Question 1

How much can I borrow with a home equity loan in Simi Valley?

Accepted Answer

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

Question 2

Will a home equity loan affect my first mortgage?

Accepted Answer

No. A home equity loan is a separate second mortgage. Your first loan's rate and terms don't change.

Question 3

How long does a home equity loan take to close?

Accepted Answer

Most close in 2 to 4 weeks. An appraisal is required, which is the main timing factor.

Question 4

Is the interest on a home equity loan tax-deductible?

Accepted Answer

It may be, if the funds are used to buy, build, or improve your home. Talk to your tax advisor to confirm your situation.

Question 5

What credit score do I need for a home equity loan?

Accepted Answer

Most lenders require at least 620. A score above 700 typically qualifies for better rates. Rates vary by borrower profile and market conditions.

Question 6

Can I get a home equity loan if I'm self-employed in Simi Valley?

Accepted Answer

Yes, but you'll need to document income thoroughly. Two years of tax returns is the standard. Some lenders allow bank statement income verification.

Home Equity Loans in Simi Valley, CA