{"id":118,"date":"2026-06-03T13:57:26","date_gmt":"2026-06-03T13:57:26","guid":{"rendered":"https:\/\/kennedymtg.com\/?page_id=118"},"modified":"2026-06-04T13:14:33","modified_gmt":"2026-06-04T13:14:33","slug":"heloc","status":"publish","type":"page","link":"https:\/\/kennedymtg.com\/staging\/8888\/residential\/heloc\/","title":{"rendered":"HELOC"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>One-line summary: A revolving line of credit secured by your home&#8217;s equity, borrow what you need, when you need it, and pay back on flexible terms, all without disturbing your existing first mortgage.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Best for<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Homeowners who want access to equity for ongoing or uncertain expenses, home improvements, education, debt consolidation, business capital, or as a financial safety net, without refinancing their current first mortgage (especially valuable when the existing mortgage rate is below current rates).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key terms (typical)<\/h3>\n\n\n\n<figure class=\"wp-block-table table-label-value\"><table><thead><tr><th>Attribute<\/th><th>Typical Range<\/th><\/tr><\/thead><tbody><tr><td>Eligible properties<\/td><td>Primary residences (homesteads) only. Texas constitutional guidelines strictly prohibit open-end equity lines or cash-out products on non-owner occupied assets, second homes, or investment real estate.<\/td><\/tr><tr><td>Loan type<\/td><td>Second lien revolving line of credit<\/td><\/tr><tr><td>Combined LTV<\/td><td>Strictly capped at a maximum of 80% Combined LTV per Texas Section 50(a)(6) constitutional law. All existing first liens plus the proposed HELOC draw capacity combined cannot exceed this 80% line.<\/td><\/tr><tr><td>Draw period<\/td><td>5\u201310 years (interest-only payments on amount drawn)<\/td><\/tr><tr><td>Repayment period<\/td><td>10\u201320 years (principal + interest) after draw period ends<\/td><\/tr><tr><td>Rate type<\/td><td>Variable, tied to prime rate plus a margin<\/td><\/tr><tr><td>Credit score<\/td><td>680+ typical; 720+ for best terms<\/td><\/tr><tr><td>Closing costs<\/td><td>Lower than refinancing; some programs no-cost<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Why borrowers choose this program<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Pay interest only on what you draw.<\/strong> Unlike a cash-out refinance that lends the full amount at closing, a HELOC charges interest only on funds actually used.<\/li>\n<li><strong>Preserves your existing first mortgage.<\/strong> If you have a low-rate first mortgage from a prior year, a HELOC lets you access equity without disturbing that rate.<\/li>\n<li><strong>Flexible access.<\/strong> Once approved, you can draw and repay multiple times during the draw period, like a credit card secured by your home.<\/li>\n<li><strong>Lower upfront costs.<\/strong> HELOC closings are typically faster and cheaper than refinances.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Considerations<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Variable rate.<\/strong> Most HELOCs are variable-rate, tied to prime. Your payment can rise if rates rise.<\/li>\n<li><strong>Payment shock at repayment phase.<\/strong> When the draw period ends, the loan converts to fully amortizing, monthly payments can jump significantly.<\/li>\n<li><strong>Secured by your home.<\/strong> A HELOC is a second mortgage on your home. Default puts the property at risk just like a first mortgage default.<\/li>\n<li><strong>Reduced equity cushion.<\/strong> Drawing the line reduces your equity position. If home values fall, you could find yourself with little or negative equity.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>One-line summary: A revolving line of credit secured by your home&#8217;s equity, borrow what you need, when you need it, and pay back on flexible terms, all without disturbing your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":490,"menu_order":8,"comment_status":"closed","ping_status":"closed","template":"page-templates\/program.php","meta":{"nf_dc_page":"","footnotes":""},"class_list":["post-118","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>HELOC - Kennedy Mortgage<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kennedymtg.com\/staging\/8888\/residential\/heloc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HELOC - 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