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Lemon Grove homeowners have been building equity for years. A home equity loan turns that equity into a lump sum at a fixed rate.
San Diego County values have held strong. That means many Lemon Grove owners have more borrowable equity than they realize.
620
Min Credit Score
80%
Max CLTV
Fixed
Rate Type
Lump Sum
Funding
3–5 Weeks
Est. Close Time
Home Equity Loans (HELoans) in Lemon Grove
Most lenders want at least 20% equity remaining after the loan. That means you can typically borrow up to 80% of your home's value minus your first mortgage balance.
Credit score requirements start around 620, but 680 or higher gets you better pricing. Lenders also verify income to confirm you can carry both mortgage payments.
Local decision guide
Use this guide to connect home equity loans (heloans) eligibility, lender expectations, and local market factors before comparing payment options in Lemon Grove.
Lemon Grove homeowners have been building equity for years. A home equity loan turns that equity into a lump sum at a fixed rate.
San Diego County values have held strong. That means many Lemon Grove owners have more borrowable equity than they realize.
Most lenders want at least 20% equity remaining after the loan. That means you can typically borrow up to 80% of your home's value minus your first mortgage balance.
Banks, credit unions, and wholesale lenders all offer HELoans. Rates and max loan amounts vary significantly across them.
As a broker, we shop your file across 200+ wholesale lenders. You get more options than walking into a single bank.
The biggest mistake I see: borrowers taking the first offer from their current bank. That rate is almost never the sharpest.
HELoans work best when you need a set amount for one purpose — a remodel, debt payoff, or tuition. If your needs are ongoing, a HELOC may fit better.
A HELOC gives you a revolving credit line — useful for projects with unpredictable costs. A HELoan gives you a fixed amount at a locked rate.
Cash-out refinance replaces your first mortgage entirely. If your first mortgage rate is low, a HELoan keeps that rate untouched.
Lemon Grove sits in central San Diego County. Property values here have stayed competitive, which supports strong equity positions for long-term owners.
Many Lemon Grove homes are single-family residences — the property type most lenders prefer for HELoans. Condos can still qualify, but HOA docs add to the process.
Most lenders cap combined borrowing at 80% of your home's value. Subtract your first mortgage balance to find your max.
No. A HELoan is a separate second mortgage. Your first mortgage rate and terms stay exactly as they are.
Plan for 3 to 5 weeks. California requires a 3-day right of rescission after signing, which adds time.
No. A HELoan gives you one lump sum at a fixed rate. A HELOC is a revolving credit line with a variable rate.
Some lenders allow it, but guidelines are stricter and rates are higher. Most HELoan programs favor primary residences.
Most lenders require at least 620. Scores above 680 get meaningfully better rates. Rates vary by borrower profile and market conditions.