MoneyWisdom Blog

Home Equity FAQs - How long will it take to process the loan?

Posted by Bill Burpeau on Jul 11, 2016 1:00:00 PM

Normal processing time from application to closing for a home equity application is 2 - 4 weeks depending on the complexity of the loan request. So happens during the home equity application process that takes this amount of time?
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Topics: Use your home equity wisely, Home Equity FAQs

Home Equity FAQs - Do you require an appraisal for Home Equity Loans?

Posted by Bill Burpeau on Jan 19, 2016 6:00:00 AM

Yes, we must determine the value for any property for which a Home Equity Loan (HEL) or Home Equity Line of Credit (HELOC) is requested.  This in turn, allows us to determine the amount that can be borrowed.
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Topics: Use your home equity wisely, Home Equity FAQs

Home Equity FAQs - Home Equity Loan vs. Home Equity Line of Credit

Posted by Bill Burpeau on Jan 5, 2016 4:00:00 PM

Is it time to spruce up your home?  New kitchen? New bath? Paint? Siding? Flooring? Windows? Can you use the equity in your home to pay for it?

Let's look at home equity and two ways you can use it to pay for maintenance or improvement to your home.

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Topics: Use your home equity wisely, Home Equity FAQs

Our Top 5 Frequently Asked Home Equity Questions

Posted by Hanscom Federal Credit Union on Feb 16, 2015 12:53:00 PM

With so many products, options, and uses, questions about home equity abound.  Here are the top 5 questions we get all the time.

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Topics: Home Equity FAQs

Home Equity FAQs - Is there a prepayment penalty on home equity loans?

Posted by Bill Burpeau on Apr 19, 2013 5:00:00 PM

What is a prepayment penalty?

A prepayment penalty is a provision of your contract with a lender that states that in the event you pay off the loan entirely at a point prior to the final maturity date, you will pay a penalty. Penalties can be expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest.

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Topics: Use your home equity wisely, Home Equity FAQs

Home Equity FAQs - What are your closing costs?

Posted by Bill Burpeau on Mar 29, 2013 4:00:00 PM

Closing costs are part of the costs of setting up a home equity loan or line of credit.  They are similar in nature to those you pay when you get a mortgage.  Closing costs can include such things as:

  • Fee for property appraisal (up to $450)
  • Application Fee ($30 and up)
  • Attorney's Fees (up to $550)
  • Title Search (varies greatly)
  • Mortgage Preparation and Filing Fees (Dependent on Municipality)
  • Property and Title Insurance ($300 and up)
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Topics: Use your home equity wisely, Home Equity FAQs

Home Equity FAQs - What's my rate?

Posted by Bill Burpeau on Mar 20, 2013 10:16:00 AM

This is by far the most frequently asked question of our loan officers regarding home equity loans (HEL) and lines of credit (HELOC).
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Topics: Use your home equity wisely, Home Equity FAQs

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