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A Home Equity Loan.com

Frequently Asked Questions

  

How long does it take to get an answer on my home equity loan application?

You can get an answer almost immediately when you apply online. In most cases, people will receive a reply in less than a hour.

What is the minimum amount I can borrow for a home equity loan or line of credit (HELOC)?

The minimum amount on a home equity installment loan is $25,000.

What is a Home Equity Line Of Credit?

Home Equity Line of Credit (HELOC) is a revolving line of credit with an adjustable interest rate (indexed to the prime rate) that allows you to leverage the equity in your home into cash for purchases, refinancing or debt consolidation. As an added benefit, the interest on a Home Equity Line of Credit is often tax-deductible. The interest rate (APR) for all home equity lines of credit offered to customers on this site with a prime credit rating will be below the prime rate for the life of the loan.

What is an APR?

APR stands for annual percentage rate. It is the annualized cost of credit, expressed as a percentage. The APR calculation considers certain fees to reflect the cost of credit in addition to interest.

Can I still qualify for a Home Equity Loan, even if I don't have any equity in my home?

Yes, We have 2nd mortgage loan programs that allow you to borrow up to 125% of your home's value.

What is a FICO Score?

FICO scores are numeric representations of your credit profile. The higher the FICO score the better credit risk you are. The higher the Fico score the better a chance you have a qualifying for a lower interest rate with more favorable loan terms.

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