Applying for a home equity loan requires much of the same paperwork — and
fees — as a first mortgage.
Applying for a home equity loan isn’t as time-consuming and
detailed as applying for a mortgage, but it still requires some
work and fees. In this chapter, we’ll tell you what you need to
show the bank when you apply for a loan, and we’ll detail the fees
and closing costs you can expect to pay. Finally, we give you some
reasons to refinance that home equity loan.
What you can expect to learn from this
Like applying for a mortgage, lenders look at your credit report
and your income. But for a home equity loan, they also look at the
- The cost of a home equity loan
You pay twice for a home equity loan: first you pay fees and
closing costs, then you pay interest. Here’s a look at what fees
are in store.
- Refinancing a home equity loan
Here are five good reasons to refinance an existing home equity