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Home Equity Loan Specifics: Loan Terms, Cash Out Limits & Credit for Second Mortgages

How much can you Borrow? The question everyone applying for a loan wants the answer to is "how much do I qualify for? Depending on your credit score & the amount of your revolving debt, a few home equity lenders may let you borrow up to 100% of the appraised value of your home. When you apply for a loan online, always ask the lender about the terms for the home equity loan. How many years is the loan for? Is the interest rate fixed or variable? If you are applying for a home equity line of credit, discuss whether or not there is a minimum draw requirement at closing.

Don't forget to find out about the accessibility. In other words, how do you access to your credit line? (ie. checks, credit card, etc.?) Ask the loan officer if after the draw period expires, whether or not it will you may be able to renew your credit line. If you cannot, find out if the interest rate will continue to be variable for the repayment period. If there are fixed rate options, get them.

Verify with your loan officer that there is no balloon payment with the second mortgage. If there is, you may be required to pay off the entire outstanding balance, when the balloon payment is due.

How much cash can you get out of your home? If you have good credit, and have for example $75,000 in equity, you should be able access the entire $75,000. There are quite a few home equity lenders that offer equity loans up to 100% of the appraised value of your home. A few brokers and lenders, like BD Nationwide Mortgage can offer you second mortgages up to 125% of home's appraised value. Typically 125% loans will have some cash out limits. Depending upon your credit score, 125% second mortgages will allow cash back between $25,000 and $75,000 in addition to the debt consolidation.

Dan Ambrose is a true mortgage authority who has been in the business for nearly 15 years. Today Dan is a free-lance writer, and account executive for Irwin Home Equity. He offers loan tips to anyone interested in maximizing home equity. Previously, Dan has done some consulting for Countrywide, and BD Nationwide Mortgage. You can read more of his articles about Second Mortgage & Home Equity Loans online. For a complete look at home equity loans please visit 2nd Mortgage & Debt Consolidation or go to 125 second mortgages online. If you want more tips, please check out the "FTC Fast Facts - Home Equity Credit Lines" published by the Federal Trade Commission.

More Useful Resource and Updates on suntrust bank asas trustee for crown home equity trust

• Feds warn thrifts about changing equity loan terms (Lexington Herald-Leader)
  After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans. The Office of Thrift Supervision issued a six-page letter of guidance to the institutions, called thrifts, spelling out their obligations on home equity lines of credit, better ...



• Wachovia cutting home-equity credit lines (Philly.com)
  In the middle of remodeling the kitchen of their Gloucester County house, Paul and Julianne Gablin received a letter from Wachovia Bank canceling the line of credit they were using to pay for the project.



• OTS Gives Guidance On Home Equity Lines Of Credit (Nasdaq)
  WASHINGTON -(Dow Jones)- With financial institutions increasingly shying away from home equity lines credit, the Office of Thrift Supervision is reminding lenders it regulates of their obligations to homeowners.



• Complaints spark regulators' warning (The Charlotte Observer)
  After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions this week warned lenders they could not arbitrarily change the terms of home equity loans.



• S&Ls given warning about freezing credit (Minneapolis-St. Paul Star Tribune)
  The Office of Thrift Supervision warns against improperly lowering credit limits or altering rules for home-equity loans.



• Unlocking your home equity (CNN Money)
  The housing rescue package that Congress scrambled to pass in July was aimed primarily at stemming foreclosures and shoring up Fannie Mae and Freddie Mac. But it also contains provisions that make reverse mortgages a better deal for older homeowners who want to turn their equity into cash.



• Lender declares ICOP Digital in default on credit line (BizJournals)
  Equity Bank has declared ICOP Digital Inc.?s $3.5 million credit line in default because of what the bank called ICOP?s weakened financial condition and ?impending breach? of a covenant in its loan agreement requiring the company to maintain a net worth of $7.5 million.



• Equity questions (The Oregonian)
  A home equity line of credit -- or HELOC -- allows homeowners to easily draw from the value of their home to cover expenses. But shrinking home values have reduced the amount of money that can be drawn from the equity well.



• Regulators warn lenders on home equity loans (Houston Chronicle)
  After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans.

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