Sergio, Home Owner in San Jose, CA

Which lenders offer a second mortgage (HEL) at 90, 95, or 100 CLTV.

Asked by Sergio, San Jose, CA Tue Oct 29, 2013

I have found credit unions outside of Santa Clara County that offer HELs at 90, 95 and 100 CLTV but I cannot apply as I do not live in the area. There has to be a lender offering a similar product here in Santa Clara County, does anyone know of one? We are looking to replace the current HEL thats on our property and take out a second for approx 10%. We have excellent credit (720 ), 480K mortgage, 6K HEL, 600K value.

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Randall Yates, Other Pro, Dallas, TX
Sun Nov 17, 2013
Possibly I would have to make a couple calls to my mortgage brokers. We specialize in referring people to lenders that offer loan products that match what you're looking for.
1 vote
Tracy, Renter, Waialae - Kahala, Honolulu, HI
Tue Sep 30, 2014
I need a HELOC or HEL that will go to 95% CLTV on a purchase with a 716 score and a loan amount of $82K - does anyone know of such a lender ? :)
The home is in San Jose, CA - THANKS.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Thu Oct 31, 2013

Eric (below) is a great resource for financing in your area. I believe the most common and cost-effective solution you'll find will be a HELOC (adjustable) to 90% of the appraised value. There are some fixed rate second out there, but compared to the time advantage you'd have on a HELOC set to Prime it may be worth the increased risk to ride out lower rates as long as possible. You'll pay a premium to fix in any junior lien.

If you have any questions, please let me know.

Rob Spinosa
0 votes
lendersnetwo…, Agent, Plano, TX
Thu Oct 31, 2013
I can get you over to a couple of brokers that have some options for you.
0 votes
Eric Nelson…, Mortgage Broker Or Lender, Campbell, CA
Tue Oct 29, 2013
We can help you with this, Sergio. We have a lending option to 90% on the HELOC, and your scores and qualifications appear to be in line.

It is an interest only payment, and can close fairly quickly.

You can reach me at my office if you would like to pursue this.


Eric Nelson, III
Sr. Mortgage Planner
SVC Funding
BRE # 01258488
NMLS # 120412
0 votes
Alexander Gr…, Agent, San Jose, CA
Tue Oct 29, 2013
I have a HELOC with no MI all the way up to 90%

Alex Greer
Loan Officer
NMLS #1056079

0 votes
Flag Tue Oct 29, 2013
OK, do you have an option for a fixed rate?
Flag Tue Oct 29, 2013
HEL can be both and HELOCs can be both. The only difference is having the ability to draw out on it if you need to because it is a line of credit
Flag Tue Oct 29, 2013
It is my understanding that a HEL is a fixed rate loan while a HELOC is a variable rate loan. Your HELOC, is it a fixed rate?
Flag Tue Oct 29, 2013
A HELOC is a HEL ......
Flag Tue Oct 29, 2013
If this was a HEL, it would be perfect. Thank you for your help.
Flag Tue Oct 29, 2013
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