- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
HELOC Question
Posted on 4/3/13 at 3:34 pm
Posted on 4/3/13 at 3:34 pm
I just remodeled an older home and don't have a tremendous amount of cash on hand. I have about $100k (minus $30k I owe my parents) equity in the home, but am looking to get a HELOC to increase my liquidity and to pay them back (they are not at all pushing to get paid back ASAP, I just want to pay them back for peace of mind).
Anyways, the appraisal came back fine and I am set to close next week on the HELOC so I email to confirm that I will owe nothing at closing. The loan officer states that I will only owe title insurance. I don't recall that being mentioned in the application process.
Is this typical? I wasn't aware that the 2nd lender required title insurance. I only requested a LOC of $50k and the home is worth ~$400k
ETA: He estimated $400 for title insurance. Is that a one time fee?
Anyways, the appraisal came back fine and I am set to close next week on the HELOC so I email to confirm that I will owe nothing at closing. The loan officer states that I will only owe title insurance. I don't recall that being mentioned in the application process.
Is this typical? I wasn't aware that the 2nd lender required title insurance. I only requested a LOC of $50k and the home is worth ~$400k
ETA: He estimated $400 for title insurance. Is that a one time fee?
This post was edited on 4/3/13 at 3:35 pm
Posted on 4/3/13 at 3:50 pm to CidCock
It's a one time fee per loan. You should have received a Good Faith Estimate of Settlement Costs when you applied for the loan. The estimates for title insurance should be on that document.
This post was edited on 4/3/13 at 3:51 pm
Posted on 4/3/13 at 3:53 pm to VABuckeye
quote:
VABuckeye
Thanks, just asked for that.
These guys are clowns, I met with them 6 weeks ago and they just got around to getting the appraisal last week.
Posted on 4/3/13 at 3:55 pm to CidCock
I hear you. My brother is refinancing to a 15 year and he had an impossible time getting mortgage companies to respond and do a little work. He's a perfect borrower. Pristine (over 800) credit score, solid employment history and 65% LTV on a simple rate reduction refinance.
This post was edited on 4/3/13 at 3:56 pm
Posted on 4/3/13 at 3:57 pm to VABuckeye
I had previously asked for a Truth in Lending Statement, is there such a thing for a HELOC that is subject to prime interest rates?
Posted on 4/3/13 at 4:03 pm to CidCock
It's a mortgage at the end of the day. I believe they are required to supply you with the same disclosures they would on a first trust. You also get a three day recission period to cancel the loan after settlement.
quote:
The federal Truth in Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. And in general, neither the lender nor anyone else may charge a fee until aft er you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term (other than a variable-rate feature) changes before the plan is opened, the lender must return all fees if you decide not to enter into the plan because of the change.
Posted on 4/3/13 at 4:05 pm to VABuckeye
quote:
It's a mortgage at the end of the day. I believe they are required to supply you with the same disclosures they would on a first trust. You also get a three day recission period to cancel the loan after settlement.
Interesting, I asked this when I applied. The bank basically said if I backed out after the application I would be on the hook for the appraisal cost (which they are currently paying). If that's the case, I'd be just as well served to take the loan and never use it.
Back to top
Follow TigerDroppings for LSU Football News