What is the difference between a HELOC and a HELOAN?
A HELOC is revolving credit secured by your home. You draw what you need, when you need it, and interest is charged only on what you actually use. A HELOAN is a one-time lump sum against your equity, repaid on a fixed schedule. A HELOAN suits you when you know the exact amount up front.
Will a HELOC change the rate on my first mortgage?
No. Both a HELOC and a HELOAN sit behind your first mortgage as a second lien. Your primary mortgage, and the rate on it, stay exactly as they are. That is the whole point of a second-lien product: you reach the equity without refinancing away a rate you want to keep.
What does the digital HELOC process involve?
The digital HELOC process lets you apply for equity access online, without touching your first mortgage's rate. Paramount Loan Services guides Glendale homeowners through applying, verifying their equity, and closing on a HELOC or HELOAN entirely through our digital platform, so accessing cash stays simple and fast.
A licensed loan officer calls you back to confirm the details rather than asking you to sit through an appraisal. Final terms come from the lender we place the file with. Here is what the process involves:
- Minimal paperwork
- A free soft credit pull
- No appraisal
- Fast digital processing
- A callback from a licensed loan officer, 9:00 AM to 5:00 PM, Monday through Friday
Estimate a draw with our HELOC calculator, compare the two routes in our article on HELOC vs. cash-out refinance, or contact the Glendale office. Building rather than borrowing? See construction and renovation loans.
