The bank official who reviews the loan request is focused on repayment. Most loan officers request a copy of your business credit report to determine your ability to repay.
The lending officer will consider the following issues while using the information you provided and the credit report:
The following main points should be contained in a good loan proposal:
The costs associated with getting a home equity loan are basically the same as a refinance.
After choosing a lender, you may be quoted a rate, which may "float" until the actual closing, meaning that it is not guaranteed. With a lock-in you are guaranteed that the interest rate will not change before your closing. You may want to ask for an agreement that ensures that your rate is capped, but allows you to take advantage of a lower rate if the rate lowers before your close.
There is usually a time limit that a lender will put on this guarantee, and if you don't close before that time, they no longer have to honor that lock-in. It is recommended that you stay in close contact with your loan officer during the process to ensure that you are able to close in a timely manner and get the locked-in rate.
These interests are deductible, some fully, some partially:
There are several features of accounts you should investigate at various banks.
Yes. Here are some tips on how to approach this:
This is a federal law that requires depository institutions to inform you of the following:
There are a variety of electronic transactions one can execute: