You did the work. Let’s put it to work.
A home equity line of credit lets you borrow against what you have built without touching the first mortgage you already have. Tell me a little about the property and I will show you what a line on your home could look like.
There is a third option.
If you own a home in Santa Barbara, a good share of what you have built is sitting in the house. Most people assume there are only two ways to reach it: sell, or refinance the whole mortgage and start over.
A home equity line of credit is a second loan that sits behind your first mortgage. Your first mortgage stays exactly where it is. You draw only what you actually use, and you can draw more than once as you go.
What people use it for
- The kitchen that has been on the list for three years
- A bigger project, with a contractor already picked out
- Paying down higher interest balances
- Buying or fixing up another property
- A reserve that sits unused until the year you need it
Why not just refinance?
It is the right question. If you financed your home a few years back, there is a fair chance you are holding a first mortgage you would rather not disturb. A refinance replaces it. A line of credit leaves it alone and sits behind it.
Sometimes a cash-out refinance really is the better answer, and I do plenty of those. Whether it is depends on your numbers, not on a general rule. That is what the conversation is for.
What happens next
- 1Answer three quick questions and leave your contact details. Takes about a minute.
- 2I reach out personally, usually the same business day, to talk through what a line on your home could look like and what it would actually cost.
- 3If it is the right move, we start. If it is not, I will tell you that, and you have lost nothing but a phone call.
Not here about equity?
I also handle purchases, refinances, cash-out refinances and preapprovals across Santa Barbara, Goleta, Montecito, Carpinteria, Ventura and the Santa Ynez Valley. Use the same form and tell me what you need, or visit jllendingteam.com.
Tell me about the property
Three quick questions, then how to reach you. No credit check and no obligation.
Justin Leach, Mortgage Advisor, NMLS 685345. JL Lending Team, Powered by Xpert Home Lending Inc., NMLS 2179191. Licensed in CA, TX and AZ. nmlsconsumeraccess.org. Not a commitment to lend. Subject to credit approval, underwriting and program guidelines. A home equity line of credit is secured by your home. Equal Housing Opportunity.