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What is a home equity line of credit?

What is a draw period?

How much can I borrow?

Must I occupy the residence I'm using as collateral?

What is the minimum draw amount on my home equity line of credit?

How can I access my home equity line of credit?

What are the minimum payment terms?

How often will I be billed?

Is there an annual fee?

Are there any fees for early closure?

Can I get a loan on my home if it is for sale?

What can I use my funds for?

Does the appraiser have to come into my house to perform an appraisal?

What is the difference between a home equity loan and a home equity line of credit?

Does my home equity line of credit have any tax benefits?

What is my maximum loan / line amount?

What is the rescission period?

What percentage of my home's appraised value can I borrow?

How quickly can I get approved?

How quickly can I close my loan?




Home Equity Questions

What is a home equity line of credit?
A home equity line of credit is a form of revolving credit in which your home is used as collateral. Home equity lines of credit feature a variable interest rate and a draw period.

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What is a draw period?
The draw period is the time frame during which you are allowed to use the credit available on your home equity line. When you borrow funds from your line of credit it is referred to as a draw.

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How much can I borrow?
Your credit limit (also known as available equity) is determined by taking a percentage of your home's appraised or fair market value (to be determined when your application is received), and subtracting the balances of any outstanding mortgages on the property. If you qualify, the minimum home equity line is $20,000 and home equity fixed loan is $15,000.

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Must I occupy the residence I'm using as collateral?
You can use a residence that you do not occupy as collateral if the property's total existing mortgages and your requested home equity line add up to no more than 70% of an investment/rental property's appraised value and up to 80% is available for vacation homes.

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What is the minimum draw amount on my home equity line of credit?
The minimum initial draw amount on a home equity line of credit is $20,000. The minimum amount for subsequent draws is $500.

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How can I access my home equity line of credit?
Within six to eight weeks of your loan closing you will receive a package that contains both payment information and checks that will allow you to access your line of credit.

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What are the minimum payment terms?
For home equity lines of credit, your minimum payment during the 10-year draw period will be the greater of the following:

  • One month's accrued interest, plus any assessed fees (a late fee for example), or,
  • $100.00

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How often will I be billed?
You will receive a monthly billing on your home equity line of credit as long as there is an outstanding balance.

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Is there an annual fee?
There is an annual fee of $75 for the home equity line of credit. This fee will be waived for the first year.

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Are there any fees for early closure?
None of the products that you Home Equity currently offers have charges for early closure.

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Can I get a loan on my home if it is for sale?
No. If your home is currently for sale we cannot provide you with a loan on that home. If your home has recently been for sale it must be off the market for 90 days before we can provide you with a home equity loan on that property.

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What can I use my funds for?
Once you close your Home Equity Loan / Line of Credit, the funds are yours to use as you wish.

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Does the appraiser have to come into my home to perform an appraisal?
In most cases, Home Equity Loans / Lines of Credit do not require a full appraisal. In fact for most loan amounts of $250,000 or less the appraisal process can be completed electronically.

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What is the difference between a home equity loan and a home equity line of credit?
While both are considered second mortgages, with a home equity loan all funds will be paid at closing. A home equity line of credit provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount.

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Does my home equity line of credit have any tax benefits?
In order to determine your tax benefits it is best to consult your tax advisor or attorney for specific tax guidelines. However, in most cases the interest on your home equity line of credit is deductible as long as your home equity debt is $100,000 or less and the total debt on your home is less than or equal to your home's appraised value. Any mortgage debt above your home's appraised value may not be tax deductible.

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What is my maximum loan / line amount?
Your maximum loan / line amount is determined by a number of factors. In most cases your total mortgages, including your requested loan / line amount, can add up to 80% and in many cases even 100% of your home's value.

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What is the rescission period?
The rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period allows you to reconsider, and perhaps void the transaction, and is required by federal law for all owner-occupied refinances.

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What percentage of my home's appraised value can I borrow?
The amount that you can borrow varies based on a variety of factors. However, most borrowers can borrow at least 80% of their home's value (when all mortgages are totaled) and some can borrow up to 107%.

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How quickly can I get approved?
The approval time varies from loan to loan. Many borrowers get an instant approval as soon as they apply online. However, in some cases we will need additional information before we can arrive at a credit decision.

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How quickly can I close my loan?
The time needed to close your loan depends on a variety of factors, including the time needed to obtain required documentation and when you can sign your loan documents. Many loans close within 10 days of application and most loans close within 7 days of receiving a final loan approval.

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