HELOC & Second Mortgages
Access your home equity without replacing your existing first mortgage. Contour Mortgage offers flexible HELOC and second mortgage solutions for homeowners, investors, self-employed borrowers, and borrowers with non-traditional income.
Access Your Home's Equity Without Refinancing Your First Mortgage
Your home or investment property may hold valuable equity that can help you accomplish your financial goals.
A Home Equity Line of Credit (HELOC) may be available as a first or second lien, depending on the program and your financing needs. A Closed-End Second Mortgage may also allow you to access your equity while keeping an existing first mortgage in place.
Use your available equity for home improvements, debt consolidation, major expenses, investment opportunities, or other qualifying needs.
Home Equity Line Of Credit (HELOC)
A HELOC is a revolving line of credit secured by your property's equity. Borrow funds as needed, up to your approved credit limit, and pay interest based on the amount you use.
HELOC Highlights
- FICO scores as low as 600
- Up to 90% CLTV on eligible occupancy types
- Up to 50% DTI based on qualifying interest-only payment
- Non-warrantable condos permitted
- Non-occupying co-borrowers permitted
- No seasoning required
- LLC vesting permitted on eligible programs
- Rural properties eligible
- No tax returns required with eligible documentation programs
Flexible Qualification Options
Depending on the program and borrower profile, qualification may be available using:
- DSCR
- Asset Utilization
- Full Documentation
- Bank Statements
Closed-End Second Mortgages
A Closed-End Second Mortgage provides access to a lump sum of your available equity while allowing you to keep your existing first mortgage in place.
Unlike a HELOC, funds are provided at closing with a defined repayment structure. Available programs include a variety of term and payment options.
Program Highlights
- 30-year and 40-year terms
- Fixed and ARM options
- Fully amortizing or interest-only payment options
- Loan amounts up to $1 million
- AVM options that may eliminate the need for a full appraisal on eligible loans up to $400,000
- No seasoning required
- Non-Permanent Residents with U.S. credit may be eligible
- Non-warrantable condos
- Condotels
- Investment co-ops
- Rural properties permitted on eligible programs
Flexible Options for Real Estate Investors
Real estate investors may be able to access property equity without refinancing an existing first mortgage.
Which Home Equity Solution Is Right for You?
The right solution depends on how you plan to use your equity, your property type, income documentation, and financial goals.
A HELOC may make sense when you want flexible access to funds over time, while a Closed-End Second Mortgage may be better suited for borrowers who want a lump sum with a defined repayment structure.
Contour Mortgage offers both traditional and Non-QM options designed for a wide range of borrower and property scenarios.
Ready to Put Your Equity to Work?
Whether you're a homeowner, real estate investor, or self-employed borrower, Contour Mortgage can help you explore HELOC and second mortgage options that fit your financial situation.