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Home Equity FAQs

Home Equity Questions

Questions & Answers

How often can the interest rate change on a Home Equity Line Of Credit?

The interest rate could change four times a year on the Home Equity Line Of Credit.  The changes take place on the first day of every quarter (January 1, April 1, July 1 and October 1).

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What is the difference between a Home Equity Loan and a Home Equity Line of Credit?

Both are considered second mortgages, with a home equity loan all loaned funds will be paid to the borrower at closing.  A home equity line of credit provides you with a credit line that you can borrow against at any time within a set time limit and up to a maximum amount.

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Are there closing costs associated with a second mortgage loan? I am mainly interested in any out of pocket expenses.

Currently, we pay all closing costs.  If the second mortgage is paid off within two years, the closing costs are added to your payoff.  If the second mortgage is paid off after more than two years, then no penalty is charged. 

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Can I get a copy of my appraisal?

Yes, you will always receive a copy of your appraisal.

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What is a Home Equity Line of Credit?

When you get a Home Equity Line, you access the ability to draw money, whenever you want, for a period of time.  You only pay interest on the amount you borrow.  You may borrow money, then pay back the money you borrowed and borrow again against the line of credit.  You typically access the line with a check. 

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What is the difference between a Home Equity Loan and a Second Mortgage?

Nothing, they are simply two different names for a loan that is taken out against your home to get cash for any variety of uses.  A Home Equity Loan is a type of Second Mortgage.

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Regarding a Home Equity Line of Credit, how do I increase the limit on my loan?

To increase a HELOC loan amount you may call a loan officer at 800-451-5626, visit any of our branch offices or apply online at the Loan tab on our home page.

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How long is an appraisal good for?

Appraisals are good up to six months.

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What appraisal service or appraisers do you use?

We use First American Title. 

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