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Home Equity Loans (HELoans) in Exeter
Exeter homeowners sit on substantial equity built over years of California appreciation. HELoans let you access that value at a fixed rate without touching your first mortgage.
Most Exeter properties have equity worth tapping—whether for home improvements, debt consolidation, or major expenses. The lump-sum structure works well for one-time costs with predictable budgets.
Unlike HELOCs, your rate locks in at closing. You know exactly what you'll pay every month for the life of the loan, which matters when you're planning around agricultural income or seasonal work.
Lenders typically require 15-20% equity remaining after the HELoan funds. If your home's worth $450K and you owe $300K, you could borrow roughly $60K-$90K depending on credit strength.
Credit requirements sit around 620-640 minimum, though better rates kick in above 700. Debt-to-income ratios can stretch to 43-50% when combined with your first mortgage payment.
You'll need proof of income—W-2s, tax returns, or bank statements for self-employed borrowers. Appraisals are standard. Most lenders fund in 30-45 days from application to closing.
Not all lenders price HELoans the same. Some credit unions offer lower rates but cap loan amounts at $150K. Banks may go higher but tack on origination fees and appraisal costs.
We shop across 200+ wholesale lenders who compete for your deal. Rate spreads between lenders can hit 1-2% on the same borrower profile—that's $80-$160 monthly on a $100K loan.
Watch for lenders who auto-subordinate if you refinance your first mortgage later. Some require full payoff, forcing you to refinance both loans when rates improve.
Exeter borrowers often choose HELoans over cash-out refinances when their first mortgage sits below 4%. Refinancing just to pull cash would spike their overall rate—a HELoan preserves that low payment.
We see ag-related borrowers use HELoans for equipment purchases, barn improvements, or covering gaps between harvest income. The fixed payment suits irregular cash flow better than variable HELOCs.
One trap: borrowing the maximum approved amount. Take only what you need plus a 10% buffer. Higher balances mean higher payments, and you're pledging your home as collateral on both loans.
HELOCs offer flexibility but variable rates. HELoans lock your rate but give you everything upfront. If you need $80K for a kitchen remodel, the HELoan works. If you need $20K now and maybe $30K next year, the HELOC fits better.
Reverse mortgages eliminate monthly payments but eat equity fast and cost more upfront. Equity appreciation loans share future gains with investors—creative but expensive. Conventional cash-out refinances reset your first mortgage, usually raising your overall rate.
For Exeter homeowners with first mortgages below 5%, HELoans typically beat cash-out refinances by $200-$400 monthly when pulling $75K-$150K.
Exeter's housing stock skews older, with many homes pre-1980. Lenders may require additional inspections for foundation or electrical issues before approving HELoans on properties over 50 years old.
Tulare County appraisers know local comps well, but rural parcels with acreage can complicate valuations. Lenders may discount land value beyond the primary homesite when calculating available equity.
Agricultural zoning doesn't disqualify you, but some lenders restrict HELoans on properties with commercial ag operations. We work with lenders who underwrite rural Tulare County properties daily.
Most lenders allow up to 80-85% combined loan-to-value, meaning you can borrow against equity above the 15-20% cushion. On a $400K home with $250K owed, expect roughly $70K-$90K max.
Yes, lenders order full appraisals to confirm current value and equity. Rural Exeter properties may take 2-3 weeks for appraisal completion due to appraiser availability in Tulare County.
Absolutely. We place HELoans for equipment, irrigation upgrades, and farm improvements regularly. The lump sum works well for planned ag expenses with fixed costs.
Both your first mortgage and HELoan pay off at closing from sale proceeds. If you owe $250K on the first and $75K on the HELoan, you need $325K plus closing costs to clear title.
HELoans fix rates at closing, currently ranging 7.5-9.5% depending on credit. HELOCs start lower but adjust monthly—today's 7% HELOC could hit 10% next year. Rates vary by borrower profile and market conditions.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.