Question 1

How much can I borrow with a HELoan in Taft?

Accepted Answer

Most lenders cap your total mortgage debt at 80% of the home's appraised value. Your HELoan amount is the gap between that cap and your first mortgage balance.

Question 2

Will my HELoan rate be fixed?

Accepted Answer

Yes. A HELoan is a fixed-rate product. Your rate and monthly payment stay the same for the life of the loan.

Question 3

Can I use a HELoan to consolidate debt in Taft?

Accepted Answer

Yes, debt consolidation is one of the most common uses. You pay off higher-rate debt with a lower fixed rate tied to your home equity.

Question 4

How long does a HELoan take to close?

Accepted Answer

Expect 3–6 weeks from application to funding. Appraisal scheduling and title work drive most of the timeline in smaller markets like Taft.

Question 5

Does my first mortgage lender have to approve my HELoan?

Accepted Answer

No. Your first mortgage lender doesn't need to approve it. The new HELoan lender takes a second-lien position behind your existing loan.

Question 6

Is a HELoan the same as a home equity line of credit?

Accepted Answer

No. A HELoan is a one-time lump sum at a fixed rate. A HELOC is a revolving credit line, usually with a variable rate.

Home Equity Loans in Taft, CA — Fixed Cash From Your Home