Home› Loan Programs› 2nd Mortgages
HELOC / HELOAN

2nd Mortgages —
unlock your equity.

Florida home values have surged. If you've built equity, a second mortgage lets you access that wealth without giving up your current low first mortgage rate. Flexible HELOC and fixed second mortgage options with alternative underwriting for unique borrower scenarios.

Get Pre-Approved Call (561) 299-5825
90%
Max Combined LTV
620+
Minimum Credit Score
$500k
Max Loan Amount
14 days
Average Close Time*
Great if you…
A second mortgage is likely your best fit
  • ✓Have built equity in your Florida home and need access to cash
  • ✓Want to avoid replacing your low-rate first mortgage with a cash-out refinance
  • ✓Need funds for home improvements, debt consolidation, or business use
  • ✓Want a revolving line of credit you can draw and repay over time (HELOC)
  • ✓Are self-employed and need alt-doc underwriting for your second mortgage
  • ✓Want to use a second mortgage alongside an FHA or conventional first mortgage
Consider alternatives if…
Other programs may serve you better
  • →Your first mortgage rate is already near today's rates — a cash-out refinance may be cleaner
  • →You need more cash than your equity supports — other financing structures may apply
  • →You are buying a new property — first mortgage programs are the better tool
  • →Your property is an investment — DSCR or commercial programs may be more appropriate
Program Details

Everything you need to
know about 2nd mortgages.

HELOC — Revolving Access

A HELOC works like a credit card secured by your home equity. You get a credit line up to a certain limit, draw funds as needed during the draw period, and repay what you use. Interest-only payments during the draw period keep monthly costs low.

  • Draw period: typically 10 years, interest-only payments
  • Repayment period: typically 20 years of principal + interest
  • Variable rate — resets with prime rate changes
  • Best for: renovations, ongoing expenses, emergency reserves
HELOAN — Fixed Second Mortgage

A HELOAN (Home Equity Loan) provides a lump sum at a fixed interest rate with fixed monthly payments. Predictable and simple — you know exactly what you'll pay each month for the life of the loan.

  • Lump sum disbursement at closing
  • Fixed rate and fixed payment for full loan term
  • Terms: typically 10–30 years
  • Best for: one-time large expenses, debt consolidation, investment
Alternative Underwriting

Our second mortgage programs include non-traditional income documentation options. Self-employed homeowners who are turned down by traditional banks for HELOC/HELOAN can often qualify through our alt-doc second mortgage programs.

  • Bank statement income accepted on second mortgages
  • DSCR-based second mortgages for investment properties
  • 1099 and P&L income documentation accepted
  • Faster approval timeline than traditional bank HELOC process
Equity & CLTV Guidelines

The amount you can borrow depends on your home's current value and your existing first mortgage balance. Combined Loan-to-Value (CLTV) is the key metric — most programs allow 85%–90% CLTV.

  • CLTV up to 85%–90% on primary residences
  • CLTV up to 80% on second homes
  • Investment property second mortgages: CLTV up to 70%–75%
  • Minimum equity: typically 10%–15% after the second mortgage closes
How It Works

Your second mortgage
with Smart Mortgage.

01
Equity Assessment

We start by estimating your home's current value and calculating how much equity you can access. We'll also confirm your existing first mortgage payoff to determine exact CLTV before you commit to anything.

02
Program Selection

We review whether a HELOC, HELOAN, or alt-doc second mortgage best fits your income, credit, and goals. This conversation takes 15 minutes and saves you from applying to the wrong product.

03
Appraisal or AVM

Most second mortgage programs use an automated valuation model (AVM) or desktop appraisal — no appraiser visit needed for many scenarios. This speeds up the process significantly versus a full appraisal.

04
Fast Close

Second mortgages close quickly — most of our HELOC and HELOAN clients close in 14 days. There's a required 3-day right of rescission for primary residence second mortgages, after which funds are disbursed.

FAQ

Common 2nd mortgage
questions answered.

A HELOC (Home Equity Line of Credit) is a revolving credit line you draw from as needed. A HELOAN (Home Equity Loan) is a lump-sum second mortgage with a fixed interest rate and fixed monthly payment. HELOCs offer flexibility; HELOANs offer payment certainty.
Most second mortgage programs allow combined loan-to-value (CLTV) of up to 85%–90%. For example, if your home is worth $500,000 and you owe $300,000 on your first mortgage, you may be able to access up to $125,000–$150,000 through a second mortgage or HELOC.
Yes. Our second mortgage programs include alternative underwriting options that accept bank statements, 1099s, or other non-traditional income documentation. We specialize in helping self-employed homeowners access their equity when traditional bank underwriting falls short.
No — a second mortgage is an entirely separate loan that does not change the terms of your existing first mortgage. This is a key advantage over cash-out refinancing, where you would replace your current mortgage with a new one at today's rates.
Client Story

Real results for
real borrowers.

★★★★★
5.0 ★ · Consistent 5-star reviews on Google
Read all reviews →

Ready to access your Florida home equity?

Keep your current mortgage rate. Unlock your equity. Fast closings on HELOC and HELOAN programs.

Start My Application Call (561) 299-5825
Related Programs

Explore other loan options.

FHA Loans

Use an FHA first mortgage paired with a second mortgage to minimize cash-to-close on your home purchase.

Learn more →
Conventional Loans

Strong credit borrowers can use a conventional first with a second mortgage to avoid PMI entirely.

Learn more →
Non-QM Loans

Bank statement and alt-doc programs for self-employed borrowers who need primary mortgage financing.

Learn more →