Home Equity Line of Credit (HELOC)
Home equity line of credit is a credit line secured by real estate. It has a lower interest rate when compared to unsecured lines of credit. It must be registered against your house just like a regular mortgage.
Figure out if a HELOC is the right product for you. Talk about short and long term goals.
Application and document collection
Fill out a mortgage application as detailed as possible. So there are no assumptions. Collect all the documents needed upfront, so we don't have chase them later in the process.
Pre qualification and documents review
Review all the documents and figure out the HELOC amount you will qualify for.
Submit application to the lender
We submit the application to the lender.
Review lender commitment
Lender will issue a mortgage commitment, we review it to make sure everything is correct and to our liking.
Do an appraisal of the property if needed.
Submit all the documents to the lender to satisfy any conditions.
In the meantime lender will send instructions to the lawyer to prepare all the documents needed for closing. They will discharge the old mortgage and register the new one.
Make an appointment with the lawyer to sign all documents and finalize the deal.
This is the breakdown of home equity line of credit process. To get started or if you have any questions, call 647-870-7004