Home equity is the part of your property that you really own – because you paid down your mortgage, or the value of your property increased, or maybe some of both. The best uses for home equity funds are improvements that add value to your home, paying off high interest credit cards, and emergencies.
There are two ways to access home equity. A Home Equity Loan lets you borrow using the equity in your home as collateral. You receive the money in a lump sum, usually with a fixed interest rate. A Home Equity Line of Credit gives you quick access to cash whenever you need it, with an adjustable interest rate.
Get started today. Here’s how it works.
You can apply for an Equity loan in whatever way you’re comfortable: online or at any one of our branch locations. It takes a lot of documents – a property tax bill, a mortgage statement, insurance forms – so focus on those requirements listed below, first.
Navigant Credit Union will obtain a credit report from TransUnion that shows your credit score and credit history as reported by third parties and respected institutions. Click here to learn more about credit scores and reports.
None – but if you haven’t seen your own credit report for a while, consider pulling it before we do and correcting any mistakes. Get your free credit report here.
At this stage, Navigant Credit Union assigns a Loan processor to gather your documentation and assemble a complete package for the underwriter.
We then order a real estate valuation and/or an appraisal to determine your home’s value. (A full appraisal requires an appointment and an interior inspection, so we may need you to be available.) You’ll get a copy of any appraisal and/or valuation promptly.
Membership with Navigant Credit Union is required for us to process your loan request. If you’re not a member yet, click here to open an account now.
Signed Disclosures are also required, most importantly the Borrower’s Certificate of Authorization. This allows Navigant’s loan processing team to verify income with your employer, and verify assets with other financial institutions.
Working together matters when you’re seeking financing. Our promise is to be responsive to you, and make it a great experience. Occasionally our team members may need you to respond quickly, as well.
The underwriter is a key team member, making sure you match the requirements of the loan product for which you applied. He or she also verifies sources of income, orders the Flood Certificate (if applicable), and reviews the appraisal. When the underwriter’s work is done, the file is submitted for decisioning.
From you? Nothing. It’s all on us.
Before closing on your home equity loan or line of credit, we order title insurance. Title insurance protects lenders against problems with the title to your property, such as someone with a legal claim against the home.
Three days prior to the closing meeting a “quiet period” begins. During this time, please compare the original Loan Estimate to the Closing Disclosure you’ll receive.
It’s time to sign a stack of documents and complete your transaction. If everyone involved understands the terms and the documents they’ll be signing, the closing itself should go quickly.
As a consumer protection, funds are not readily available at the closing. After the closing, you get 3 days to think it over. You have the “right of rescission” – in plain English, the right to cancel the transaction and walk away.
Please bring a valid form of identification, such as a driver's license or passport. And if
home insurance proof is still outstanding (it shouldn’t be), bring a binder that shows sufficient coverage.
We’re ready when you are.
Thank you for your interest in financing with Navigant Credit Union. We have an efficient process from start to finish, experts to guide you, and we all work to exceed your expectations.
Call us at 401.233.4700 to get started.