Home Equity Credit

General Questions

• Is my personal information safe?
  Yes. We use the most sophisticated Internet security technology available today. When you start the application process for a mortgage, every bit of information you provide is encrypted with the Secure Socket Layer (SSL), a state-of-the-art encryption process developed by Netscape. This encryption process creates a secure link between you and Quicken Loans, ensuring a smooth, safe transmission every time.
   
• What is an EquityOnline! Home Equity Line of Credit?
  A Home Equity Line of Credit works essentially the same way as a credit card: It's a revolving line of credit, but unlike a credit card, it uses the equity in your home as your line of credit. With a Quicken Loans Line of Credit, you make interest-only payments for the first ten years and you make payments only if and when you draw cash. After the first 10 years the full balance is amortized and paid off over 20 years. You can use your home Equity Line of Credit for anything - home improvements, a vacation, tuition, a new car - anything.
   
• How is my Interest Rate/APR calculated?
  Your Interest Rate/APR is calculated based your credit score, and the combined loan-to-value ratio (CLTV). We determine your combined loan-to-value ratio by adding up the total balances of any current loans and the amount of the loan you are requesting and dividing that number by the value of your home. Generally, the lower CLTV ratio that you have, the lower your Interest Rate/APR will be.
   
• What is the term of the loan?
  This loan has a 10-year draw period and then the balance is amortized over a 20-year repayment period.
   
• Is the Interest Rate/APR adjustable?
  Yes, it is adjustable. When your rate adjusts, it will be the result of an index plus a margin. The index is the Prime Rate as published in the Wall Street Journal at the time of the adjustment period. The margin will be determined at the time of your application. The index can change, but the margin will not. A change in your APR will change your minimum monthly payment.