– The Home Equity Line of Credit Applications process is a fairly simple one. There are some good lenders we will list for your reference below, but we will first answer a couple basic questions.
What is The Process of Applying For A Home Equity Line of Credit?
First you can complete the HELOC Loans process with a computer with internet access online.
You will be asked questions about your income and expenses as well as the properties you own.
You home equity line of credit application will be reviewed and then you will be notified if you meet the lenders criteria. If you have there may be a few more questions that you will need to answer to wrap things up.
You will generally get some type of estimate in the mail. But the lender will want to do an appraisal and maybe some type of home interior inspection.
Once this is completed you will be giving a proposed home equity line of credit loan. If you accept it will only take a few days to get the paperwork in order and you line of credit setup.
Where Can I Find A Home Equity Calculator?
You can just Google “Home Equity Calculator” or we have included a link to TDBank’s Home Equity calculator below for your convenience.
Where Can I Find The Best Home Equity Line of Credit Applications?
1) Apply For a HELOC through Chase Home Equity
If you Bank with Chase or have a checking account you can get a better deal on your equity line of credit.
You can get a .25% rate discount if you have or open a Chase personal checking account or a .50% rate discount with a Premier Platinum checking account.
2) Apply For a HELOC through Bank of America Home Equity Line of Credit
With Bank of America you get a 0.25%
Interest rate discount when your monthly payment is automatically deducted from your Bank of America checking or savings account.
Your interest may be deductible and there is no application fee or closing costs. Make sure you verify by reading all the footnotes.
There are fixed rate loan options and many different ways for you to access your funds.
3) Apply For a HELOC through Wells Fargo Home Equity Line of Credit
At Wells Fargo during the draw period, you can convert all or part of your variable-rate balance into a fixed rate.
Principal payments help you rebuild the equity in your home and pay less interest.
For your safety there are Annual and lifetime rate caps which means the variable APR on your line of credit will never increase more than 2% annually based on the date you signed your line of credit agreement, and will never be more than 7% higher than where you started.
That is an interesting concept and should be compared to the other major banks to see what their terms are on this issue. But a plus when getting a HELOC loan through Wells Fargo Bank.
4) Other Good Options for Home Equity Line of Credit Loans
These are the top Banks we would recommend you check out as well as whatever you own personal bank is through. Compare benefits and rates of 2 or 3 before committing to any further loan application process for the home equity line of credit.
If you use a credit union many times they will have a HELOC home equity line of credit that may have great rates since they are member owned. It is always worth checking out a credit union in your area and it is always cheap to become a member.
The main advantage of HELOC Loans is that they give you flexibility to get the equity out of your home to utilize on other things if your really need it. Home Equity line of credit applications are usually easy to fill out and once done you can utilize this line of credit into the future.