About Home Equity Loan Terms

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The terms of a home equity loan will be dictated by the financial institution, but will almost certainly include requiring a high appraisal value, significant leftover equity and good credit. Make sure home equity loan terms feel comfortable with advice from a registered financial consultant in this free video on home equity.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro talking about home equity loan terms. The terms of a loan are always dictated by the financial institution. But you are in control of your future so you as a consumer can go to the bank and make sure that their rules are within your guidelines and comfort zone. So make sure that you work with primarily your own retail bank if you've taken the time to develop a relationship with your own retail bank, they will bend over backwards normally if you're a good credit risk to develop terms of the loan that will suit you. Most notably when it comes to home equity loans, your appraisal has to come in, property has to be worth a sizable amount of money relative to what you are borrowing. There has to be significant equity leftover after they advance you money. This strategy works of course better in a bullish real estate economy. And of course the other terms are that your credit must be worthy and you must have the ability to repay. There are other terms and conditions that do apply, make sure you check with your financial institution and then you too will know all about the terms around home equity lines of credit. This is financial adviser Patrick Munro.


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