Home Equity Loans and Lines of Credit

[IHateMyJob2004]

I am thinking about getting a home equity loan. What kind of process is there? Will someone need to come and "value" my home?

Also, what is the typical rule for pre-payment penalties? Are you allowed to pay these things off early?

Since people will ask, I need a few bucks to finish remodeling our home.

 

[Engineer]

Penfed's FAQ on home equity loans and lines of credit....also a great place to do business with.

I've not done one but I hope this helps you with your information.

 

[IHateMyJob2004]

Thanks Engineer!

EDIT: Fixed your link: https://www.penfed.org/product...rtgages/homeEquity.asp

 

[Engineer]

Originally posted by: IHateMyJob2004
Thanks Engineer!

EDIT: Fixed your link: <a target=_blank class=ftalternatingbarlinklarge href="https://www.penfed.org/productsAndRates/mortgages/homeEquity.asp">https://www.penfed.org/prod......ges/homeEquity.asp</a>

Oops...didn't notice that this was a secure hyperlink.

Also, I don't think that Penfed charges any prepayment penalties, but I would call and ask first if you are considering them. YMMV on other companies and prepayment penalties.