Home Equity Line of Credit (HELOC) Information Page

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.