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ONLINE HOME EQUITY APPLICATION

Calculators

There are many financial decisions involved in purchasing or refinancing a home. The calculators we provide here can help you decide some of those decisions.

To choose another calculator, simply select one from the drop-down list below and click "Go!"

Your Property

When you are applying for a home equity loan, the property is used as collateral for the loan. Here's what we are looking for and why. We presently lend on one-to-two family homes, condominiums and townhomes that are located in New York and New Jersey. The maximum loan-to-value ratio is 80%. To determine your available equity, multiply your home's present value by 80% then subtract any existing mortgages, the remaining amount is your available equity. We will verify your home value during the process. Our loan must be in first or second lien position.

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Loans, Rates & Fees

When it comes to home equity loans, there are different options to choose from. How do you find the loan that's best for you? Here is some information to help you. When trying to choose between a loan or line of credit, one of the things to consider is immediate use of money versus future use. With a loan, the rate and term are fixed and will remain constant. With a line of credit, the rate is variable; however, you only pay interest on the portion of the line that is in use.

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Your Application

Applying for a home equity loan can be very intimidating. You're asked specific details about your income, assets, and debts. Here we will give you information that will let you know how that information is used when applying. Protecting your personal information is very important to us. The information you provide during the loan process is only being shared in connection with rendering a loan approval. For specific handling of your personal information, please refer to our Privacy Policy.

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Closing & Beyond

Hurray! Your loan has been approved and your loan closing date has been set! This section will give you some idea of what to expect at closing and what happens after closing. At closing you will be required to execute the closing documents, provide proof of identification satisfactory to the closing agent/notary and meet the conditions in accordance with your loan commitment letter. Loan proceeds are disbursed after the recession period has expired upon our satisfactory review of the executed loan documents.

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Glossary

There are a lot of unfamiliar terms that get tossed around during the mortgage process. But don't worry, we've put together this glossary to help you get a better grasp of any terms that may be less than clear.

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