Closed-end second vs HELOC — which should we pick?

Choose a fixed closed-end second for a one-time cash need with payment certainty. Choose a HELOC when you want revolving access to equity over a draw period.

Can a second lien fund a down payment on another property?

Sometimes, subject to CLTV, reserves, and how the new purchase is underwritten. Using a second to fund another down payment can strain both files — we model combined risk first.

Conventional & Government

Second Lien

Closed-End Second Lien (Fixed)

Name: Elite Fundings — California Mortgage Team
Address: 552 E Badillo St, Covina, CA, 91723, US
Telephone: (626) 833-7449
Price range: $$

Fixed-rate, fully-amortizing second mortgage — lump-sum cash-out without refinancing the first.

Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.

Apply for this program (626) 833-7449

680

Min FICO

full doc

Docs

Ideal borrower

Homeowners with a low-rate first who want a fixed-rate cash-out.

Program highlights

Fixed rate
Lump sum
Preserves low-rate first mortgage

Typical uses

Debt consolidation
Major home improvement

Frequently asked questions

Closed-end second vs HELOC — which should we pick?: Choose a fixed closed-end second for a one-time cash need with payment certainty. Choose a HELOC when you want revolving access to equity over a draw period.
Can a second lien fund a down payment on another property?: Sometimes, subject to CLTV, reserves, and how the new purchase is underwritten. Using a second to fund another down payment can strain both files — we model combined risk first.

Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.