What does a HELOC disclosure say?


A HELOC disclosure contains specific terms of a HELOC agreement. The HELOC disclosure will state clearly that your home is used as a security, and if you do not meet obligations, you could lose your home.

The disclosure also states the obligations of the borrower, the criteria for possible extending the HELOC limit, and the minimum payment limits.

Fees and charges, and third party fees, source of index, any discounts, tax deductibility, etc. will also be listed on a HELOC disclosure.

When shopping for a HELOC, you should collect several quotes and compare disclosure terms and rates, fees and restrictions. All HELOC related fees and introductory rates will be listed on the disclosure, too. Additionally, HELOC caps, current value of the index, frequency of rate adjustment, draw and repayment terms should also be specified on the disclosure.

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