Home Equity Line of Credit

Tap your equity with a revolving line for anything you want.

Prospera Mortgage offers you loans through top wholesale lenders to match you with competitive pricing, faster turn times, and options that fit first-time and repeat buyers alike.

Why Choose a HELOC?

Flexible, reusable equity

  • Revolving line: Draw, repay, and redraw during the draw period.

  • Pay interest only on what you use during draw (program-specific).

  • Keep your low first-mortgage rate with a standalone line.

  • Pair with a new first mortgage via piggyback to reduce MI or keep the first conforming.

  • Use cases: renovations, debt consolidation, tuition, emergency fund, or future reserves.

Document Checklist

Be application-ready

  • Credit report and asset statements

  • Income/occupancy confirmation (varies by program)

  • Appraisal or AVM/PIW, depending on line amount & eligibility

  • Insurance and property details

Who’s a Great Fit?

HELOC makes sense when…

You want flexibility and expect phased expenses over time.

You have a great first-mortgage rate you’d prefer to keep.

You want to structure an 80/10/10 to lower MI/keep a conforming first.

You value interest-only payments during the draw period (program-specific).

HELOC Programs Available

Standalone HELOC

Access equity without touching your existing first mortgage. Great when a cash-out refi doesn’t make sense because your current rate is low.

  • Primary and second homes (guidelines apply).

  • Flexible line amounts; typical terms include interest-only draw.

Piggyback HELOC

Pair a HELOC with your new first mortgage to reduce or avoid mortgage insurance and keep the first in conforming limits.

  • Help structure up to ~89.99% combined LTV while avoiding MI in many cases.

  • Useful for purchase or refinance strategies.

Equity for Projects

Use a HELOC to phase renovations (kitchen, bath, roof, windows) or to consolidate higher-interest debt. Draw only what you need and pay interest on the amount used.

  • We’ll map draw timing to contractor milestones.

  • Option to re-use the line for future needs during draw period.

HELOC Loan FAQs

  • A second-lien HELOC paired with a new first mortgage. It can help avoid mortgage insurance or keep the first loan in conforming limits.

  • Programs vary. Many HELOCs feature about a 10-year draw period with interest-only payments, followed by a repayment period where principal and interest amortize.

  • Historically, some HELOC programs excluded certain states (e.g., Texas). We’ll verify up-to-date eligibility for your property before you apply.

  • We’ll size the line by your credit profile, home value, liens, and program rules. Prior program details referenced lines up to $350,000; we’ll confirm current limits during pre-approval.

Prospera Mortgage LLC is an independent mortgage broker. Programs, rates, terms and eligibility are subject to change without notice and may vary based on borrower profile, property type, occupancy, and market conditions. Not a commitment to lend. All loans are subject to underwriting approval. Equal Housing Opportunity.