Question 1

How much can I borrow with a HELoan in Hayward?

Accepted Answer

Most lenders cap combined debt at 80% of your home's value. Some go to 85%. It depends on your credit and the lender.

Question 2

Does a HELoan affect my first mortgage rate?

Accepted Answer

No. A HELoan is a separate second mortgage. Your first mortgage rate stays exactly as-is.

Question 3

How long does a HELoan take to close?

Accepted Answer

Typically 3 to 6 weeks. An appraisal is usually required and drives most of the timeline.

Question 4

Is interest on a HELoan tax-deductible?

Accepted Answer

It can be, if used for home improvement. Talk to a tax advisor — we can't give tax advice.

Question 5

Can self-employed Hayward borrowers qualify?

Accepted Answer

Yes. Some of our lenders use bank statements instead of tax returns. 12 to 24 months is standard.

Question 6

What's the difference between a HELoan and a HELOC?

Accepted Answer

A HELoan gives you one lump sum at a fixed rate. A HELOC is a revolving credit line with a variable rate.

Home Equity Loans in Hayward, CA