Question 1

How much can I borrow with a HELoan in Petaluma?

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 rate?

Accepted Answer

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

Question 3

What credit score do I need for a HELoan?

Accepted Answer

Most lenders start at 620. Scores above 700 qualify for better rates. Rates vary by borrower profile and market conditions.

Question 4

How long does it take to close a HELoan?

Accepted Answer

Typically 3 to 6 weeks. Appraisal turnaround and title work are the main variables in Sonoma County.

Question 5

Can I use a HELoan to rebuild after wildfire damage?

Accepted Answer

Yes, if your equity and insurance situation support it. Lenders will require current hazard insurance before funding.

Question 6

Is a HELoan the same as a second mortgage?

Accepted Answer

Yes — a HELoan is a second mortgage. It sits behind your first lien and uses your home as collateral.

Home Equity Loans in Petaluma, CA