How to Get a Home Equity Line of Credit
May 10th, 2012
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How to Get a Home Equity Line of Credit
- Contact your banking institution. If you are already doing business with this organization, it might be more willing to keep you as a customer.
- Contact local banks or savings institutions, which are more likely to do these types of loans.
- Contact a local real estate mortgage broker for references of lenders who offer credit lines.
- Look for the credit line with the lowest interest rate.
- Compare terms. Most credit lines have a “draw period” (the period during which you can write checks and tap into your equity) of 10 years, and an additional repayment period of five years, for a total of 15 years.
- Provide the documentation required by the lender. If the lender is a local bank or savings institution – rather than a mortgage lender – the time, fees and documentation required to complete the transaction may be significantly reduced.
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