About the Home Equity Loan Process

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The home equity loan process generally begins with an appraisal of the house, followed by the underwriting process, the application and an assessment of assets. Receive a new mortgage coupon and any checks at the closing table of a home equity loan meeting with information from a registered financial consultant in this free video on home equity loans.

Part of the Video Series: Home Equity Loans
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Video Transcript

This is financial adviser Patrick Munro, talking about the home equity loan process. Having a home is a privilege, and once you have a home that is appreciating in value, you have the opportunity to pull cash out of the home, to use in other purchases, such as home improvements, college education, various other things of that nature, in other words you can refinance. There is a process, primarily a process starts with an appraisal of the asset, the appraisal of the house, to see how much it's worth, and then you have to go through your underwriting process, and that's where your credit scores come into play. You do the application. The mortgage officer looks at your assets, and what sort of a down payment you have. The whole process takes roughly 2-3 weeks, by the time the appraisal comes back, and at that point in time, you will receive your new mortgage coupon, and any checks at the closing table, when you do go to a closing. With an attorney, everything is registered at the courthouse. This is called the mortgage home equity loan process. Financial adviser, Patrick Munro.

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