What can I expect when I apply for a home equity loan?

First, you’ll complete our online application. The application will ask you questions about the home and your finances, and it takes less than 20 minutes to complete.

After you complete the online application, a Loan Officer will contact you to introduce himself/herself and to answer any questions you may have. Your Loan Officer is a mortgage expert and will provide help and guidance along the way. We’ll email you an application package and prepare your loan for closing.

The application package will contain papers for you to sign and a list of items we’ll need to verify the information you provided about your finances during the online application. We’ll provide instructions for submitting your information electronically and a toll-free fax number to make it as easy as possible for you to return the papers and we’ll order a final credit report and determine if an appraisal is required. If necessary, we will contact you to make arrangements to pay for the appraisal.

We’ll order the appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used. Sometimes appraisers can do their evaluation from the street and won’t have to make an appointment with you to view the inside of your home.

A title report or title insurance will be necessary and we’ll take care of ordering that for you. We’ll use the title work to confirm the legal status of your property and to prepare the closing documents. Then we’ll contact you to coordinate your closing date.

After we receive and validate the information we requested from you, and the appraisal and title work, we’ll contact you to schedule your loan closing. That’s all there is to it!