Consumer Home Equity Application - Webster Bank
Consumer HomeEquity Application(PRESCREENED OFFERS ONLY: PERSONAL CODE:TYPE OF HOMELOAN HOMEAPPLIED FOR HOME HOMEEQUITYEQUITYEQUITYEQUITY)EXISTING LINE OFCREDIT LINECREDIT ACCOUNTBRIDGE LINENUMBERLOANCREDIT LINE INCREASEAMOUNTTERM INTRO RATEDO YOU HAVE ADO YOU HAVE A WEBSTER PERSONAL AUTOMATIC PAYMENTPREMIER CHECKING CHECKING ACCOUNT? YES NOACCOUNT? NO YES: ACCOUNT NUMBER:(WEBSTER CHECKING/ 1ST LIEN POSITION NO YESLINES AND LOANS) BALLOON OPTIONPURPOSE OF LOAN (CHECK ALL THAT APPLY)AND/OR HOME IMPROVEMENT DEBT CONSOLIDATION MAXIMUM AMOUNT I QUALIFY FOR PURCHASE HOME REFINANCE OTHER (Please Specify)OF REAL ESTATESECURED LIENCREDIT APPLICATIONIMPORTANT: Read these directions before completing this Application.Please check appropriate box(es). If you are applying for an individual account in your own name and are relying on your own income or assets and not the income or assetsof another person as the basis for repayment of the credit requested, complete Borrower Sections only. If you are applying for a joint account or an account that you and another person will use, complete all Sections about the co-borrower oruser. We intend to apply for joint credit.ALL BORROWERS MUST INITIALBORROWER INITIALSCO-BORROWER INITIALSBORROWERLEGAL NAMECO-BORROWERHOME PHONE (include area code)(STREETLEGAL NAME(CELL PHONE(CITYSTREET(ZIPCITYDATE OF BIRTHSOCIALSECURITYNUMBERU.S. CITIZENIF NO, ARE YOU A RESIDENT YES NOALIEN?SOCIALSECURITYNUMBERU.S. CITIZENIF NO, ARE YOU A RESIDENT ARE YOU A U.S. CITIZEN RESIDING IN A YES NOALIEN?– YES NOFOREIGN COUNTRY?EMAIL ADDRESS YES NODATE OF HIRE (MM/DD/YYYY)DATE OF BIRTH–– YES NOARE YOU A U.S. CITIZEN RESIDING IN AFOREIGN COUNTRY?(JOB TITLE/OCCUPATIONTYPE OF BUSINESS RETIRED UNEMPLOYED STUDENT HOMEMAKER OTHERIF SELF-EMPLOYED,ARE YOUINCORPORATED? YES% OWNED NO NOT SELF-EMPLOYED SELF-EMPLOYEDTYPE OF BUSINESS RETIRED UNEMPLOYED STUDENT HOMEMAKER OTHERRELATIONSHIPCO-BORROWERTOTAL FIRST MORTGAGE (P & I)IF SELF-EMPLOYED,ARE YOUINCORPORATED? YES% OWNED NO%HOME PHONEMONTHLY HOUSING EXPENSE*BASE EMPLOYMENT INCOME EMPLOYMENT STATUS%GROSS MONTHLY INCOMEBORROWERDATE OF HIRE (MM/DD/YYYY))JOB TITLE/OCCUPATIONNAME & ADDRESS OF NEAREST RELATIVE NOT LIVING WITH YOUITEM YES NOCOUNTRY OF CITIZENSHIPBUSINESS PHONE) NOT SELF-EMPLOYED SELF-EMPLOYEDZIPNAME & ADDRESS OF EMPLOYERBUSINESS PHONEEMPLOYMENT STATUS)STATECOUNTRY OF CITIZENSHIP EMAIL ADDRESSNAME & ADDRESS OF EMPLOYER()CELL PHONE)STATE–HOME PHONE (include area code))(You must list these expenses individually) HAZARD INSURANCE(HOMEOWNERS)OVERTIMEREAL ESTATE TAXESCOMMISSIONS/BONUSESMORTGAGE INSURANCEDIVIDENDS/INTERESTHOMEOWNER ASSN. DUESRENTAL INCOMEFLOOD INSURANCEPENSIONTOTAL MONTHLY PAYMENTSOCIAL SECURITY* ALL PRESENT MONTHLY HOUSING EXPENSES OFBORROWER AND CO-BORROWER SHOULD BE LISTEDON A COMBINED BASIS. OTHER (See notice underDescribe Other Income belowbefore completing)TOTAL Webster Bank, National AssociationMember FDIC FN-38905 (4/20) Page 1 of 4
DESCRIBE OTHER INCOMEB - BORROWERC - CO-BORROWERNOTICE: Alimony, child support, or separate maintenance income need not be revealed if the Borrower or Co-Borrower doesnot choose to have it considered as a basis for repaying this loan.MONTHLY AMOUNT ASSETS (IF PRESCREENED, THEN N/A)Value of liquid assets (Savings, IRA, stocks, 401K, etc.) I/WE WANT TO PAY OFF THE FOLLOWING DEBTSB BORROWERC CO-BORROWERJ JOINTB / C / J CREDITOR’S NAMEAMOUNTSCHEDULE OF REAL ESTATE OWNEDPlease list all properties you own and all mortgages, home equity lines/loans or other mortgages on each property. Attach list if additional space is needed.TYPE !ADDRESS OF PROPERTYMORTGAGE LENDER NAMEMORTGAGE BALANCEMORTGAGE PAYMENT! TYPES OF PROPERTY: P PRIMARY RESIDENCE; S OWNER OCCUPIED 2ND HOME; I NON-OWNER OCCUPIED INVESTMENTPROPERTY TO BE SECUREDPROPERTY TYPEOCCUPANCY TYPE SINGLE FAMILY 2 FAMILY 3 FAMILYIF CONDO, NAME OF ASSOCIATION 4 FAMILY OWNER-OCCUPIED CONDO SECOND HOME PUD INVESTMENTCURRENT MARKET VALUEOF PROPERTY:IS THIS PROPERTYFOR SALE? YES NOIN LAST 6 MONTHS? YES NOPHONE # OF ASSOCIATION# OF FLOORS IN BUILDING PROPERTY TO BE MORTGAGED: STREET ADDRESSSTYLE OF HOME(Cape, Colonial)PURCHASE PRICE PURCHASEDATE# BEDROOMS# BATHSCITYSTATELIST THE LEGAL NAMES OF ALL PROPERTY OWNERS ON THE TITLEZIPIS TITLE IN A TRUST? TITLEIS YOUR PRESENTMORTGAGE WITH ABANK OR MORTGAGECOMPANY? YES NOHOMEOWNERSINSURANCE:FLOODINSURANCE:WITHWEBSTER? YES NOIF WITH WEBSTER, DID YOUAPPLY FOR YOUR PRESENTFIRST MORTGAGE WITHINTHE LAST 4 MONTHS? YES NOANNUAL PREMIUMWHAT LOAN TYPE IS YOURFIRST MORTGAGE ON THESUBJECT PROPERTY? FIXED ARM BALLOONCARRIER NAMEA BALLOON DO YOU HAVE ANY MORTGAGE LOANSTHAT SECURE THIS PROPERTY WHEREINTEREST ONLY WITHPRINCIPAL & INTEREST THE PRINCIPAL BALANCE CAN INCREASEOVER THE LIFE OF THE LOAN (NEGATIVEBALLOONAMORTIZATION)? YES NO AGENT’S NAMECARRIER NAME PROPERTY TAXES: ANNUAL TAXES PAID YESWHAT PAYMENT TYPE IS YOUR FIRST MORTGAGE? PRINCIPAL & INTEREST INTEREST ONLY WITH ANNUAL PREMIUM LLCAGENT’S NAMEAGENT’S PHONEAGENT’S FAX(())AGENT’S PHONEAGENT’S FAX(())PROPERTY TAXES PAID TO APPLICATION TITLE QUESTIONSPLEASE CHECK “YES” IF YOU HAVE ANY OF THE FOLLOWING ON THE PROPERTY TO SECURE THIS LOAN:TYPE OF PROPERTY LIENDO YOU HAVE?AMOUNT OWEDTO BE PAID OFFNAME OF LIENHOLDER/ACCOUNT NUMBER1ST MORTGAGE YES YES NOHOME EQUITY LINE/LOAN/2ND MORTGAGE YES YES NOHOME EQUITY LINE/LOAN/3RD MORTGAGE YES YES NOJUDGMENTS YES YES NOMECHANICS LIENS YES YES NOOWE ANY BACK TAXES/SEWER LIENS YES YES NOOTHER LIENS YES YES NOSOLD OR RELEASED ANY PART OF YOUR PROPERTY SINCE YOU ACQUIRED IT?ARE YOU REQUIRED TO PAY ALIMONY, CHILDSUPPORT, OR SEPARATE MAINTENANCE?ARE YOU A CO-SIGNER ORENDORSER ON A NOTE? YES YES NO NOFOR QUESTIONS ON APPLICATION PLEASE CONTACT: YES NOMONTHLY PAYMENT MATURITY DATEMONTHLY PAYMENT MATURITY DATEmm/dd/yrmm/dd/yr BORROWER CO-BORROWERWHERE WOULD YOU LIKE TO CLOSE:(LIST ANY WEBSTER BRANCH)FN-38905 (4/20) Page 2 of 4
PROPERTY LOCATED IN A COMMUNITY PROPERTY STATE, HOMESTEAD STATE OR MARITAL RIGHT STATEIF THE PROPERTY IS LOCATED IN A COMMUNITY PROPERTY STATE, HOMESTEAD STATE, OR MARITAL RIGHT STATE (AK, AL, AR, AZ, CA, CO, DC, FL, ID, IL,IO, KS, KY, LA, MA, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, SD, TN, TX, UT, VT, WA, WI, WY) THE BORROWER’S SPOUSE MUST COMPLETETHE SECTION BELOW IF THEY ARE NOT APPLYING FOR CREDIT.NAMEADDRESSDEMOGRAPHIC INFORMATION (NOT APPLICABLE FOR A HOME EQUITY BRIDGE LINE)(This section asks about your ethnicity, sex and race.)The purpose of collecting this information is to help ensure that all borrowers are treated fairly and that the housing needs of communities and neighborhoods arebeing fulfilled. For residential mortgage lending, Federal law requires that we ask borrowers for their demographic information (ethnicity, race, and sex) in order tomonitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but areencouraged to do so. You may select one or more designations for “Ethnicity”, and one or more designations for “Race.” The law provides that we may notdiscriminate on the basis of this information, or on whether you choose to provide it. However, if you choose not to provide the information and you have made thisapplication in person, Federal regulations require us to note your ethnicity, race, and sex on the basis of visual observation or surname. If you do not wish to providesome or all of this information, please check below.BORROWERCO-BORROWERETHNICITY: CHECK ONE OR MOREETHNICITY: CHECK ONE OR MORE HISPANIC OR LATINO MEXICAN PUERTO RICAN CUBAN OTHER HISPANIC OR LATINO – PRINT ORIGIN, FOR EXAMPLE, ARGENTINEAN, COLUMBIAN,DOMINICAN, NICARAGUAN, SALVADORAN, SPANIARD, AND SO ON: HISPANIC OR LATINO MEXICAN PUERTO RICAN CUBAN OTHER HISPANIC OR LATINO – PRINT ORIGIN, FOR EXAMPLE, ARGENTINEAN, COLUMBIAN,DOMINICAN, NICARAGUAN, SALVADORAN, SPANIARD, AND SO ON: NOT HISPANIC OR LATINO NOT HISPANIC OR LATINO I DO NOT WISH TO PROVIDE THIS INFORMATION I DO NOT WISH TO PROVIDE THIS INFORMATIONRACE: CHECK ONE OR MORE AMERICAN INDIAN OR ALASKA NATIVE – PRINT NAME OF ENROLLED OR PRINCIPAL TRIBE:RACE: CHECK ONE OR MORE ASIAN ASIAN INDIAN CHINESE FILIPINO JAPANESE KOREAN VIETNAMESE OTHER ASIAN – PRINT RACE, FOR EXAMPLE, HMONG, LAOTIAN, THAI, PAKISTANI,CAMBODIAN, AND SO ON: ASIAN ASIAN INDIAN CHINESE FILIPINO JAPANESE KOREAN VIETNAMESE OTHER ASIAN – PRINT RACE, FOR EXAMPLE, HMONG, LAOTIAN, THAI, PAKISTANI,CAMBODIAN, AND SO ON: BLACK OR AFRICAN AMERICAN NATIVE HAWAIIAN OR OTHER PACIFIC ISLANDER NATIVE HAWAIIAN GUAMANIAN OR CHAMORRO SAMOAN OTHER PACIFIC ISLANDER – PRINT RACE, FOR EXAMPLE, FIJIAN, TONGAN, AND SO ON: BLACK OR AFRICAN AMERICAN NATIVE HAWAIIAN OR OTHER PACIFIC ISLANDER NATIVE HAWAIIAN GUAMANIAN OR CHAMORRO SAMOAN OTHER PACIFIC ISLANDER – PRINT RACE, FOR EXAMPLE, FIJIAN, TONGAN, AND SO ON: WHITE WHITE I DO NOT WISH TO PROVIDE THIS INFORMATION I DO NOT WISH TO PROVIDE THIS INFORMATIONSEX:SEX: FEMALE MALE FEMALE MALE I DO NOT WISH TO PROVIDE THIS INFORMATION AMERICAN INDIAN OR ALASKA NATIVE – PRINT NAME OF ENROLLED OR PRINCIPAL TRIBE: I DO NOT WISH TO PROVIDE THIS INFORMATIONTO BE COMPLETED BY FINANCIAL INSTITUTION (for an application taken in person)WAS THE ETHNICITY OF THE BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOWAS THE ETHNICITY OF THE CO-BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOWAS THE RACE OF THE BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOWAS THE RACE OF THE CO-BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOWAS THE SEX OF THE BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOWAS THE SEX OF THE CO-BORROWER COLLECTED ON THE BASIS OF VISUAL OBSERVATION ORSURNAME? YES NOFN-38905 (4/20) Page 3 of 4
PLEASE READ AND SIGNBy Signing Below, you promise that you have completed this application truthfully. You authorize us to check your credit record and to receive and exchange information with others about your credit history. We willkeep this application whether or not we approve it. If your application is approved, you agree to the terms including repayment terms and the agreement(s) we provide governing the account(s).BORROWER’S SIGNATUREDATEXCO-BORROWER’S SIGNATUREDATEXBANK USEBRANCH #SOURCETO BE COMPLETED BY INTERVIEWER:TO BE COMPLETED BY INTERVIEWER:THE DEMOGRAPHIC INFORMATION FOR THE BORROWER WAS TAKEN BY: FACE-TO-FACE TELEPHONEINTERVIEWER FAX OR MAIL EMAIL OR INTERNETTHE DEMOGRAPHIC INFORMATION FOR THE CO-BORROWER WAS TAKEN BY: FACE-TO-FACE TELEPHONE FAX OR MAIL EMAIL OR INTERNETCLOSING BRANCH # (IF DIFFERENT FROM ABOVE)FN-38905 (4/20) Page 4 of 4
Home Equity LendingImportant Documents &DisclosuresWe have some important documentsfor you to review.Please take a few minutes to review these documents and save them for your futurereference. At Webster we take your banking personally and want you to be completelysatisfied. If you have any questions, please call us at 1-800-543-3375. Thank you forchoosing Webster Bank!
Table of Contents Welcome Letter .Pg. 1 What You Should Know About Home Equity Lines of Credit .Pg. 2 Application Disclosure – Home Equity Line of Credit.Pg. 6 Fixed Rate Conversion Option .Pg. 9 Application Disclosure – Bridge Line .Pg. 11 Balloon Payment Disclosure .Pg. 13 CIP, Privacy, The USA PATRIOT Act, and Opening an Account.Pg. 14 Privacy and Opt-Out Notice .Pg. 15
200 Executive Blvd.Southington, CT 06489Dear Homeowner:Thank you for selecting Webster Bank, N.A. for your home equity borrowing needs. We appreciate your businessand look forward to serving you.This packet contains important disclosures and other information regarding your home equity line of credit or loan.Be sure to save this information for future reference.Based on the type of loan you are applying for, the grid below will tell you which documents need to be reviewedor completed.Related Forms:Consumer Home Equity ApplicationWhat You Should Know About Home Equity Lines of CreditApplication Disclosure - Home Equity Line of CreditFixed Rate Conversion Options Addendum to Application DisclosureApplication Disclosure - Bridge LineBalloon Payment DisclosureUSA PATRIOT Act Account Open DisclosureWebster's Privacy and Opt-Out NoticeHousing Counseling Agencies NoticeBridge LineXXXXXXXEquity LoanXXXXEquity LineXXXXXXXWe may order an appraisal to determine the property’s value and charge you for the appraisal. We will promptlygive you a copy of any appraisal, even if your loan does not close. You can pay for an additional appraisal for yourown use at your own cost.As part of the application process, Webster will conduct a routine property and title evaluation. There is no cost toyou for loans or lines up to 500,000. Fees may apply for certain transactions.You will be assigned a Branch Liaison who will work with you on your application and contact you to review thedocumentation you will be required to provide to proceed with your request. You may need to provide thefollowing information: Income and Employment verification for salaried employees, hourly employees, or self employed borrowers; Rental or other income documentation and/or Verification of personal liquid assets.To apply online for a Home Equity Loan, please access www.websterbank.com/HomeEquityLoan or for a HomeEquity Line of Credit, use www.websterbank.com/HomeEquityLineofCredit.Housing counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD) canoffer independent advice about whether a particular mortgage loan terms is a good fit based on your objectives andcircumstances, often at little or no cost.A list has been provided and you can visit the Consumer Financial Protection Bureau’s (CFPB) nselor, and enter your zip code.You can also access HUD’s housing counseling agency website via www.consumerfinance.gov/mortgagehelpFor additional assistance with locating a housing counseling agency, call the CFPB at 1-855-411-CFPB (2372)Thank you for applying with us. If you have any questions or need additional information, please call the BranchLiaison and Support team. 1-800-543-3375.FN-38905F (4/20)Page 1
2. What is a home equity line of credit?A home equity line of credit is a form of revolving credit in which yourhome serves as collateral. Because a home often is a consumer’smost valuable asset, many homeowners use home equity credit linesonly for major items, such as education, home improvements, ormedical bills, and choose not to use them for day-to-day expenses.What You Should Know About HomeEquity Lines of CreditWith a home equity line, you will be approved for a specific amountof credit. Many lenders set the credit limit on a home equity line bytaking a percentage (say, 75 percent) of the home’s appraised valueand subtracting from that the balance owed on the existingmortgage. For example:1. IntroductionIf you are in the market for credit, a home equity plan is one ofseveral options that might be right for you. Before making a decision,however, you should weigh carefully the costs of a home equity lineagainst the benefits. Shop for the credit terms that best meet yourborrowing needs without posing undue financial risks. Andremember, failure to repay the amounts you’ve borrowed, plusinterest, could mean the loss of your home.Appraised value of homePercentage 75,000Less balance owed on mortgage– 40,000Plan BFixed annual percentage rate%%Variable annual percentage rate%%Index used and current value%% 35,000In determining your actual credit limit, the lender will also consideryour ability to repay the loan (principal and interest) by looking atyour income, debts, and other financial obligations as well as yourcredit history.Ask your lender to help you fill out this worksheet.Plan Ax 75%Percentage of appraised valuePotential line of credit1.1 Home Equity Plan ChecklistBasic features for comparison 100,000Many home equity plans set a fixed period during which you canborrow money, such as 10 years. At the end of this “draw period,”you may be allowed to renew the credit line. If your plan does notallow renewals, you will not be able to borrow additional money oncethe period has ended. Some plans may call for payment in full of anyoutstanding balance at the end of the period. Others may allowrepayment over a fixed period (the “repayment period”), for example,10 years.Amount of marginFrequency of rate adjustmentsOnce approved for a home equity line of credit, you will most likelybe able to borrow up to your credit limit whenever you want.Typically, you will use special checks to draw on your line. Undersome plans, borrowers can use a credit card or other means to drawon the line.Amount/length of discount (if any)Interest rate cap and floorLength of planInitial feesThere may be other limitations on how you use the line. Some plansmay require you to borrow a minimum amount each time you drawon the line (for example, 300) or keep a minimum amountoutstanding. Some plans may also require that you take an initialadvance when the line is set up.Appraisal fee2.1 What should you look for when shopping for a plan?Draw periodRepayment periodIf you decide to apply for a home equity line of credit, look for theplan that best meets your particular needs. Read the creditagreement carefully, and examine the terms and conditions ofvarious plans, including the annual percentage rate (APR) and thecosts of establishing the plan. Remember, though, that the APR fora home equity line is based on the interest rate alone and will notreflect closing costs and other fees and charges, so you’ll need tocompare these costs, as well as the APRs, among lenders.Application feeUp-front charges, including pointsClosing costsRepayment termsDuring the draw period2.1.1 Variable interest ratesInterest and principal paymentsHome equity lines of credit typically involve variable rather than fixedinterest rates. The variable rate must be based on a publiclyavailable index (such as the prime rate published in some major dailynewspapers or a U.S. Treasury bill rate). In such cases, the interestrate you pay for the line of credit will change, mirroring changes inthe value of the index. Most lenders cite the interest rate you will payas the value of the index at a particular time, plus a “margin,” suchas 2 percentage points. Because the cost of borrowing is tieddirectly to the value of the index, it is important to find out whichindex is used, how often the value of the index changes, and howhigh it has risen in the past. It is also important to note the amountof the margin.Interest-only paymentsFully amortizing paymentsWhen the draw period endsBalloon payment?Renewal available?Refinancing of balance by lender?Page 2FN-38905N (4/20) Page 1 of 4
Lenders sometimes offer a temporarily discounted interest rate forhome equity lines—an “introductory” rate that is unusually low for ashort period, such as six months.Variable-rate plans secured by a dwelling must, by law, have a ceiling(or cap) on how much your interest rate may increase over the life ofthe plan. Some variable-rate plans limit how much your paymentmay increase and how low your interest rate may fall if the indexdrops.If you sell your home, you will probably be required to pay off yourhome equity line in full immediately. If you are likely to sell your homein the near future, consider whether it makes sense to pay theup-front costs of setting up a line of credit. Also keep in mind thatrenting your home may be prohibited under the terms of youragreement.Some lenders allow you to convert from a variable interest rate to afixed rate during the life of the plan, or let you convert all or a portionof your line to a fixed-term installment loan.2.2 Costs of establishing and maintaining a home equity lineMany of the costs of setting up a home equity line of credit aresimilar to those you pay when you get a mortgage. For example:ᔣA fee for a property appraisal to estimate the value of yourhome;ᔣAn application fee, which may not be refunded if you areturned down for credit;ᔣUp-front charges, such as one or more “points” (one pointequals 1 percent of the credit limit); andᔣClosing costs, including fees for attorneys, title search,mortgage preparation and filing, property and titleinsurance, and taxes.plan that calls for interest-only payments. At a 10 percent interestrate, your monthly payments would be 83. If the rate rises overtime to 15 percent, your monthly payments will increase to 125.Similarly, if you are making payments that cover interest plus someportion of the principal, your monthly payments may increase,unless your agreement calls for keeping payments the samethroughout the plan period.2.4 Line of credit vs. traditional second mortgage loansIf you are thinking about a home equity line of credit, you might alsowant to consider a traditional second mortgage loan. This type ofloan provides you with a fixed amount of money, repayable over afixed period. In most cases, the payment schedule calls for equalpayments that pay off the entire loan within the loan period. Youmight consider a second mortgage instead of a home equity line if,for example, you need a set amount for a specific purpose, such asan addition to your home.In deciding which type of loan best suits your needs, consider thecosts under the two alternatives. Look at both the APR and othercharges. Do not, however, simply compare the APRs, because theAPRs on the two types of loans are figured differently:In addition, you may be subject to certain fees during the planperiod, such as annual membership or maintenance fees and atransaction fee every time you draw on the credit line.You could find yourself paying hundreds of dollars to establish theplan. And if you were to draw only a small amount against your creditline, those initial charges would substantially increase the cost of thefunds borrowed. On the other hand, because the lender’s risk islower than for other forms of credit, as your home serves ascollateral, annual percentage rates for home equity lines aregenerally lower than rates for other types of credit. The interest yousave could offset the costs of establishing and maintaining the line.Moreover, some lenders waive some or all of the closing costs.ᔣThe APR for a traditional second mortgage loan takes intoaccount the interest rate charged plus points and otherfinance charges.ᔣThe APR for a home equity line of credit is based on theperiodic interest rate alone. It does not include points orother charges.2.4.1 Disclosures from lendersThe federal Truth in Lending Act requires lenders to disclose theimportant terms and costs of their home equity plans, including theAPR, miscellaneous charges, the payment terms, and informationabout any variable-rate feature. And in general, neither the lendernor anyone else may charge a fee until after you have received thisinformation. You usually get these disclosures when you receive anapplication form, and you will get additional disclosures before theplan is opened. If any term (other than a variable-rate feature)changes before the plan is opened, the lender must return all fees ifyou decide not to enter into the plan because of the change. Lendersare also required to provide you with a list of homeownershipcounseling organizations in your area.2.3 How will you repay your home equity plan?Before entering into a plan, consider how you will pay back themoney you borrow. Some plans set a minimum monthly paymentthat includes a portion of the principal (the amount you borrow) plusaccrued interest. But, unlike with typical installment loan agreements,the portion of your payment that goes toward principal may not beenough to repay the principal by the end of the term. Other plansmay allow payment of only the interest during the life of the plan,which means that you pay nothing toward the principal. If youborrow 10,000, you will owe that amount when the payment planends.When you open a home equity line, the transaction puts your homeat risk. If the home involved is your principal dwelling, the Truth inLending Act gives you three days from the day the account wasopened to cancel the credit line. This right allows you to change yourmind for any reason. You simply inform the lender in writing withinthe three-day period. The lender must then cancel its securityinterest in your home and return all fees— including any applicationand appraisal fees—paid to open the account.Regardless of the minimum required payment on your home equityline, you may choose to pay more, and many lenders offer a choiceof payment options. However, some lenders may require you to payspecial fees or penalties if you choose to pay more, so check withyour lender. Many consumers choose to pay down the principalregularly as they do with other loans. For example, if you use yourline to buy a boat, you may want to pay it off as you would a typicalboat loan.The Home Ownership and Equity Protection Act of 1994 (HOEPA)addresses certain unfair practices and establishes requirements forcertain loans with high rates and fees, including certain additionaldisclosures. HOEPA now covers some HELOCs. You can find outmore information by contacting the CFPB at the website address andphone number listed in the Contact information appendix, below.Whatever your payment arrangements during the life of the plan—whether you pay some, a little, or none of the principal amount of theloan—when the plan ends, you may have to pay the entire balanceowed, all at once. You must be prepared to make this “balloonpayment” by refinancing it with the lender, by obtaining a loan fromanother lender, or by some other means. If you are unable to makethe balloon payment, you could lose your home.2.5 What if the lender freezes or reduces your line of credit?Plans generally permit lenders to freeze or reduce a credit line if thevalue of the home “declines significantly” or when the lender“reasonably believes” that you will be unable to make your paymentsIf your plan has a variable interest rate, your monthly payments maychange. Assume, for example, that you borrow 10,000 under aPage 3FN-38905N (4/20) Page 2 of 4
due to a “material change” in your financial circumstances. If thishappens, you may want to:ᔣᔣTalk with your lender. Find out what caused the lender tofreeze or reduce your credit line and what, if anything, youcan do to restore it. You may be able to provide additionalinformation to restore your line of credit, such asdocumentation showing that your house has retained itsvalue or that there has not been a “material change” inyour financial circumstances. You may want to get copiesof your credit reports (go to the CFPB’s website editreport.html for information about how to get free copies ofyour credit reports) to make sure all the information in themis correct. If your lender suggests getting a new appraisal,be sure you discuss appraisal firms in advance so that youknow they will accept the new appraisal as valid.Shop around for another line of credit. If your lender doesnot want to restore your line of credit, shop around to seewhat other lenders have to offer. If another lender is willingto offer you a line of credit, you may be able to pay off youroriginal line of credit and take out another one. Keep inmind, however, that you may need to pay some of the sameapplication fees you paid for your original line of credit.EQUITYThe difference between the fair market value ofthe home and the outstanding balance on yourmortgage plus any outstanding home equity loans.INDEXThe economic indicator used to calculate interestrate adjustments for adjustable-rate mortgages orother adjustable-rate loans. The index rate canincrease or decrease at any time. See alsoSelected index rates for ARMs over an 11-yearperiod (consumerfinance.gov/f/201204 CFPBARMs-brochure.pdf) for examples of commonindexes that have changed in the past.INTEREST RATEThe percentage rate used to determine the cost ofborrowing money, stated usually as a percentageof the principal loan amount and as an annualrate.MARGINThe number of percentage points the lender addsto the index rate to calculate the adjustable-ratemortgage interest rate at each adjustment.MINIMUM PAYMENTThe lowest amount that you must pay (usuallymonthly) to keep your account in good standing.Under some plans, the minimum payment maycover interest only; under others, it may includeboth principal and interest.POINTS (ALSO CALLEDDISCOUNT POINTS)One point is equal to 1 percent of the principalamount of a mortgage loan. For example, if amortgage is 200,000, one point equals 2,000.Lenders frequently charge points in both fixed-rateand adjustable-rate mortgages to cover loanorigination costs or to provide additionalcompensation to the lender or broker. Thesepoints usually are paid at closing and may be paidby the borrower or the home seller, or may be splitbetween them. In some cases, the money neededto pay points can be borrowed (incorporated inthe loan amount), but doing so will increase theloan amount and the total costs. Discount points(also called discount fees) are point
fn-38905 (4/20) page 1 of 4 (prescreened offers only: personal code: ) type of loan applied for home equity credit line home equity bridge line no home equity loan home equity credit line increase
financing for your Home Equity/Home Equity Line of Credit loan. This application will help you provide the information necessary to process your financial statement for your Home Equity/Home Equity Line of Credit loan request. If you are not able to provide all of the reques
qHome Equity Credit Line qFixed Rate Home Equity Loan qVariable Rate Home Equity Loan Date Received Log Number . 2/22 Non-Owner Occupied Fixed Rate Home Equity Loan Non-Owner Occupied Fixed Rate Home Equity Loan Fixed Rate Application 611 River Drive Elmwood Park, New Jersey 07407 1-800-363-8115 . FAX: (201) 797-5086 Loan Originator's Name
Callan Periodic Table of Investment Returns Returns Ranked in Order of Performance (as of June 30, 2019) Equity Cap Large-9.11% Equity Cap Large-11.89% Equity Cap Large-22.10% Equity Cap Large 28.68% Equity Cap Large 10.88% Equity Cap Large 4.91% Equity Cap Large 15.79% Equity Cap Large
AAPL UW Equity APPLE 情報技術 MSFT UW Equity MICROSOFT CORP 情報技術 AMZN UW Equity AMAZON.COM 一般消費財・サービス GOOGL UW Equity ALPHABET A コミュニケーション・サービス TSLA UW Equity TESLA 一般消費財・サービス GOOG UW Equity ALPHABET C コミュニケーション・サービス
London: Chambers Harrap. Merriam-Webster’s ollegiate Dictionary. (112003). Edited by Frederick C. Mish. Springfield, MA: Merriam-Webster. Webster’s Third New International Dictionary of the English Language Unabridged. (1990). Edited by Philip Babcock Gove and the Merriam Webster
sam.jones@webster.edu I 314-246-6982 Objective: dedicated, organized and self-directed first-year student seeking a Federal Work-Study position at Webster University, St. Louis. Webster University, St. L
Home Equity Loan. Home equity loans are very flexible and can be used for anything from home projects to vacation to refinancing your current home. Home Equity Line of Credit. Want to be able to access loan funds on an as-needed basis? Once you are approved for a home equity line of . credit, you can access your money simply by writing a check.
Scrum Development Team A self-organizing, self-managed cross-functional team responsible for delivering commitments from the Product Backlog. User Stories Describe what the end product and its components should accomplish at the end of development. A product will usually have multiple user stories. Product Backlog A list of features or technical tasks which the team maintains and which, at a .
