Home Equity Loans - Home Equity Lines - Second Mortgage Frequently Asked Questions


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HELOC FAQs
Home Equity Lines, Home Equity Loans, Second Mortgage

HOME EQUITY

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Appraisals

Will an appraisal of my property be required when I apply (even if I've had my property appraised within the last year)?

Cash-out Loans

Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?

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Closing Costs

Home Equity Lines

What is the difference between a traditional second mortgage and a home equity line of credit?
Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?
What are the typical terms of a home equity line of credit?
What is the average repayment period on a home equity line of credit?
Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?

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Home Improvement Considerations

Investment/Rental Property

Can I apply for a second mortgage secured against an investment or rental property?

Loan Amount

What is the maximum I can borrow on a home equity line?

Loan Documentation

What documentation will the lender normally require from me to process my loan?

Are limited documentation (aka EZ doc, no income qualifier) loans available?

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Loan Process

Loan Selection

How do I determine which type of secondary home equity financing is best for me?

Loan Terms

What are the typical terms of a home equity line of credit?
What are the typical terms of a traditional second mortgage?
What is the average repayment period on a home equity line of credit?
What is the average repayment period on a traditional second mortgage?

Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?

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Home Equity Offers from LendingTree
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No Cost Loans

Can I get a no cost home equity line?

Pre-payment Penalties

Do home equity lines typically have prepayment penalties?

Second Mortgage

What is the difference between a traditional second mortgage and a home equity line of credit?
Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?
What are the typical terms of a traditional second mortgage
What is the average repayment period on a traditional second mortgage?

Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?

Get Up To 4 Personalized
Home Equity Offers from LendingTree
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Tax Considerations

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