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Home Equity Online
What is an EquityOnline! Home Equity Line of Credit?
A Home Equity Line of Credit works essentially the same way as a credit card: It's a revolving line of credit, but unlike a credit card, it uses the equity in your home as your line of credit. With a Quicken Loans Line of Credit, you make interest-only payments for the first ten years and you make payments only if and when you draw cash. After the first 10 years the full balance is amortized and paid off over 20 years. You can use your home Equity Line of Credit for anything - home improvements, a vacation, tuition, a new car - anything.
Is my personal information safe?
Yes. We use the most sophisticated Internet security technology available today. When you start the application process for a mortgage, every bit of information you provide is encrypted with the Secure Socket Layer (SSL), a state-of-the-art encryption process developed by Netscape. This encryption process creates a secure link between you and Quicken Loans, ensuring a smooth, safe transmission every time.
How is my Interest Rate/APR calculated?
Your Interest Rate/APR is calculated based your credit score, and the combined loan-to-value ratio (CLTV). We determine your combined loan-to-value ratio by adding up the total balances of any current loans and the amount of the loan you are requesting and dividing that number by the value of your home. Generally, the lower CLTV ratio that you have, the lower your Interest Rate/APR will be.
Is the Interest Rate/APR adjustable?
Yes, it is adjustable. When your rate adjusts, it will be the result of an index plus a margin. The index is the Prime Rate as published in the Wall Street Journal at the time of the adjustment period. The margin will be determined at the time of your application. The index can change, but the margin will not. A change in your APR will change your minimum monthly payment.
What is the term of the loan?
This loan has a 10-year draw period and then the balance is amortized over a 20-year repayment period.
What should I expect from applying online for a Home Equity Line of Credit?
Here's how our process works. First, we'll ask for some basic information about you, your income and the property. We'll need your social security number to obtain a copy your credit. Then, in only a few seconds, we'll "connect" electronically with your credit report then ask you to identify which loans are directly tied to the property you're financing. After that it's just a matter of seconds until we reach a decision regarding your request for a home loan. Your approval will outline the terms of the Line of Credit, then you'll finish by scheduling your closing right online. You choose the time, date and place. Up to this point, everything has transpired online. After a few days, one of our Loan Advisors will call you to confirm the information you've entered and confirm your closing date. We'll overnight your closing documents to you prior to your closing appointment so that all you need to do is sign them at closing with our notary present. Then, within an average of 5 days from signing the documents, you
'll get a check for the amount you've requested.
How long before I get my check?
In most states you'll receive your check within 5 days of signing your closing papers. Due to the federally mandated three day right of rescission period we cut the check and overnight it to you on the fourth day and you'll receive it on the fifth day. In escrow states, the three day right of rescission has to expire and then the documents have to be recorded, so it can take up to 12 days after the day you sign for you to receive your check.
 Read more/Apply for Home Equity Online
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DID YOU KNOW?
- Most any large city has a number of small shops offering payday loans. They’re often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you’re borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year! DELETE
- To get a secured loan it can take time for loan approval, as the property will be inspected and appraised. Unsecured loans such as credit cards are usually faster to acquire, however the loan approval time may include a credit check. A credit check involves a lender getting a copy of your credit report to inspect your credit history.
- All kind of loan – educational loans, auto loans, secured loans, unsecured loans, personal loans and any kind of loans – can be consolidated under debt consolidation mortgage. It is highly appropriate to adopt debt consolidation mortgage if you have numerous debts. However, a prudent step will be to understand debt consolidation if you actually want to apply for it. Debt consolidation mortgage has the capability to be turned in a way so as to allow maximum monetary benefits. Yet, one little error with debt consolidation mortgage and your situation will be back to square one.
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