Question 1

How much can I borrow with a HELoan in Union City?

Accepted Answer

It depends on your home's appraised value and existing mortgage balance. Most lenders cap combined loans at 80% of your home's value.

Question 2

Will a HELoan affect my first mortgage rate?

Accepted Answer

No. A HELoan is a separate second mortgage. Your first loan terms stay exactly as they are.

Question 3

How long does it take to close a HELoan?

Accepted Answer

Most HELoans close in 3 to 6 weeks. An appraisal is required and is usually the longest step.

Question 4

Is HELoan interest tax deductible?

Accepted Answer

It can be, if funds are used to buy, build, or substantially improve the home. Talk to your tax advisor — rules vary by situation.

Question 5

What credit score do I need for a HELoan?

Accepted Answer

Most lenders start at 620. Scores above 700 qualify for better pricing. Rates vary by borrower profile and market conditions.

Question 6

Can I get a HELoan if I'm self-employed?

Accepted Answer

Yes. You'll typically need two years of tax returns to document income. Some lenders apply stricter income averaging for self-employed borrowers.

Home Equity Loans in Union City, CA