Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) lets you tap into the equity in your home and use it when you need it most. Unlike a fixed loan, a HELOC works like a revolving credit line — you can borrow, repay, and borrow again. Perfect for renovations, debt consolidation, or covering big expenses.
Typically variable interest rates that may convert to fixed later. Great for renovations, debt consolidation, or large purchases. Usually offers lower rates than personal loans or credit cards. Requires sufficient home equity and good credit.
Key Characteristics
Flexible, revolving line of credit secured by your home’s equity.
Borrow only what you need — pay interest only on what you use.
Great for renovations, debt payoff, or emergency funds.
Typically lower rates than credit cards or personal loans.
5) Access cash multiple times during the draw period.
6) Combine with your first mortgage or hold as a stand-alone loan.
7) Interest may be tax-deductible (consult your tax advisor).
8) Available for primary residences, second homes, and some investment properties.
Russell Crawford. NMLS# 2281906
NEXA Mortgage LLC
5559 S Sossaman Rd BLDG #1 Ste #101, Mesa, AZ 85212
Company NMLS # 1660690 | AZMB - 0944059
5) Defaulting on a second mortgage can result in foreclosure, so it's important to carefully consider the risks and benefits of taking out a second mortgage.
6) Second mortgages may have fixed or variable interest rates, and may have a shorter repayment period than primary mortgages..
7) Second mortgages may have closing costs and other fees, so it's important to understand the total cost of the loan before deciding if it's the right option for you.
8) Second mortgages can be a way to access cash while keeping your primary mortgage intact, and can be a good option for homeowners who need to borrow money but don't want to refinance their primary mortgage.
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.NEXA Mortgage
. - Compnany NMLS # 1660690 - AZMB - 0944059 | 5559 S Sossaman Rd Bldg #1, Ste #101 Mesa, AZ 85212
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Notice To Texas Loan Applicants: Consumers wishing to file a complaint against a mortgage banker, or a licensed mortgage banker residential mortgage loan originator, should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov
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A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov