Question 1

How much can I borrow with a HELoan in Watsonville?

Accepted Answer

It depends on your home's value and your existing mortgage balance. Most lenders cap combined borrowing at 80% of your home's appraised value.

Question 2

Will my interest rate ever change on a HELoan?

Accepted Answer

No. HELoans carry a fixed rate for the life of the loan. Your monthly payment stays the same from day one.

Question 3

Can I use a HELoan to build an ADU in Santa Cruz County?

Accepted Answer

Yes, and it's one of the most common uses we see locally. The lump sum structure works well for construction budgets.

Question 4

How is a HELoan different from a cash-out refinance?

Accepted Answer

A HELoan is a second mortgage. A cash-out refi replaces your existing loan. If your first rate is low, the HELoan usually wins.

Question 5

What credit score do I need to qualify?

Accepted Answer

Most lenders start at 620. Stronger scores improve your rate. Rates vary by borrower profile and market conditions.

Question 6

How long does a HELoan take to close in California?

Accepted Answer

Typically 3 to 6 weeks. California law requires a 3-day right of rescission, which adds time after signing.

Home Equity Loans in Watsonville, CA