Bob Kennedy/Loan Officer
Call/Text 847-278-7175
NMLS ID# 425371
Home Equity Line of Credit (HELOC) Information Page
How it works.......
FIRST
No Application fee required.
Fill Out a Short Application. See Link Above/Below.
Interest Rates are not estimated on the "front end." Preliminary information must be gathered first and then an offer will be made.
Only one borrower can apply. Marital income can be used for qualifying, but only one applicant will be on the loan.
We will need (at minimum); Name, Property Address, Cell Phone Number, Email Address, Social Security Number, Date of Birth, and approximate annual household income.
We will need to pull your credit. You will be asked to provide your permission on the application.
If you have a current first mortgage on the property, let us know approximate balance and interest rate.
Let us know the amount of Credit Line you want to apply for.
SECOND
We will send your information to underwriting who will review it and issue a preliminary decision (usually within 24 hours).
We will then send you a link with a few offers (rate/costs) and a request for more information.
If you decide to move forward, you will need to provide the information requested as soon as possible.
If you decide NOT to move forward, then the process stops with no further obligation to you.
THIRD
Once the file is fully underwritten and approved, you will be contacted to set up a closing.
5 Day closings are possible, however exact timing depends on the complexity of the file and how quickly documents requested are received. We can't guarantee a "quick" closing date, but we strive to close as quickly as possible, with as little hassle as possible.
Information
Exact loan amounts, terms, interest rates, and fees, are subject to a variety of factors including (but not limited to); credit score, occupancy type, and Loan To Value (LTV=value of property in relation to the amount of liens on the property).
Lower credit scores and investment properties will generally have lower LTV requirements.
Interest Rates are FIXED. Payments are fully amortized depending on the term (5-10-15-30 years). The HELOC is NOT interest only. The longer the term, the lower the payment.
A draw of the full line amount is required at closing. The line can be paid down at anytime without penalty. Example, $75,000.00 line is received at closing. Customer makes a payment of $70,000.00 after the closing date. $70,000.00 is then available on the credit line for the duration of the term / draw period.
Details will be explained as the file moves through the process, and the loan takes shape.
Final terms will be agreed to by borrower and disclosed in writing prior to the closing.
Feel Free to Call / Text/ Email me with specific questions or concerns.
Bob Kennedy/Loan Officer
NMLS ID# 425371
Call/Text 847-278-7175
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