Question 1

How much can I borrow with a HELoan in Santee?

Accepted Answer

It depends on your home's appraised value and your current mortgage balance. Most lenders cap combined debt at 80% of the home's value.

Question 2

Is a home equity loan tax deductible?

Accepted Answer

Interest may be deductible if the funds are used to buy, build, or improve the home. Consult a tax advisor — rules depend on your situation.

Question 3

How long does it take to close a HELoan?

Accepted Answer

Most home equity loans close in 3 to 6 weeks. An appraisal is required, which is usually the longest part of the process.

Question 4

Does a HELoan affect my first mortgage?

Accepted Answer

No. A HELoan is a separate second mortgage. Your first mortgage rate and terms stay exactly as they are.

Question 5

What credit score do I need for a HELoan in San Diego County?

Accepted Answer

Most lenders require a 620 minimum. Scores above 700 get the best pricing — that gap in rate can be significant over a 10 or 15 year term.

Home Equity Loans in Santee, CA