FAQs about residential real estate loans
Our experts answer your questions.
How do I access my home equity line of credit for withdrawals?
You can access funds from your HELOC using a check, cash withdrawal, or account transfer made online or in person. If approved for a HELOC, your banker will set up your preferred method for receiving funds.
What is the draw period, and what happens when it ends?
A draw period is the length of time you are allowed to draw and use funds from your line of credit. Often, this lasts 5 to 10 years. At the end of the draw period, the repayment period begins and may last 10 to 20 years.
What is the difference between a home equity loan and line of credit?
A home equity loan delivers funds in a lump sum payment and usually features a fixed interest rate. A home equity line of credit (HELOC), however, features a variable interest rate and gives you the ability to borrow as little or as much as you like throughout a draw period.
How do I apply for a home equity line of credit?
Visit our Sandy location during lobby hours to apply.
What loan payments do I need to make during home construction?
During construction, you will receive a monthly billing statement based on the amount drawn from your construction loan. Interest-only payments are all that are required until construction is completed. At that point, we help you roll your new home construction loan into a mortgage with another lender.
How much of a down payment will I need to begin construction?
On a new home construction loan, the down payment is tier-based on the dollar amount of the loan. At FinWise, we also allow cross-collateralization. This lending feature lets you use another loan or property as collateral for securing your new home construction loan. In this case, no cash down payment may be required.
What documentation do I need to apply for a construction loan?
Similar to a mortgage, we require asset, liability, and employment documentation with our new home construction loan applications. You will also need to provide your home construction plans and specifications, as provided by your home builder.
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