Owner's Equity Handbook checklist
Questions to ask a lender
Handbook note
Ask in the same order lenders check: occupancy, payment history, equity, then credit and income. A no early saves time and fees.
Last reviewed against the primary sources listed below.
Occupancy and history
- Do I meet the time-in-home requirement?
- Does my payment history qualify?
Equity
- What value do you expect to use, and what is the maximum loan?
- How will the upfront premium be handled?
Cost
- What is the annual premium on the new loan?
- How much cash will I actually receive?
How to use the answers
Run the pre-check with the lender's answers to see which rule still needs attention.