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.