Specialty Loans
HELOC / Bridge / 2nd Mortgage
Access your equity without selling. Revolving credit, bridge financing, or lump sum.
Need to access your home equity without refinancing your first mortgage? HELOCs, bridge loans, and second mortgages give you flexible options — especially valuable in WA where many homeowners are sitting on a sub-4% first mortgage they don't want to touch.
Key Features
- • HELOC: Revolving credit, draw as needed (variable rate)
- • 2nd Mortgage: Lump sum, fixed rate, fixed payment
- • Bridge: Short-term, buy-before-you-sell
- • Keep your existing low first-mortgage rate
- • Borrow up to 80–90% combined LTV
- • Bridges close in 7–14 days
How it works
All three sit in second position behind your existing first mortgage, so your low first-lien rate stays untouched. HELOCs and 2nd mortgages go through standard credit/income/appraisal underwriting (usually a desktop or hybrid appraisal — faster than a full one). Bridge loans are heavier on asset/equity and lighter on income, designed for speed. Each has its own break-even math depending on use case and timeline.
What this looks like in Washington
WA homeowners who locked in 3% first mortgages between 2020 and 2022 have a powerful asset they don't want to refinance away. HELOCs and 2nd mortgages are the natural answer when they need to fund an ADU build, college tuition, or a debt paydown. Bridge loans dominate the move-up market in King, Snohomish, and Pierce — Seattle and Eastside sellers routinely reject contingent offers, so move-up buyers need to bring non-contingent cash, then sell. WA's strong appreciation means equity capacity is rarely the constraint; structuring the right product is.
Pros
- • Preserve your low first-mortgage rate
- • Flexible use of funds
- • HELOC interest-only on what you draw
- • Bridge enables non-contingent offers
Cons
- • HELOC rates are variable
- • Bridge loans are expensive short-term
- • Second-position rates higher than firsts
- • Investment property HELOCs are harder
Best for: WA homeowners with significant equity, a sub-5% first mortgage they want to keep, and a specific use — renovation, move-up purchase, debt consolidation, or business capital.
Common Questions
Related Loan Types
Popular WA markets for HELOC / Bridge / 2nd Mortgage
HELOCs and bridge loans for WA homeowners protecting a sub-4% first mortgage — especially the Seattle and Eastside move-up market where non-contingent offers are the only way in.