Two loans are closed on the same day for the same property, a first mortgage and a HELOC. Do two flood determinations needed to be made, one for each application?
The rules are out and the initial shock wave is over. No more excuses. It is time to get serious about building a Customer Identification Program.
Where can I obtain software to compute historical table data for home equity line of credit programs?
A customer has requested Home Equity Line of Credit to be used partially as purchase money for new home. We would have 1st lien as remainder of purchase will be from customer cash. Do we treat this as a "Purchase Money Mortgage" with all appropriate RESPA and TIL disclosures, or will it qualify as HELOC with appropriate disclosures? The loan will not be closed until current home is sold, therefore, no bridge loan.
If a customer is paying off a first mortgage with a new home equity line of credit, do we need to disclose the first mortgage payoff in any disclosures?
Would it be more advantageous to take out a home equity line vs. a home equity loan paying off both at the same rate over the same period? Would the amortization be the same on both debt loans? I want to have the loan paid off in four years. My wife and I are having a dispute here. She says it doesn't make a difference, I say it is better to have a home equity loan vs. a HELOC. Again, the loan needs to be paid off in four years with equal monthly payments.