Question 1

How much can I borrow with a HELoan in Lathrop?

Accepted Answer

It depends on your home's appraised value and your current mortgage balance. Most lenders cap total borrowing at 80-90% of your home's value.

Question 2

Does a HELoan affect my first mortgage?

Accepted Answer

No. Your first mortgage stays exactly as-is. The HELoan is a separate second mortgage with its own payment.

Question 3

How long does a HELoan take to close in California?

Accepted Answer

Typically 3-5 weeks. California requires a 3-business-day right of rescission after signing, which adds time.

Question 4

Is HELoan interest tax-deductible?

Accepted Answer

It can be, if the funds are used to buy, build, or substantially improve the home. Talk to your CPA — tax rules are borrower-specific.

Question 5

What credit score do I need for a HELoan in Lathrop?

Accepted Answer

Most lenders require 620 minimum. Scores above 700 get noticeably better rates. Rates vary by borrower profile and market conditions.

Question 6

Can I get a HELoan if I bought recently?

Accepted Answer

Yes, if you have enough equity. Lathrop's appreciation means even recent buyers may qualify — it depends on your down payment and current value.

Home Equity Loans in Lathrop, CA