Applying for a Home Equity Line of Credit

Here’s how the Quicken Loans home equity line of credit application process works:

• First, we ask for some basic information about you, your income and the property. Your Social Security number is necessary to pull a copy of your credit report. There’s generally less paperwork involved, so closing on a home equity line of credit is quicker than a standard first mortgage.
• Quicken Loans can approve you right over the phone, schedule your closing online, and close your home equity line of credit in as little as 7-10 days.
• Closing fees are generally required; however, Quicken Loans has eliminated most closing fees. In order to close your loan, you will likely have to pay local city, county and state recording fees and taxes. Depending on the state you live in, you may also be charged attorney fees. These closing fees can either be deducted from your line of credit or you can bring a cashier’s check to pay for them at closing.