Question 1

How much can I borrow with a HELoan in Exeter?

Accepted Answer

Most lenders cap total borrowing at 80% of your home's value minus your first mortgage balance. Your equity and income determine the final amount.

Question 2

Is my Exeter home's value enough to qualify?

Accepted Answer

A licensed appraiser determines value using local Tulare County comps. Your broker can order a preliminary valuation before you apply.

Question 3

Can I use HELoan funds for anything?

Accepted Answer

Yes. Common uses include home improvements, debt consolidation, and large expenses. Lenders do not typically restrict how you spend the proceeds.

Question 4

What credit score do I need for a HELoan?

Accepted Answer

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

Question 5

Will a HELoan affect my existing mortgage?

Accepted Answer

No. A HELoan is a second mortgage. Your first mortgage stays exactly as it is.

Question 6

How long does a HELoan take to close in California?

Accepted Answer

Most HELoans close in 3 to 5 weeks. California law also requires a 3-day right of rescission after signing before funds are released.

Home Equity Loans in Exeter, CA