what happens after the draw period

What Happens After the Initial Draw Period?

If you’re thinking of getting a HELOC, you may have heard the term, “draw period.” And you may know what it is. But, what happens after the draw period? We’ll get into that below. But first, a quick refresher. A home equity line of credit is a valuable tool that can impact your financial outlook […]

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do i need an appraisal

Understanding the HELOC: Do I Need an Appraisal?

A major part of qualifying for a home equity line of credit is understanding the value of your home, which in turn helps lenders know how much you can borrow. The way you can know the value is by getting an appraisal. The appraisal is a fair estimate of your home’s value and is based […]

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questions to ask your loan officer about heloc terms

4 Big Questions to Ask Your Loan Officer About HELOC Terms

When it comes to a home equity line of credit and putting it to work to improve your financial situation, you probably have a lot of questions. And that’s a good thing! Before you make any big decisions, there are a few things you need to know. Check out our list of top questions to […]

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Home Equity Loan or Home Equity Line of Credit

What’s Better? A Home Equity Loan or Home Equity Line of Credit?

You’ve seen the terms home equity loan or home equity line of credit thrown around, in a seemingly interchangeable way. But they’re not the same! Before we dive into which financial product might be right for you, let’s define the terms. A home equity loan (HELOAN), or second mortgage … … uses the equity in […]

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heloc documents

So You’re Ready for a HELOC – Here Are the Documents You’ll Need

Now that you’re ready to take control of your equity by moving away from an amortization-based mortgage to a Home Equity Line of Credit (HELOC), here are the essential HELOC documents you’ll need to prepare for the application process. As with many types of loans, there’s an application that requires you to provide personal financial […]

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