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Don’t put it off any longer! Build that outdoor deck, remodel your kitchen, or fix that leaking roof. It’s easy with a low introductory rate on a line of credit1 or a fixed-rate² equity loan.
Our friendly home loan experts are here to help!
(858) 636-3045 Mon-Fri, 9am - 4pm
realestateloanofficer@10ybbs.com
A one-on-one call with a Mortgage Loan Officer can be extremely helpful. You can ask questions and even submit your application over the phone.
It's easy to get started with our secure, mobile-friendly application. Plus, you can always save your progress and pick up where you left off at a later time.
Both of the home equity financing options described below have specific advantages. If you're not sure which is right for you, we suggest you reach out to one of our Mortgage Loan Officers who are happy to provide guidance for your unique situation.
Home Equity Loans (also known as 2nd mortgages or Cash-Out Refinances), allow homeowners to borrow funds using their home equity as collateral. These are one-time, fixed-rate loans where the borrower receives the full loan amount upfront as a lump sum. Borrowers can qualify for a home equity loan even if there is an existing mortgage on the property.
Home Equity Lines of Credit (HELOC) are similar to Home Equity Loans, but instead of a lump sum the funds are accessed, with a credit card or checking account, through a revolving line of credit. Another difference to keep in mind is that the interest rate for a HELOC is adjustable. Typically, HELOCs have a draw period, during which you can withdraw money, and a repayment period, during which you must payback the balance. At Cal Coast our HELOCs have a 10-year draw period, with interest-only payments, and a 15-year repayment period.1
A Home Equity Loan can be a great option if:
A HELOC can be a great option if:
Home Equity Line of Credit | Home Equity Loan | |
---|---|---|
TERM | Revolving Credit Line1 | 10², 15³, or 20-year⁴ |
Rate | Adjustable | Fixed |
Maximum Loan Amount | Up to $250,000 | Up to $250,000 |
PROPERTY USE | Owner occupied, 2nd home, Investment | Owner occupied, 2nd home, Investment |
Lender Closing Costs | $0 out of pocket options | $0 out of pocket options |
APR = Annual Percentage Rate. Rates and terms effective as of 11/25/2024 based on credit history, subject to approval, and subject to change without notice. Some restrictions apply. Membership and credit subject to approval. Serving everyone who lives or works in San Diego, Riverside, Orange, Los Angeles, Ventura, Imperial, and San Bernardino Counties. A one-time $5 membership fee and savings account required. Restrictions apply.
Have questions? Want more information? We’re more than happy to get in touch. Let’s Talk. Just complete the form.
ABA/Routing No: 322281578
NMLS ID# 407951