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Home Equity Loan Questions
from: Maxx Home GuidesWhen the value of your homes is offered as collateral, as is the case with a home equity loan, you might hesitate to persue this option, which is understandable. Thus you probably have some questions about the pros and cons of acquiring a home equity loan. The bottom line is, if you're responsible with your credit and follow the rules, your homes should be safe even if you decide to use the equity you've built up for a home equity loan.
Here are some frequently asked questions.
What is a Home Equity Loan and how much can I borrow?
Home equity is simply the current market value of your home minus minus your current mortgage debt. Let's say you purchased a $200,000 house with a down payment of $50,000. In time, the value of your house increases to $300,000. Therefore your equity would be in the neighborhood of $150,000 which represents $50,000 for the down payment and $100,000 for the current increase in the value of your house.
What types of Home Equity Loan are available and which one is best for me?
There's a Fixed Rate Equity loan, which is a one time lump sum that equals the collateral’s value. This loan option provides the borrower a lump sum to be repaid over a specific term. Payments and interest rate remains constant during the term of the loan contract.
A Line of Credit Equity has a variable rate. This type is similar to a credit card. The applicant is approved for a specific credit limit based on how much equity is available. There is no fixed repayment schedule since the funds can be borrowed and repaid on an ongoing basis as funds are needed.
How fast can I get a approved and what information is required?
Obtaining a loan can be easy or difficult depending on a number of factors. The loans process takes time and requires quite a bit of documentation. To speed up the process, it's good to have a documented list of your assets and liabilities, your current mortgage statements, credit card statements and tax documents. If you have a positive credit history, the process can move along rather quickly.
Each lender will have specific requirements, but you're going have to provide all of them with:
1. Positive ID
2. Your current Mortgage status and statements
3. Your Home Insurance Documents
4. A list of your current debts
5. Proof of income
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