Home Equity Online

Home Equity Online

Company: Quicken Loans

Intro APR: 3.95%*

Incorporate Your Business 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.		This Offer Currently Is Not Available ! More Offers
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