Available for Virginia properties.
Home equity loans and HELOCs
For homeowners who want to use equity while keeping their current first mortgage in place.
Tap your home’s equity without giving up your first mortgage rate. Choose a home equity line of credit (HELOC) for flexible draws, or a fixed-rate home equity loan for a set payment. Owner-occupied and investment property options are available through several wholesale lenders.
How it works
A HELOC is a revolving line secured by the home. You can draw, repay, and draw again during the draw period, subject to the program. A fixed-rate home equity loan (sometimes called a HELOAN or closed-end second) is a lump sum with a set payment.
Both sit behind your first mortgage instead of replacing it. That is often the point when the first-lien rate is worth keeping.
Rockhouse Mortgage compares second-lien programs for Virginia properties. Some second-lien options are also available for investment property; occupancy and program rules still apply.
What lenders look at
- Equity after the first mortgage and any other liens
- Credit profile
- Income and the combined housing payment
- Property type and occupancy
- The first-lien terms, including any due-on-sale or lender consent issues
Eligible properties
- Virginia owner-occupied homes, and some investment-property second-lien programs
- Property types permitted by the specific HELOC or home equity loan
When a second lien can beat a cash-out refinance
If the first mortgage rate is lower than what a new first lien would be, a HELOC or fixed second can access equity without resetting the first loan. A cash-out refinance can still be better when you also want to change the first-lien rate or term. We compare those paths against the same numbers.
Want help comparing programs?
Rockhouse Mortgage compares wholesale lender programs for the scenario in front of us. Start with a call or an online application.
Frequently asked questions
Will this pay off my first mortgage?
No. A HELOC or home equity loan is typically a second lien. Your first mortgage stays in place unless you separately refinance it.
Is interest tax-deductible?
Tax treatment depends on how the funds are used and on current tax law. Rockhouse Mortgage does not provide tax advice. Ask a tax professional.
Can I use this on a rental?
Some second-lien programs allow investment property. Others are owner-occupied only. We will match occupancy to the program.
Is this available outside Virginia?
Owner-occupied home equity products are Virginia consumer loans. Investment-property second liens may be available in additional states as business-purpose financing.
Compare a HELOC and a fixed second
Tell us what you need the funds for and what you currently pay on the first mortgage. We will compare second-lien options without quoting a rate on this page.
703-999-0903Loan programs, rates, fees, terms, and eligibility requirements are subject to change without notice. All loans are subject to credit, income, asset, property, and underwriting approval. This information is for educational purposes only and is not a commitment to lend.
Rockhouse Mortgage, LLC · NMLS #2469785 · Harry Hager, NMLS #647108 · Licensed by the Virginia Bureau of Financial Institutions · Outside Virginia, business-purpose investment property loans only · Equal Housing Opportunity