Question 1

How much can I borrow with a HELOC in Mountain View?

Accepted Answer

It depends on your equity and CLTV limit. High Mountain View home values often support large credit lines — your broker can run the numbers.

Question 2

Is a HELOC rate fixed or variable?

Accepted Answer

Most HELOCs carry a variable rate tied to prime. Some lenders offer fixed-rate options or rate locks — ask specifically about those.

Question 3

Can I use a HELOC if I'm self-employed?

Accepted Answer

Yes, but income documentation is more involved. Lenders typically want two years of tax returns. Rates vary by borrower profile and market conditions.

Question 4

What happens when the draw period ends?

Accepted Answer

Your HELOC converts to a repayment phase. You can no longer draw funds, and payments become fully amortizing — often a significant payment increase.

Question 5

How long does it take to get a HELOC approved?

Accepted Answer

Typically two to six weeks depending on the lender and appraisal timeline. Wholesale lenders can sometimes move faster than retail banks.

Question 6

Does a HELOC affect my first mortgage?

Accepted Answer

No — a HELOC is a second lien. Your existing mortgage rate and terms stay exactly as they are.

HELOCs in Mountain View: Tap Your Equity on Your Terms