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Home Equity Loans (HELoans) in Burbank
Burbank homeowners built substantial equity over recent years. A home equity loan lets you convert that to cash at a fixed rate.
Media District and Magnolia Park properties show strong appreciation. These neighborhoods often carry enough equity for six-figure loans.
Most Burbank borrowers use HELoans for home improvements or debt consolidation. The fixed rate beats variable-rate alternatives when planning major expenses.
You need at least 15-20% equity after the new loan. Credit scores typically start at 620, though 700+ unlocks better rates.
Lenders verify income and employment just like a purchase. Debt-to-income caps at 43-50% depending on the lender.
Your first mortgage stays in place. The equity loan becomes a second lien with separate payment and term.
Combined loan-to-value drives approval. If your home is worth $900K with a $500K first mortgage, you might access $150K-$200K.
Banks offer equity loans but often cap at $250K-$500K. Credit unions sometimes beat their rates by 0.25-0.5%.
Portfolio lenders in our network approve higher amounts for strong borrowers. We've closed Burbank equity loans above $750K when CLTV allows.
Rate spreads vary 1-2% between lenders on identical scenarios. Shopping across our 200+ sources consistently saves borrowers money.
Most Burbank borrowers have low first-mortgage rates from 2020-2021. Refinancing those into a new first makes no sense financially.
An equity loan preserves that 3% first mortgage while accessing cash. You pay current rates only on the new money.
Watch closing costs. Some lenders charge 2-3% in fees that erase rate advantages. We find options with minimal origination charges.
Fixed rates matter more than borrowers think. Your payment never changes regardless of Fed actions or market conditions.
HELOCs offer lower initial rates but adjust monthly. Equity loans cost more upfront but eliminate rate risk.
Cash-out refinancing replaces your first mortgage entirely. That works only if current rates beat your existing rate.
Reverse mortgages suit seniors who want no monthly payments. Home equity loans require regular payments but work for all ages.
Burbank's studio-adjacent properties appraise higher than comparable homes elsewhere. That equity often surprises owners who bought pre-2015.
Older housing stock in Rancho and Magnolia Park drives renovation demand. Equity loans fund those projects without touching low first-mortgage rates.
Airport noise zones affect appraisals in specific pockets. Properties near Hollywood Burbank see slight valuation discounts that reduce available equity.
Entertainment industry income shows seasonal patterns. Some lenders hesitate on borrowers with variable compensation despite strong overall earnings.
Most lenders allow 80-90% combined loan-to-value. On a $900K home with $500K owed, expect $150K-$310K depending on credit and income.
No. Your original mortgage remains untouched with its existing rate and terms. The equity loan is a separate second lien.
Minimum 620 for approval, but 700+ gets competitive rates. Scores above 740 unlock the best pricing across our lender network.
Most close in 30-45 days. Appraisal timing drives the schedule since lenders need current value verification.
Yes, if you use funds for home improvements. Consult a tax advisor since personal use like debt consolidation isn't deductible.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.