Question 1

How much can I borrow with a home equity loan in Long Beach?

Accepted Answer

Most lenders allow up to 85% combined loan-to-value. If your home is worth $700k and you owe $350k, you could borrow around $245k while staying under that threshold.

Question 2

What's the difference between a home equity loan and a HELOC?

Accepted Answer

Home equity loans give you a lump sum at closing with a fixed rate. HELOCs work like a credit card—draw what you need when you need it, typically with a variable rate.

Question 3

Can I deduct home equity loan interest on my taxes?

Accepted Answer

Yes, if you use the funds to buy, build, or substantially improve your home. Debt consolidation and other uses don't qualify for the deduction under current tax law.

Question 4

Do I need an appraisal for a Long Beach home equity loan?

Accepted Answer

Almost always. Lenders need current value to calculate your loan-to-value ratio. Desktop valuations occasionally work with strong equity and credit, but expect a physical appraisal.

Question 5

What credit score do I need for a home equity loan?

Accepted Answer

Minimum ranges from 620-680 depending on loan amount and equity. Higher scores unlock better rates. Expect rate tiers at 680, 700, 720, and 740.

Home Equity Loans in Long Beach: Turn Your Property Equity Into Fixed-Rate Cash