Simple definition is equity equals ownership. It's the portion of your house that is actually owned by you (not your mortgage company). A more accurate definition of home equity is the difference between your home's market value and your loan balance.
Your total loan balances outstanding to the appraised value of the property. For Example: Appraised Value = $100,000 1st Mortgage Balance = 80,000 Loan to Value% = 80%
At a First Horizon Bank branch convenient to you or through a closing agent's office if a branch is not convenient to where you live.
Yes, there is a $50.00 annual fee charged during the draw period. This annual fee is waived the first year.
Depending on the location of the property it normally can take 2-3 weeks to close on a Home Equity Line of Credit.
That depends, based on the loan offered. Your financial advisor can tell you whether there is a prepayment penalty for early payoff on your specific loan.
There are 4 ways to get your Home Equity Cash:
Purchases are automatically debited from your line of credit balance.