Best Banks for Second Mortgage in California

[Eric Li]

Hello Everyone!

I'm a new member but not new to real estate and I'm glad to finally be a part of an online community to share insights and exchange information. I was curious if anyone here knows or has good luck with getting a second mortgage on a primary residence in the state of California? I'm looking to pull more equity out for potential purchases. To clarify, I'm looking for a fixed rate second mortgage, not a home equity line of credit.

A quick summary of my search so far with the big banks. Citibank caps ALL California second mortgages to $300k (over-levereged here maybe?), Wellsfargo has really high rates, but are able to do up to a million or so and Chase doesn't do second mortages (only home equity line of credit). So far the best out of these companies has been B of A, which offers up to $1mil and has decent rates (quoted around 5% for 30 year fully amortized), but honestly it's still a bit high. My local credit union offers a max up to $400k for second mortgages only as well. I'm not considering refinancing at this moment, because I'm locked in at 3.25% for 30 years (too sweet to let go).

Does anyone have any experience or good insights in this matter? Thank you in advance!