Refinance Your Bakersfield Home Loan

A HELOC, or Home Equity Line of Credit, is a revolving line of credit that uses your home as collateral. It allows you to borrow money as needed, up to a certain limit, and pay interest only on the amount you draw.

A HELOC operates like a credit card: you’re approved for a maximum amount, and you can borrow from it as needed during a draw period, usually 5 to 10 years. After the draw period, you enter the repayment period, where you repay the borrowed amount over a set period, typically 10 to 20 years.

HELOC interest rates are typically variable, meaning they can fluctuate over time. The rate is usually based on a benchmark rate, such as the prime rate, plus a margin set by the lender.

To qualify for a HELOC, we typically look at your credit score (minimum FICO score to qualify is 640), income, employment history, and the amount of equity in your home. A good credit score and a significant amount of home equity can improve your chances of approval..

Yes, you can get a HELOC if you already have a mortgage, as long as you have enough equity in your home and meet the lender’s other qualifications.

Yes, you can typically pay off your HELOC after 90 days of lock out period without prepayment penalty.

Approval may be granted in 5 minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. 3 business day closing assumes closing the loan with our remote online notary. Closing timelines will be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise reqyuire an in-person closing.

We offer HELOCs and home equity loans throughout all of California, but we specialize in the following areas where we do the most business: Rosedale, Seven Oaks, Westchester, Stockdale Estates, Southwest Bakersfield, East Bakersfield. Shafter, Greenfield, La Cresta, Miramar, Tehachapi, Arvin, Wasco, Taft. Even if your property is located outside of these areas, we’re happy to help you explore your HELOC options across California. Reach out to us today to see if you qualify!

Most people use a HELOAN or HELOC because they are in need of a large amount of money but they don't want to refinance because they have a very low rate on their primary mortgage. The funds can be used for whatever you want but we see a lot of people using them to payoff their spouse in a divorce, pay off credit card debt, starting a business, sending their children to college, buying a boat or vehicle, buying another investment property. The options are endless.

Yes. If you own your home free and clear, you may be able to open a HELOC in first lien position and borrow against your equity.

No. A standalone HELOC is separate from your first mortgage, so your current rate stays the same.

In most cases, no. We use instant home valuations, which helps speed up approval.

Clarity Home Loans is a local Bakersfield mortgage broker helping homeowners compare HELOC and home equity loan options from multiple lenders.