Question 1

How much can I borrow with a HELoan in Palo Alto?

Accepted Answer

Most lenders cap combined loan-to-value at 80%. With Palo Alto home values, eligible amounts are often substantial.

Question 2

Does a HELoan affect my first mortgage rate?

Accepted Answer

No. A HELoan is a separate second mortgage. Your first mortgage rate and payment stay exactly as they are.

Question 3

How long does HELoan funding take in California?

Accepted Answer

California has a 3-day rescission period after closing. Plan for 30-45 days from application to funds in hand.

Question 4

Is HELoan interest tax-deductible?

Accepted Answer

It can be, if the funds are used to buy, build, or improve the home. Consult a tax advisor for your situation.

Question 5

What's the difference between a HELoan and a HELOC?

Accepted Answer

A HELoan is a fixed lump sum. A HELOC is a revolving credit line with a variable rate.

Home Equity Loans in Palo Alto, CA