A home equity loan gives you a one-time lump sum secured by your home, repaid at a fixed rate over a set term — predictable payments for a big, one-time need.
Sometimes called a second mortgage, a home equity loan lets you borrow a fixed amount against your equity and repay it in equal monthly installments. Because the rate is fixed, your payment never changes — a good fit when you know exactly how much you need.
As a local broker, BayPort compares lenders to find competitive terms while your existing first mortgage stays in place.
Homeowners who need a specific, one-time amount — a renovation, a major purchase, or debt payoff — and prefer payment certainty.
A home equity loan is a fixed lump sum with a fixed rate; a HELOC is a revolving, variable-rate line of credit.
Typically up to 80–90% combined loan-to-value, minus your current mortgage — subject to approval.
It may be if the funds are used to improve the home — consult your tax advisor.
Talk to a BayPort loan officer about a home equity loan — no pressure, just clear answers.