Closed End Seconds

⚠️ Friendly Reminder:

Every program has its own guidelines, and eligibility isn’t guaranteed. The best way to find out what you qualify for is to speak with a licensed loan expert who can review your full financial picture.

💸 What Is a Closed-End Second Mortgage?

A closed-end second is a fixed equity loan secured by your home’s equity separate from your first mortgage. It gives you a lump sum of cash upfront, and you repay it over a fixed term (usually 10, 15, or 20 years) without touching your low-rate first mortgage.

🔑 Key Features

  • Fixed interest rate

  • Lump sum cash out (vs. revolving like a HELOC)

  • Keep your first mortgage intact

  • Predictable monthly payments

  • Usually fully amortized (principal + interest)

  • CLTVs up to 90–95% (depending on lender, FICO, property type)

🔍 Who Should Consider It?

Closed-end seconds are ideal for:

  • Homeowners with a low first mortgage rate they want to keep

  • Borrowers needing $30K–$500K for:

    • Debt consolidation

    • Home renovations

    • Business investment

    • College tuition

  • Self-employed borrowers

  • People who want a fixed payment vs. variable HELOC

🛠️ Common Qualifications

  • FICO: Typically 660+, some go as low as 620

  • DTI: Usually capped around 45–50%

  • Loan Amounts: $20K–$500K+

  • Income Verification:

    • Full doc (W-2/1040)

    • Bank statement (12–24 months)

    • P&L only (some non-QM lenders)

  • Occupancy: Primary, second home, and investment properties (depending on lender)

  • Max CLTV: Varies — often 85–95%

Unlock Cash Without Refinancing


A Closed-End Second lets you tap into your home’s equity with a fixed-rate, fixed-term loan — without touching your current first mortgage.

Whether it’s for renovations, debt consolidation, or a major purchase, I’ll help you run the numbers, compare options, and lock in terms that fit your goals.

Keep your low first-mortgage rate. Access the funds you need. Get it done with clarity and confidence.