Watermark Exclusive

Access your full home equity

The Expanded Access Home Equity Loan lets qualified homeowners access up to 100% of their home’s value through combined loan-to-value (CLTV) financing on a primary residence, or up to 95% on a qualifying second home. Your existing first mortgage stays in place, and a second lien is added on top — up to the applicable combined limit — so you keep the rate you already have. No refinance required. In many cases, no appraisal required* Just faster access to the equity you’ve earned.

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Maximum CLTV
Keep Your Low Rate
0
%
Combined Loan-to-Value

*100% CLTV for Tier 1 & 2 primary residences. See FAQ for details.

Watermark Equity Unlock 100%
Typical Bank Limit 80%
Standard Bank
Expanded Access

Payment Flexibility

A 25-year term starting with 5 years of lower, interest-only payments

100% Equity Unlock

Funding from $75k up to $250k for primary and second homes

Broad Eligibility

Open to qualified homeowners with a credit score of 660 or higher

(see Licenses page for state availability)

Is Expanded Access right for you?

This product is specifically designed for equity-rich homeowners who need liquidity but refuse to surrender their 1st mortgage rate.

I want to pay off high-interest debt.

Restructure High-Interest Debt

Pay off high-interest credit cards (20%+ APR) or personal loans and replace them with a single, lower-rate mortgage payment. The interest-only period keeps your monthly bill manageable as you regain control of your cash flow.

I want to bring my renovation to life.

Major Home Improvements

Designed for large-scale projects like ADUs, pools, or complete remodels. In many cases, we can waive the full appraisal — with valuations often available same-day and qualified loans funding in as little as 10 days, using up to 100% of your equity.

I want to keep my current low rate.

Strategic Liquidity

Perfect for homeowners who have a 1st mortgage with a low interest rate. You keep your existing low-cost loan exactly as it is. Expanded Access sits behind your first mortgage, providing the capital you need without the cost and friction of a full refinance.

I want to fund my next investment.

Capitalize on New Opportunities

Tap the equity in your primary residence or existing second home to fund a purchase, renovation, or strategic opportunity. Because Expanded Access sits behind your first mortgage, you keep your current rate and terms in place on either property type.

Who is this for?

In the interest of transparency, Expanded Access is built for specific borrower profiles. This program is best suited for the following scenarios:

  • Equity Position: Designed for funding needs of $75,000 to $250,000
  • Credit Profile: Best suited for stable credit profiles (660+ FICO benchmark)
  • Property Type: Available on primary residences (up to 100% CLTV) and second homes (up to 95% CLTV). Investment and rental properties are not eligible.
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Expanded Access vs. Traditional Home Equity Lenders

Expanded Access is designed for homeowners who need liquidity but refuse to surrender their current low mortgage rate.

FeatureTypical LendersWatermark Expanded Access
Maximum Equity Limits80% – 90% CLTVUp to 100% CLTV
First Mortgage ImpactRefinance required for cash-outNone — Sits in 2nd position
Payment StructurePrincipal + interest immediately5 yrs Interest-Only, then 20 yrs Fixed P&I*
Appraisal RequiredPhysical appraisal required (weeks)No appraisal in many cases*
UNDERWRITING & QUALIFICATION SPECS
UnderwritingAutomated AlgorithmsManual (Human Review)
Rate TypeVariable line of credit (HELOC)Interest-Only Hybrid ARM*
Minimum Credit ScoreVaries (Often 720+ for high LTV)660 FICO Minimum
Loan AmountsVaries—often lower limits$75,000 – $250,000

*25-Year Hybrid ARM Structure: 5 years of Interest-Only payments (rate may adjust annually, subject to caps and a 5.99% floor), followed by 20 years of fixed-rate Principal & Interest. Monthly payments will increase at year 6. See full disclosures below.

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Frequently Asked Questions

  • Loan Amounts: Program limits range from $75,000 to $250,000 for cash-out transactions, and up to $300,000 for purchase (piggyback) transactions.

  • Credit Requirements: This program requires a minimum credit score of 660 FICO.

  • Tier 1 (780–850 FICO): Eligible for up to 100% CLTV on primary residences and 95% CLTV on qualifying second homes.

  • Tier 2 (720–779 FICO): Eligible for up to 100% CLTV on primary residences and 95% CLTV on qualifying second homes.

  • Tier 3 (660–719 FICO): Eligible for up to 90% CLTV on both primary residences and second homes.

  • Market Adjustment: A 10% reduction in maximum CLTV applies if the property is determined to be in a designated “declining market.”

  • Eligible Properties: Single-family homes (attached and detached), PUDs, condominiums, and owner-occupied duplexes.

  • Occupancy: Primary residences and qualifying second homes are eligible.

  • Second Home Pricing: Pricing on second homes is adjusted relative to primary residence pricing; your loan officer will provide specifics for your scenario.

  • Ineligible Properties: Investment properties, 3–4 unit homes, co-ops, mobile/manufactured homes, geodesic domes, working farms, and parcels exceeding 20 acres.

Expanded Access is a 25-year second mortgage featuring an initial 5-year interest-only period followed by a 20-year fully amortizing fixed-rate term.

  • The Interest-Only Period: During the first five years, your required payment covers only interest to maximize monthly cash flow.

  • The Conversion: At the end of year 5, the loan automatically converts to a 20-year fixed-rate repayment schedule.

  • Qualifying DTI: To ensure long-term stability, debt-to-income (DTI) ratios are calculated at 1% above the initial start rate.

The interest rate is a Hybrid ARM during the first five years and becomes fixed for the remaining 20 years of the term.

  • Adjustment Caps: Rate adjustments during the first five years are capped at 2% annually and 5% over the life of the loan, subject to a 5.99% floor.

  • Index & Margin: Adjustments are based on the WSJ Prime index plus a margin determined by your credit tier and occupancy.

  • Predictability: Unlike a standard HELOC, which can remain variable for its entire life, this program provides a guaranteed fixed-rate conversion point.

No. Expanded Access is a second-lien mortgage that sits in second position behind your existing first mortgage.

  • Rate Protection: This structure is designed for homeowners with low-rate first mortgages who want to access equity without a full cash-out refinance at today’s higher rates.

  • Separate Payments: You keep your current first mortgage exactly as it is and add a separate, additional payment for the Expanded Access loan.

Yes. Expanded Access can be used to pay off credit cards, personal loans, or other high-interest obligations.

  • Cash Flow Benefit: The 5-year interest-only period often results in a monthly payment significantly lower than the combined minimum payments of unsecured debts.

  • Manual Underwriting: We use human experts to review your full financial profile, considering compensating factors and income types that an automated algorithm may not fully capture.

Yes. Expanded Access is available as a “Purchase Money Second” (piggyback loan) up to $300,000, used alongside a new first mortgage to fund a home purchase.

  • Common Use Cases: Avoid Private Mortgage Insurance (PMI) by keeping the first mortgage at 80% or below, bridge the gap between the first mortgage and your down payment on a higher-priced purchase, or keep the first mortgage within conforming/high-balance limits to avoid jumbo pricing.

  • Leverage Limits: Combined leverage on a purchase typically tops out at 95% CLTV for agency piggybacks and 90% CLTV for non-agency structures. 100% CLTV is not available for purchase transactions.

  • Requirements: Purchase transactions require a 720 minimum FICO and are available for primary residences only.

  • Down Payment: The down payment must be sourced and verified; borrowed down payment funds are not eligible.

In many cases, no. We use a digital valuation tool that bypasses the need for a physical inspection in many cases.

  • Reliability Standards: To skip the physical inspection, digital data must meet a minimum Confidence Score of 80 or a Confidence Level of Medium/High.

  • Physical Appraisals: If your property does not meet the digital threshold, a traditional appraisal will be ordered.

Expanded Access is offered in most states where Watermark Home Loans is licensed.

  • Texas Restriction: Not available in Texas. Texas home equity loans are governed by Texas Constitution Section 50(a)(6), which imposes structural requirements this product is not designed to meet.

  • Full Footprint: For our complete state licensing footprint, please see our Licenses page.

Submitting the form does not trigger a credit inquiry. If you choose to move forward, a Watermark loan officer may run a soft credit pull as part of qualifying you for the program — soft inquiries do not affect your credit score. A hard credit pull is only required when you submit a formal application.

Reviewed by Nick Joutz

Co-Founding Partner | NMLS #9220

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01
  • Share Your Goals

Tell us what you want to achieve with your home equity.

02
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We’ll personally determine if Expanded Access is your best path.

03
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Get a clear equity analysis and a roadmap to funding.

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Product Identity & Eligibility: Expanded Access is a proprietary second-lien mortgage product; it is not a commitment to lend or an offer of a specific interest rate. Maximum CLTV limits vary based on FICO® score and property type. 100% CLTV is available to Tier 1 and Tier 2 primary residence borrowers only. Maximum CLTV is reduced by 10% if the property is located in an area designated as a declining market.

State Availability: This product is not available for properties located in Texas. For Watermark Home Loans’ full state licensing footprint, see the Licenses page > 25-Year Interest-Only Hybrid ARM Structure: This is a 25-year second mortgage with a 5-year interest-only period followed by a 20-year fixed-rate amortizing period. During the interest-only period, the rate may adjust annually based on the WSJ Prime Index, subject to a 2% annual adjustment cap, a 5% lifetime cap, and a 5.99% floor. Monthly payments will increase significantly at year 6 when the loan begins to include principal.

Valuation & Servicing: Digital AVMs are accepted with a minimum Confidence Score of 80 or a Confidence Level of Medium/High. Watermark originates these loans and sells them to institutional investors for long-term servicing. Submitting this form does not trigger a credit inquiry. If you decide to move forward, a Watermark loan officer may run a soft credit pull as part of qualifying you for the program—soft inquiries do not affect your credit score. A hard credit pull is only required when you submit a formal application.

Watermark Capital, Inc. is an Equal Housing Lender. NMLS #1838.