Question:

What does a HELOC disclosure say?

Answer:

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.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: