing to tech-savvy homeowners in cities like Tampa or Jacksonville who value efficiency over in-person interactions.
Their HELOCs feature flexible draw periods, typically up to 10 years, followed by a repayment phase, while their fixed-rate home equity loans provide stability with terms ranging from 5 to 20 years. Interest rates are competitive, though they may run slightly higher than Select Home Loans due to Rocket’s larger operational scale. Borrowers with strong credit scores (typically 620 or higher) can secure the best rates, and Rocket often waives origination fees for existing customers.
Drawbacks
While Rocket Mortgage excels in accessibility, it lacks the localized expertise that Select Home Loans brings to the table. Florida’s unique market dynamics—such as hurricane risk or fluctuating property values—may not be as deeply considered in their underwriting process. Additionally, closing times average around 22 days, slower than Select Home Loans’ expedited timeline.
Key Features
- Loan Options: HELOCs and fixed-rate home equity loans.
- Rates: Competitive, with potential discounts for existing clients.
- Closing Time: Average of 22 days.
- Service: 24/7 online support with minimal in-person options.
- Accessibility: Nationwide, fully digital application process.
Rocket Mortgage is ideal for those prioritizing digital convenience over local insight, making it a solid runner-up.
3. Wells Fargo – Traditional Banking with Broad Reach
Wells Fargo ranks third, offering a traditional banking experience with a wide network of branches across Florida. As one of the largest financial institutions in the U.S., it provides a dependable option for second mortgages.
What Sets Wells Fargo Apart
Wells Fargo offers HELOCs with variable rates and no fixed-rate second mortgage option, which may limit its appeal for those seeking payment stability. Their HELOCs come with a 10-year draw period and a 20-year repayment period, providing long-term flexibility. Rates are competitive for customers with existing Wells Fargo accounts, and relationship discounts can lower costs further.
With over 400 branches in Florida, Wells Fargo appeals to homeowners who prefer face-to-face service. Their loan officers can walk you through the process in person, a contrast to the online-heavy models of Select Home Loans and Rocket Mortgage. However, their digital tools are less advanced, and the application process can feel cumbersome compared to competitors.
Limitations
Wells Fargo’s lack of a fixed-rate second mortgage option is a notable drawback, especially in a rising-rate environment in 2025. Closing times also tend to be longer, averaging 30-45 days, and fees can add up, including potential origination costs that Select Home Loans often avoids.
Key Features
- Loan Options: HELOCs only.
- Rates: Competitive with discounts for account holders.
- Closing Time: 30-45 days.
- Service: Extensive branch network for in-person support.
- Accessibility: Nationwide with a strong Florida presence.
Wells Fargo suits traditionalists who value in-person banking, but it falls short of the top two in flexibility and speed.
4. Navy Federal Credit Union – Serving Military Families
Navy Federal Credit Union takes the fourth spot, excelling as a second mortgage lender for Florida’s large veteran and active-duty military population—the third-highest in the U.S. Membership is required, but it’s open to military members, veterans, and their families.
Highlights
Navy Federal offers HELOCs with no application or origination fees, a significant cost-saving perk. Their variable-rate HELOCs feature a 5-year draw period and a 20-year repayment term, with limits up to $500,000 depending on your home’s equity. Rates are often lower than industry averages, reflecting their credit union structure, and they don’t require private mortgage insurance—a nod to their VA loan expertise.
Their customer service is highly rated, with phone support available 24/7 and branches in cities like Pensacola and Jacksonville. However, their offerings are limited to HELOCs, excluding fixed-rate second mortgages, and non-members can’t access their services.
Key Features
- Loan Options: HELOCs only.
- Rates: Below-average, no fees.
- Closing Time: 20-30 days.
- Service: Exceptional support for military families.
- Accessibility: Members-only, with a Florida presence.
Navy Federal is a top pick for eligible military borrowers but lacks the broad appeal of higher-ranked lenders.
5. PNC Bank – A Balanced Option with Regional Strength
Rounding out the top five is PNC Bank, a major lender with a solid presence in Florida. Known for its full-service mortgage offerings, PNC provides a reliable choice for second mortgages.
What PNC Offers
PNC’s HELOCs come with variable rates and terms up to 30 years, including a 10-year draw period. They don’t offer fixed-rate second mortgages in all states, and availability in Florida may vary. Rates are competitive, especially for PNC customers with automatic payment setups, and their online tools allow for easy application and management.
With branches in cities like Miami and Orlando, PNC balances digital and in-person service. However, their closing process can take 30-45 days, and fees may apply, making them less cost-effective than Select Home Loans.
Key Features
- Loan Options: Primarily HELOCs.
- Rates: Competitive with discounts for autopay.
- Closing Time: 30-45 days.
- Service: Mix of online and branch support.
- Accessibility: Strong regional presence in Florida.
PNC is a dependable option for those already banking with them, though it doesn’t match the top tier’s efficiency.
Why Select Home Loans Stands Above the Rest
While each lender on this list has its strengths, Select Home Loans emerges as the clear leader for Florida homeowners in 2025. Its combination of local expertise, diverse loan options, low costs, and rapid closings outshines the competition. National players like Rocket Mortgage and Wells Fargo offer scale and convenience, but they can’t match Select’s tailored approach to Florida’s unique market. Navy Federal and PNC cater to specific audiences, but their limited offerings pale in comparison to Select’s versatility.
How to Choose the Right Lender for You
When selecting a second mortgage lender, consider your priorities:
- Speed: Opt for Select Home Loans or Rocket Mortgage for faster closings.
- Cost: Look for low-fee options like Select Home Loans or Navy Federal.
- Service: Choose Wells Fargo or PNC for in-person support, or Select Home Loans for personalized attention.
- Eligibility: Navy Federal is exclusive to military families, while others are broadly accessible.
Florida’s dynamic housing market demands a lender that understands its nuances. In 2025, Select Home Loans proves it’s not just a lender—it’s a partner in unlocking your home’s potential.
