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Home Equity Loans, HELOCs, & 2nd Mortgages

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Appraisals

• Will an appraisal of my property be required when I apply (even if I've had my property appraised within the last year)?
  
  

Cash-out Loans

• Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?
  
  

Closing Costs

• What type of closing costs are associated with second mortgages?
  
  
• Can I get a no cost home equity loan?
  
  

Home Equity Lines

• What is the difference between a traditional second mortgage and a home equity line of credit?
  
  
• Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?
  
  
• What are the typical terms of a home equity line of credit?
  
  
• What is the average repayment period on a home equity line of credit?
  
  
• Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?
  

Home Improvement Considerations

• When making improvements to my home, is it wise to first consult with my real estate agent?
  
  

Investment/Rental Property

• Can I apply for a second mortgage secured against an investment or rental property?
  
  

Loan Amount

• What is the maximum I can borrow on a home equity line?
  
  

Loan Documentation

• What documentation will the lender normally require from me to process my loan?
  
  
• Are limited documentation (aka EZ doc, no income qualifier) loans available?
  
  

Loan Process

• What documentation will the lender normally require from me to process my loan?
  
  
• Are limited documentation (aka EZ doc, no income qualifier) loans available?
  
  

Loan Selection

• How do I determine which type of secondary home equity financing is best for me?
  
  

Loan Terms

• What are the typical terms of a home equity line of credit?
  
  
• What are the typical terms of a traditional second mortgage?
  
  
• What is the average repayment period on a home equity line of credit?
  
  
• What is the average repayment period on a traditional second mortgage?
  
  
• Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?
  
  

No Cost Loans

• Can I get a no cost home equity line?
  
  

Pre-payment Penalties

• Do home equity lines typically have prepayment penalties?
  
  

Second Mortgage

• What is the difference between a traditional second mortgage and a home equity line of credit?
  
  
• Is it better to refinance my first mortgage to take cash out rather than getting a second mortgage on my property?
  
  
• What are the typical terms of a traditional second mortgage
  
  
• What is the average repayment period on a traditional second mortgage?
  
  
• Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?
  
  

Tax Considerations

• Can I use the proceeds of the home equity loan for any purpose I choose, such as the purchase of an automobile?
  
  
• Are the interest payments on my home equity loan tax-deductible?
  
  
• How can I find a qualified, reputable CPA to advise me?