What to Expect — Home Equity

Home Equity Loan

You can access the money you need right now with a Home Equity Loan from Texell.

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You can use the funds from a Home Equity Loan for almost anything! So, go ahead and fund those home improvements, pay college tuition, or wipe out your debt with a Home Equity Loan.

You build equity in your home as you pay down your mortgage, as the market appreciates, or when you make improvements that increase the value of your home. You can borrow up to 80% of the value of your home. So, if you have a $200,000 home with no debt on the property, you can get a Home Equity Loan for up to $160,000 (80% of its value). The process is simple and typically takes less than two weeks to complete. What are you waiting for? Fund your future possibilities today!

The Benefits of a Home Equity Loan with Texell:

• Work with a local Home Loan Hero to help you every step of the way.
• Close on your Home Equity Loan in as little as two weeks.
• Lower costs: Texell offers no closing costs for loans under $50,000.¹
• Borrow up to 80% of your home’s value
• Longer terms: Low, fixed rates with terms up to 20 years
• Use the money for almost anything — home improvements, bill consolidation, or tuition.

Steps on Planning for Your Home Equity Loan:

1. Application: Complete a home equity loan application. Your application will help our mortgage experts determine the information they will need going forward.

2. Processing: Your Mortgage Loan Officer and Loan Processor will work together to validate and prepare your file to be submitted for underwriting review. It is crucial that all documents are accurate and provided to the processor on time, so it does not hold up your application. During this time, the processor will order the appraisal, if one is required.

3. Underwriting: The Underwriter will review your file to conditionally approve or deny your loan. If conditionally approved, the Underwriter will send a conditions list to your Loan Processor to satisfy. Your Loan Processor may request your assistance. Please provide any requested documentation within 48 hours. Once collected, the conditions will be sent back to the underwriter for approval. Conditions are standard on all loans, and sometimes multiple submissions to underwriting are required.

4. Final Approval: Once all conditions are met, the Underwriter will issue a clear to close, allowing your Loan Processor to officially move your loan over to the closing department. Sometimes this is referred to as clear to close.

5. Closing: The closing team will work with attorneys to start the closing documents.

Do’s and Don’ts When Applying for Your Home Equity Loan:

To ensure your Home Equity Loan process goes smoothly and quickly, follow this simple advice:

Do’s:

• Provide Texell with all copies of the purchase agreement (initial contract and any additional amendments signed after that).
• Check your email frequently during the loan process.
• Provide any documents requested within 48 hours of the request.
• Continue paying all mortgage payments and other obligations on time.
• Stay at your current employer throughout the mortgage process.
• Let your loan officer know early if you plan on receiving gift funds for closing.
• Start shopping for a homeowners insurance policy and let your loan officer know your insurance company.
• Provide a front and back copy of your earnest money check and proof that it cleared your bank account.

Don’ts:

• Don’t make any major purchases (car, furniture, etc.).
• Don’t apply for new credit or obtain any new debt.
• Don’t make any large deposits or withdrawals.
• Don’t start any home renovations.
• Don’t deposit cash or any other funds that cannot be traced.
• Don’t close any revolving credit accounts without consulting your loan officer first.
• Don’t panic if you are requested to provide additional documents.

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