Mortgage Approval Group
Home Equity Loans in Tampa & Throughout Florida
A home equity loan may allow eligible homeowners to access a lump sum of funds based on the available equity in their home. Mortgage Approval Group helps homeowners throughout Tampa Bay and Florida explore home equity loan options.
What Is a Home Equity Loan?
A home equity loan is a second mortgage that allows eligible homeowners to borrow against the equity they have built in their home. Unlike a HELOC, which provides a revolving line of credit, a home equity loan typically provides a lump sum of funds at closing with a fixed repayment schedule.
Home equity loans are secured by the property, which means the home serves as collateral for the loan. The amount available depends on the equity in the property and the lender's combined loan-to-value (CLTV) limits.
Home equity loans may be used for a variety of purposes, including home improvements, debt consolidation, major purchases or other financial goals. The funds are typically disbursed at closing as a single lump sum.
Home equity loans are generally available for primary residences and may be available for second homes depending on the lender and program. Investment property home equity loans may have different requirements.
Who May Benefit from a Home Equity Loan?
Key Features & Benefits
HELOC vs. Home Equity Loan
| Feature | HELOC | Home Equity Loan |
|---|---|---|
| Disbursement | Revolving credit line — draw as needed | Lump sum at closing |
| Rate structure | Typically variable rate | Fixed rate available in many programs |
| Best for | Ongoing or uncertain expenses | Known, one-time expenses |
| Repayment | Draw period then repayment period | Fixed monthly payments from the start |
Compare options: View HELOC details
General Qualification Considerations
Home equity loan qualification typically considers the available equity in the property, the borrower's credit score, income, debt-to-income ratio and the combined loan-to-value ratio. Lenders set maximum CLTV limits that determine how much equity can be accessed.
Credit score requirements, income documentation standards and CLTV limits vary by lender and program. All home equity loans are subject to credit approval and lender underwriting guidelines. Contact Mortgage Approval Group to discuss your situation.
Home Equity Loans in Tampa & Florida
Florida homeowners who have seen property values increase may have significant equity available. A home equity loan can be a way for eligible homeowners throughout Tampa Bay and across Florida to access that equity for specific financial goals.
Mortgage Approval Group works with wholesale lenders to help homeowners throughout Florida explore home equity loan options. Our mortgage professionals can help you understand available programs and compare home equity loan and HELOC options.
Why Work With Mortgage Approval Group?
Mortgage Approval Group is an independent mortgage broker headquartered in Tampa, Florida, serving homebuyers, homeowners and real estate investors throughout the state. As a broker, we work with a network of wholesale lenders — which means we can compare loan programs and pricing across multiple sources rather than being limited to a single lender's offerings.
Our mortgage professionals take time to understand your goals, review your financial situation and help identify financing options that may fit your circumstances. Whether you're purchasing your first home, refinancing an existing mortgage or exploring a specialized loan program, we're here to guide you through the process.
Mortgage Approval Group, LLC is located at 2918 Busch Lake Blvd, Suite A, Tampa, FL 33614. We serve borrowers throughout Florida.
Frequently Asked Questions
Related Loan Programs
Ready to Explore Your Options?
Contact Mortgage Approval Group to discuss your goals and learn about the mortgage programs that may be available for your situation.