Question 1

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

Accepted Answer

Most lenders allow borrowing up to 80-85% combined loan-to-value. If your home is worth $2M with a $1M first mortgage, you could access $600K-$700K depending on credit and income.

Question 2

Will a home equity loan affect my first mortgage?

Accepted Answer

No. Your first mortgage remains unchanged. The home equity loan records as a second lien with separate terms and payments.

Question 3

What interest rate should I expect on a Millbrae home equity loan?

Accepted Answer

Rates vary by borrower profile and market conditions. Expect 1-2% higher than first mortgage rates. Strong credit and equity typically secure better pricing.

Question 4

Can I deduct home equity loan interest on my taxes?

Accepted Answer

Interest is deductible if you use funds to improve the property securing the loan. Consult a tax advisor for your specific situation.

Question 5

How long does it take to close a home equity loan?

Accepted Answer

Most close in 15-30 days. We expedite when needed for time-sensitive purchases or opportunities.

Home Equity Loans in Millbrae: Fixed-Rate Cash Without Refinancing Your Primary Mortgage