Closing on a HELOC

Hi, we are closing on a substancial Home Equity line of Credit with a local bank. I’m wondering if we need to have a lawyer involved, maybe just to look over everything. I would rather not have to pay someone. Are there any traps I should look out for. They told me no annual fee, and given me the teaser and regular rate. I also have to keep the line open for 3 years. There are no closing costs and I would assume I have 3 days to cancel after we close. Thanks

ewfan

in Mortgage 11 years and 3 months ago

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vthatcher | 11 years and 3 months ago

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You don’t need an attorney- There should be a home equity line agreement- that should break down the terms of the loan. Read that document. Closing docs on a HELOC are not that entailed, and there aren’t that many papers to sign. You should be ok! Vanessa Thatcher Senior Loan Officer NMLS# 41404 Atlantic Home Capital 4175 Veterans Memorial Hwy, Ste 310 Ronkonkoma, NY 11779 Office: 631-687-3510 x106 Direct Dial: 631-468-8809 Direct Fax: 631-918-5222 Cell: 631-672-4113 “Pennies don’t fall from heaven; they have to be earned here on earth” ~Margaret Thatcher~ Website: www.atlantichomecapital.com You can catch me in the directory at www.Brownstoner.com www.montauk-online.com http://brickunderground.com/directory/listing/guide/mortgages NEW SITE http://www.bktothefullest.com