Credit Reports

What is a home equity line of credit?

A home equity line of credit is a form of revolving credit in which your home is used as collateral.

What is a draw period?

A draw period is the time frame during which you are allowed to use the credit available on your home equity line. When you borrow funds from your line of credit it is referred to as a draw.

I live in the United States, but I would like to purchase property in another country. Can I get a mortgage through CreditSoup on foreign property?

If you want to apply for a mortgage on a foreign property, you have to apply through a bank or other financial institution offering mortgages in that particular country. Currently, you cannot apply for a foreign mortgage (non-U.S.) at the CreditSoup web site in the United States.

Are there any costs for refinancing?

Typically, when you refinance, what you do is pay off the existing balance and then sign a new loan with new terms. When you sign this new loan, you again have to pay all the same costs you paid with the original loan. You may want to take this into consideration when deciding if you are ready to refinance.

What is a rescission period?

The rescission period is a waiting period of three days (excluding Sundays and legal holidays), between signing your loan papers and closing your loan. This period gives you time to make sure that you really want to go ahead with the transaction, and is required by federal law for all owner-occupied refinances.