Home Equity Loans

A home equity loan allows you to draw on the equity you've built in your home to receive a lump sum of funds in the form of a second mortgage.

Home equity loans can be a valuable financial tool for homeowners who need access to funds for specific purposes — like home renovation costs, education expenses, medical bills, debt consolidation, or something else — and have sufficient equity in their homes.

benefits of choosing a home equity loan

You have a few options for accessing your home’s equity, but home equity loans offer a few unique benefits.

  • No Impact on First Mortgage: One of the biggest benefits of choosing a home equity loan over a cash-out refinance is that it leaves your existing mortgage untouched. This may be preferable if you have a low interest rate on your primary mortgage that you want to retain.
  • Lump Sum of Funds: Home equity loans allow you to access funds via a one-time lump sum, which you will pay back as a fixed-rate second mortgage. This can be beneficial if you have a specific expense where you know the exact amount needed, like education costs, home renovations, and more.
  • Faster Access to Funds: Home equity loans typically have a quicker approval and funding process compared to a refinance, which can be beneficial if you need the money urgently.

about Waterstone Mortgage’s
home equity loan program

Our home equity loans offer a few key benefits, including: 

  • Funds available in the form of a fixed-rate second mortgage
  • 15-, 20-, or 30-year options available
  • Loan amounts up to $500,000
  • Financing available with primary residences or second homes
  • As low as 660 FICO
  • Debt-to-income (DTI) ratio up to 45%


All loan requests are subject to credit approval as well as specific program requirements and guidelines. For some programs, income and property restrictions may apply. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.