Question 1

How much can I borrow with a HELoan in Gilroy?

Accepted Answer

It depends on your home's appraised value and existing mortgage balance. Most lenders allow up to 80% combined loan-to-value.

Question 2

Does a HELoan affect my first mortgage?

Accepted Answer

No. It's a separate second mortgage. Your first loan's rate and terms stay exactly as they are.

Question 3

How long does a HELoan take to close in California?

Accepted Answer

Typically 3-5 weeks. State law requires a 3-day right of rescission after signing, so plan for that.

Question 4

Is the interest on a HELoan tax-deductible?

Accepted Answer

It may be if you use funds for home improvements. Talk to your tax advisor — this isn't mortgage advice.

Question 5

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

Accepted Answer

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

Question 6

Can I get a HELoan if I'm self-employed in Gilroy?

Accepted Answer

Yes, but lenders want 2 years of tax returns to verify income. Your net income after write-offs is what they use.

Home Equity Loans in Gilroy, CA