Question 1

How much can I borrow against my Redwood City home?

Accepted Answer

Most lenders allow 85% combined loan-to-value. If your home is worth $2M with a $1M first mortgage, you can borrow up to $700K.

Question 2

What interest rate should I expect as of February 2025?

Accepted Answer

Rates vary by borrower profile and market conditions. Expect 1-2% above current first mortgage rates for qualified borrowers with 720+ credit.

Question 3

Can I deduct home equity loan interest on taxes?

Accepted Answer

Only if you use proceeds for home improvements. Debt consolidation and other uses don't qualify under current IRS rules.

Question 4

How does this differ from a HELOC?

Accepted Answer

HELOCs have variable rates and work like credit cards. Home equity loans give you one lump sum with a fixed rate and term.

Question 5

Will this affect my first mortgage?

Accepted Answer

No. Your first mortgage stays unchanged. The home equity loan is a separate second lien with its own payment.

Question 6

How long does approval take in San Mateo County?

Accepted Answer

Plan for 30-45 days. Appraisal scheduling and title work add time compared to unsecured loans.

Home Equity Loans in Redwood City: Fixed-Rate Cash Access