A HELOC is a line of credit against the equity in your home that you draw on as you need it, at a variable rate; a home equity loan is one lump sum at closing, repaid in equal monthly payments at a rate that does not change. Both leave your first mortgage as it is. We offer both to homeowners across Monmouth County, the Jersey Shore and the rest of New Jersey.
See what you may be eligible for, then talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our New Jersey office is at 121 NJ-36, Suite 230, West Long Branch, and our licensed branch is at 1 Yorktowne Drive, Manalapan (branch NMLS ID #2103558).
Borrowing against your home starts with a choice between a line you draw on and a loan paid out at once. A licensed loan officer who works with Monmouth County and Shore homeowners can compare the two for what you have in mind, and tell you early what the programs will ask for.
Both are secured by your home and sit behind your first mortgage, which stays exactly as it is.
A revolving line, with a limit set from the equity in your home. During the draw period you draw what you need, repay and draw again, and the required payment covers only the interest on what you have drawn. Then a repayment period begins. The rate is variable and moves with a published index, so the payment can change. Most programs ask for a large first draw at closing.
The HELOC guide and calculatorThe whole amount at closing, repaid in equal monthly payments at a rate that does not change, over a term set at the start. There is no draw period and no revolving balance. The cash can be used for any purpose; programs ask for a short explanation of what it is for.
The home equity loan guide and calculatorIf you would rather replace your first mortgage with a larger one, a cash-out refinance does that instead.
Homeowners with equity who want to borrow against it without giving up the mortgage they have.
Monmouth County homeowners whose first mortgage has terms they want to keep, and who would rather add a loan behind it than replace it.
A project paid in stages, such as a renovation paid as the work is done, fits a line you draw on as you go. A project with a fixed price, or debts to combine, fits one lump sum with a set payment.
A line of credit or a home equity loan can be documented the usual way, with pay stubs, W-2s or tax returns, or, if you are self-employed, with bank statements. Some home equity loan programs also accept 1099s, a prepared profit-and-loss statement or verified assets. See bank statement loans in New Jersey.
Want the detail? Our HELOC guide and home equity loan guide cover what the programs ask for, and the HELOC calculator and home equity loan calculator each work the programs out for your answers and show what you may be eligible for. Each is an estimate, not an offer.
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License. You can check it on NMLS Consumer Access (opens in a new tab).
Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, and our licensed branch is at 1 Yorktowne Drive, Manalapan, NJ 07726. Call 732-686-9999 to talk with a licensed loan officer.
A HELOC suits costs that come in stages: you draw what you need, pay interest only on what you have drawn during the draw period, and the rate is variable. A home equity loan suits a known cost: one lump sum at closing, with equal monthly payments at a rate that does not change. A loan officer can compare both for your plans.
No. A HELOC or a home equity loan sits behind your existing first mortgage, which stays exactly as it is. If you own the home outright, a line can be in first position.
Yes. Both can be secured by a second home. Some programs also accept a rental property, as a business-purpose loan; a loan officer can tell you which fit the property.
Yes. Either can be opened on its own after you have owned the home, or at the same closing as a new first mortgage on a purchase or refinance. Some programs need no ownership seasoning, so you can also borrow soon after buying.
Yes. We offer bank statement HELOCs for self-employed borrowers, and some home equity loan programs also accept bank statements, 1099s, a prepared profit-and-loss statement or verified assets.
Get a quote online, or call and compare a line of credit with a home equity loan with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.