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.

Initial consultation

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.

Appraisal

Do an appraisal of the property if needed.

Lender conditions

Submit all the documents to the lender to satisfy any conditions.

Lawyer instructions

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.

Closing

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.