Actually, it is relatively painless. Compared to a traditional mortgage application the process which HomeEquity Bank follows is quite easy:
- We will spend about 20 minutes on the phone during which time I will gather information and fill out the online application form.
- I will then add your credit bureau reporting information to the application and submit to the bank.
- Within one or two business days a pre-approval will be received. As the eligible amount of the loan is tied to the value of your home a professional valuation will be required. This will be performed by a certified appraiser at your convenience.
- When the appraisal report has been received by the bank they will confirm the mortgage among and prepare the document package for your signature.
- You will visit a lawyer to receive Independent Legal Advice and sign mortgage documents.
- Funds are deposited to your bank account.
It is about a two to three week process from application to money in your account. When there are mortgages or loans to be paid out it can take a little longer.
Please be prepared to provide a few documents such as ID, recent property tax statement, proof of home insurance and perhaps a few other items depending on your situation.