HELOC & Cash-Out Refinance · Minnesota Homeowners
Access your home's equity. Your way.
Cliffco offers two paths to your home's equity: a fixed-rate HELOC that leaves your first mortgage untouched, or a cash-out refinance up to 85% loan-to-value. Fully online, originated locally from our Excelsior office.
Approval decision in as little as 5 minutes.* No cost to check.
Mitch Patterson
Loan Officer · NMLS #2560483
Licensed in California, Florida, Minnesota & Texas
- HELOC: your first mortgage and its rate stay untouched
- Cash-out refinance: up to 85% loan-to-value
- Fixed-rate HELOC lines up to $750,000
- Fully online, with a remote notary closing
See what your equity could do
Minnesota homeowners looking to access their home's equity generally have two options: a HELOC, which adds a second loan behind your existing mortgage and leaves its rate untouched, or a cash-out refinance, which replaces your first mortgage with a new, larger one. Cliffco offers both: a fixed-rate HELOC with lines up to $750,000, and cash-out refinancing up to 80–85% LTV, fully online, originated locally from Cliffco's Excelsior, MN branch.
Cliffco Mortgage Bankers company-wide stats: the team and track record behind your loan.
HELOC at a glance
Your equity, without touching your first mortgage.
- Approval decision
- In as little as 5 minutes*
- Funding
- In as few as 5 business days*
- Line amounts
- Up to $750,000
- Rate structure
- Fixed
- First mortgage
- Unchanged; the line is a second lien
- Process
- Fully online, remote notary closing
Two paths, one goal
HELOC or cash-out refinance? Here's the difference.
HELOC
Adds a second loan behind your existing mortgage. Your first mortgage and its rate stay exactly as they are. Usually the better fit if you locked a low rate and don't want to give it up.
Fixed rate · lines up to $750,000
Cash-Out Refinance
Replaces your first mortgage entirely with a new, larger loan and gives you the difference in cash. Usually the better fit if restructuring the whole loan makes sense for your situation.
Up to 80–85% loan-to-value
Not sure which fits your numbers? Mitch compares both for you, free, no obligation.
Mitch Patterson
Loan Officer
Your Minnesota Loan Officer
A real person who answers the phone.
At Cliffco Mortgage Bankers, Mitch Patterson works with Minnesota homeowners to find financing that fits their actual situation, not a one-size-fits-all product.
What sets Mitch apart: he explains everything clearly, with no confusing terms and no surprises. He's in it for the long term, not just until your loan closes, and your file is handled locally, from Cliffco's Excelsior office.
Common HELOC & cash-out refinance questions.
What is a HELOC?
A home equity line of credit (HELOC) is a loan secured by the equity in your home. It sits behind your existing mortgage as a second lien, which means your first mortgage, and its rate, stays exactly as it is. You draw funds from the line and repay them over the loan term.
Does a HELOC replace my current mortgage?
No. A HELOC is a second lien, so your existing first mortgage and its rate are untouched. That makes a HELOC especially useful if you locked a low first-mortgage rate and don't want to give it up with a cash-out refinance.
Is the rate fixed or variable?
Cliffco's HELOC program uses fixed rates, so your payment on drawn funds doesn't move with the market the way traditional variable-rate HELOCs do. Your rate depends on your credit profile, the line amount, and your combined loan-to-value ratio.
How much can I borrow with a HELOC?
Lines are available up to $750,000. Your maximum depends on how much equity you have, your credit profile, and the combined loan-to-value ratio of your first mortgage plus the new line.
How can a HELOC be approved in five minutes?
The application uses automated income, credit, and property verification instead of a manual underwriting queue. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that the property is in at least average condition with a property condition report.
How fast can I receive the funds?
Funding can happen in as few as five business days after approval, assuming the loan closes with our remote online notary. Funding timelines may be longer for properties in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.
What can I use HELOC funds for?
Common uses are home renovations, consolidating higher-interest debt, education costs, and major purchases. Because the line is secured by your home, the rate is typically far lower than credit cards or personal loans.
What is a cash-out refinance?
A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. Unlike a HELOC, it replaces your first mortgage entirely, including its rate and term, rather than adding a second lien behind it.
HELOC or cash-out refinance: which is right for me?
If your current mortgage rate is low, a HELOC usually wins since it leaves that rate untouched. If restructuring your whole loan makes sense (your current rate isn't particularly low, or you'd rather lock one new fixed rate on the full balance), a cash-out refinance may be the better fit. Mitch can walk through both options with your specific numbers.
How much can I cash out with a refinance?
Cliffco's cash-out refinance programs go up to 80–85% loan-to-value, depending on the program and your credit profile.
Access your home's equity. Your way.
Tell Mitch your home's approximate value and your current mortgage balance. He'll show you what a HELOC or cash-out refinance could look like.
*Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that the property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.