Question 1

What is a HELoan and how does it work?

Accepted Answer

It's a fixed-rate second mortgage paid out as a lump sum at closing. You repay it in equal monthly payments over a set term.

Question 2

How much can I borrow against my Upland home?

Accepted Answer

Most lenders cap combined borrowing at 80% of your home's value. The more equity you have, the more you can access.

Question 3

Does a HELoan affect my existing mortgage?

Accepted Answer

No. It's a separate second mortgage. Your first loan's rate and terms stay exactly as they are.

Question 4

What credit score do I need to qualify?

Accepted Answer

Most lenders require 620 minimum. Scores above 700 typically qualify for better pricing.

Question 5

How long does a HELoan take to close?

Accepted Answer

Expect two to four weeks. An appraisal is usually required, which adds time to the process.

Question 6

Is a HELoan better than a cash-out refinance?

Accepted Answer

If your first mortgage rate is low, a HELoan keeps it intact. A cash-out refi replaces your entire first mortgage at today's rates.

Home Equity Loans in Upland, CA