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?
Read more on our Money Wisdom Blog: How long will it take to process the loan?
Yes...and no. We must determine the value for any property for which a Home Equity Line of Credit (HELOC) is requested. This in turn, allows us to determine the amount that can be borrowed. But with a HELOC, most of the time, a full appraisal is not required.
Read more on our Money Wisdom Blog: Do you require an appraisal for Home Equity?
You’ve seen and heard all the ads: “Get a HELOC Today!”, “Make Your Home Work for You!” or “You’re Sitting on a Pile of Cash!”
Read more on our Money Wisdom Blog: Home Equity Lines of Credit - Better Safe than Sorry!
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?
Read more on our Money Wisdom Blog: Home Equity Loan vs. Home Equity Line of Credit
All deeds of entrust, including your HELOC are recorded for public record upon closing the loan. It is really a contingency of funding the loan; lenders will not release the funds from the closing until they have evidence that the deed was recorded.
Read more on our Money Wisdom Blog: Your HELOC is a matter of public record, treat it accordingly.