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Gilroy homeowners have built real equity over the years. A HELoan lets you pull that equity out as a lump sum at a fixed rate.
Unlike a HELOC, your rate and payment never change. That predictability matters when you're planning a major expense.
620+
Min Credit Score
80%
Max Combined LTV
Fixed
Rate Type
Lump Sum
Disbursement
3–5 Weeks
Est. Close Time
Home Equity Loans (HELoans) in Gilroy
Most lenders want at least 20% equity remaining after the loan. That means your combined loan balances can't exceed 80% of your home's value.
Expect lenders to require a 620+ credit score. Better scores get better rates — rates vary by borrower profile and market conditions.
Banks and credit unions offer HELoans, but their programs are narrow. We shop across 200+ wholesale lenders to find the best rate and terms for your situation.
Some lenders cap HELoan amounts at $250K. Others go higher. The right lender depends on how much equity you're tapping and what you plan to do with it.
HELoans work best for one-time, defined expenses — a kitchen remodel, debt payoff, or college tuition. If you need ongoing access to funds, a HELOC fits better.
Watch out for lenders with heavy prepayment penalties. We flag those terms before you sign. A low rate with a punishing penalty isn't a good deal.
A HELOC gives you a revolving credit line with a variable rate. A HELoan gives you a fixed payment from day one. For Gilroy homeowners who hate rate risk, the HELoan wins.
If you're sitting on significant equity and want to avoid a cash-out refinance that resets your first mortgage rate, a HELoan is the smarter move right now.
Santa Clara County appraisals can vary block by block. Your lender's appraiser may value your home differently than Zillow. That number drives how much you can borrow.
Gilroy sits at the south end of the county. Some lenders apply conservative LTV caps here. We know which lenders are comfortable with this market.
It depends on your home's appraised value and existing mortgage balance. Most lenders allow up to 80% combined loan-to-value.
No. It's a separate second mortgage. Your first loan's rate and terms stay exactly as they are.
Typically 3-5 weeks. State law requires a 3-day right of rescission after signing, so plan for that.
It may be if you use funds for home improvements. Talk to your tax advisor — this isn't mortgage advice.
Most lenders require 620 minimum. Scores above 700 get meaningfully better rates. Rates vary by borrower profile and market conditions.
Yes, but lenders want 2 years of tax returns to verify income. Your net income after write-offs is what they use.