| Features | Features, continued | Amazing Benefits | Process Flow | Signing & Funding |
|---|---|---|---|---|
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What is a HELOC?
A line of credit secured by a home or dwelling.
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What is the draw period?
10 years.
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What is the permissible purpose for a HELOC?
Any purpose.
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What documents do we require for a HELOC?
Income documents, Homeowner's Insurance contact, Mortgage statement and signed borrower's authorization.
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What is required when the member signs their documents? ( On Saturday, we would review first thing Monday morning)
Scan the signed documents to the Home Loan team for review.
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What is an adjustable rate?
A rate that goes up or down based on the Prime Rate.
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What is the recapture fee if a member closes their HELOC within the first 3 years?
Up to $225.
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What is tax deductibility? (check with your tax advisor)
Using interest paid on my HELOC as a deduction on my income tax returns.
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What is required in the notes section of the application?
List your name and branch and any relevant loan information.
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What is the procedure for sending documents back to the Home Loan Team, after the member signs.
UPS, using the label provided.
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What is $0? (not including the appraisal IF required)
The closing costs a member has to pay.
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What is the interest rate?
Prime + a margin, based on credit score and LTV.
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What is the benefit of a HELOC over a personal loan?
Lower interest rate and monthly payment.
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What is the turn-around time for Home Loan Operations to contact the member upon application submission?
48 hours.
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What is the time frame to send the signed closing documents back to the Home Loan Team. (because we have 3 days to fund)
The next business day.
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What is the maximum loan amount for our HELOC?
$200,000.
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What is the maximum Loan To Value we will lend on a HELOC?
85%.
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What is the application process?
Super quick and easy.
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What is the average turn time to close on a new HELOC?
12-14 days.
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What is the correct way to notarize a document?
A notary will sign their name exactly as it appears on the notary stamp and use the correct date.
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What is the minimum payment?
25 year amortization OR $75, whichever is higher.
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What is the maximum interest rate we will ever charge on a HELOC?
18%.
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What are the ways a member can apply for a HELOC?
In branch, online or with the contact center
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What is required for us to need an appraisal?
If the loan amount is great than $75,000 OR is the LTV is greater than 80%.
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What is the appropriate action if a member asks a questions that you cannot answer?
Contact the Home Loan Team, even if it's on a Saturday.
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