Canton Co-operative Bank AVP/Director of Residential Lending Bela Vasconcelos was recently asked if getting a home equity line is as complicated as getting a mortgage.
For most borrowers, it’s easier, she said.
Finding a house to buy can take a lot of time, especially around here. And then getting a mortgage is a big deal for most people. When it comes time to get an equity line, they have the house and they know what their equity position is. It takes less time to apply for an equity line and the closing costs are minimal. As long as a borrower’s credit reports still look good, an equity line approval should come right through.
At Canton Co-operative, our equity line options are straightforward and very easy to understand. That is not the case with every lender.
Some lenders offer very complicated lines where a borrower can end up paying much more than the advertised rate if they don’t jump through various hoops. Fees can vary a lot too.
“You have to really pay attention to the details,” Bela said. “Get what you need, keep it simple and work with a local lender who will take the time to answer all your questions. You want to feel like you’re with a lender who genuinely cares.”
Our popular Carve Out home equity line gives you the best of an equity line and an equity loan all rolled into one. You get total flexibility for when you use your equity and how you re-pay it. If you’re thinking of taking out a new equity line this Spring – or if you already have one and the Carve Out just sounds better – come see us or call 781-828-8811 x 4.
Canton Co-operative – a bank customers like, a bank you can trust – since 1891.
Canton Co-operative Bank is located in downtown Canton at 671 Washington Street, Canton, MA 02021.The main phone number is 781-828-8811.
NMLS #721437 Bela Vasconcelos NMLS #582849