A home equity loan is a fixed-rate second mortgage that gives you a lump sum at closing with predictable monthly payments. Ideal when you need a specific dollar amount for a one-time expense. Dream Financial Management since 1994.
A home equity loan (sometimes called a "second mortgage") lets you borrow against your home equity as a lump sum with a fixed interest rate and fixed monthly payment. Unlike a HELOC — which is revolving and typically variable-rate — a home equity loan gives you certainty.
Your rate and payment stay the same for the entire loan term — no surprises
Receive all funds at closing — ideal for one-time expenses
Choose your repayment term and lock in predictable amortization
| Feature | Home Equity Loan | HELOC | Cash-Out Refinance |
|---|---|---|---|
| Rate | Fixed | Variable | Fixed |
| Payout | Lump sum | Revolving | Lump sum |
| Lien Position | Second | Second | First (replaces mortgage) |
| Best For | One-time need, want certainty | Ongoing, flexible access | Large need + refi benefit |
Dream Financial Management connects you with 500+ lenders offering fixed-rate home equity loans. Since 1994.
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