01/28/2026
I’m excited to share a powerful new home equity solution that allows you to update your home without refinancing your existing low, first-mortgage rate.
Please click this link for a recent home after-project video. You won’t believe it is the same house! https://youtu.be/sxuux-OHyYw
The Challenge:
• $200,000 first mortgage at 3% (30-year fixed — client did not want to lose this rate) • $100,000 HELOC taken out two years ago for debt consolidation and expenses • Just under $300,000 needed for a home addition and remodel • At the time, the home’s current value was $335,000. Local banks capped total financing at 80–90% of the current value ($268,000–$301,000 combined) • With two existing loans already at that limit, no additional funds were available • Refinancing into a renovation first mortgage wasn’t an option either—the interest rate would have doubled, and the existing HELOC was considered cash-out, which the program did not allow.
The Solution:
• By using architectural plans showing new square footage for the addition, along with a contractor’s bid, we were able to establish an after-repair value of $700,000. • Existing first mortgage remained in place • New $400,000 HELOC approved at 86% combined loan-to-value • $100,000 existing HELOC paid off at closing • $300,000 in additional funds available to complete the renovation.
The Result:
• The client was able to move forward with their home updates and remodel without sacrificing their low rate.
If you have been putting off home renovations because you don't want to refinance out of your low first mortgage rate or were told you didn’t qualify due to lack of equity—this is the solution! Contact me at 773-848-4144 or [email protected] for more information.
A powerful new home equity solution that allows you to update your home without refinancing your existing low first-mortgage rate. The Challenge: • $200,000 ...
