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

Click here for info on our Home Equity Line of Credit with No Closing Costs

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
ERATE's Top Rated Partner

Tax Considerations

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Refinancing with No Points and No Fees (first mortgages)

Home Equity Line - Documentation

Home Equity Line vs Second Mortgage

Which Secondary Financing is best for me?

Home Equity Loans: Paychecks from your Home

Home Equity Loan Shopping: Tips and Types

Lower your monthly payments Debt Consolidation Calculator

The Federal Reserve Board on Home Equity Lines of Credit

Short Term Financing: HELOC vs Bridge Loan

Personalized Refinance Quotes



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