Second liens

HELOC and fixed-rate home equity loans

Tap equity for renovation, tuition, or liquidity bridges. Sky discloses index, margin, floor and ceiling for variable lines, and fixed amortization schedules for closed-end second liens so you can stress-test payments before signing.

HELOC explained — Understanding draw and repayment phases prevents payment shock when the IO period ends.

Fixed-rate home equity loan

A closed-end second delivers a lump sum at a fixed APR with level payments—useful when you know the project cost and want predictable amortization. Unlike a line, you cannot redraw after payoff without a new credit decision.

Appraisal & combined loan-to-value

Combined LTV caps protect you and the bank. Appraisals may be full interior, desktop, or hybrid depending on program and geography.

HELOC for renovations — Match draw timing to contractor milestones to minimize interest accrual.

Documentation you should assemble

HELOC documents — Property, income, and insurance documents are dated for underwriting windows.

Recorded deed, most recent mortgage statement, and hazard insurance declarations page.
Pay stubs or business returns depending on how you earn; K-1 schedules when applicable.
Flood determination if the property sits in a special hazard area.