Second Mortgages & HELOCs in Chicago

Why Second Mortgage Chicago?

• Keep your existing first-mortgage rate

  If you locked in a low rate during 2020–2022, don't touch it. A second mortgage lets you access your equity without giving up the rate you already have.

• Choose between a fixed-rate loan or flexible HELOC

  A home equity loan gives you a lump sum with predictable payments. A HELOC works like a credit line — draw only what you need, when you need it. We'll walk you through which fits your situation.

• Borrow up to 85% combined loan-to-value

  Most programs allow CLTV up to 80–85%. On a $400,000 home with a $250,000 first mortgage, that's up to $90,000 of available equity. We'll run the exact number for your home.

• Lower closing costs than a full refinance

  Second mortgage closing costs typically run $800–$2,500 — a fraction of what a first-mortgage refinance costs. For smaller equity needs, a second is often the cheaper path.

• Close in 15–30 days when the file is clean

  Second mortgages close faster than first-mortgage refis because the underwriting is narrower. If you need funds for a specific deadline, tell us up front.

Frequently asked questions

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