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Understanding HELOCs: Application, Terms, and Risks

This comprehensive guide covers the application process, disclosures, payment terms, security interests, fees, and potential actions by creditors related to Home Equity Lines of Credit (HELOCs). Learn about variable rates, transaction requirements, tax implications, and more.

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Understanding HELOCs: Application, Terms, and Risks

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Presentation Transcript

  1. HELOCs

  2. Application Disclosure • Form • Electronic Applications • Timing • Third Party Duties

  3. content • Retention Information • Conditions for disclosed terms • Security Interest and Risk to Home • Possible Actions by the creditor • Payment Terms • APR • Fees Imposed by the Creditor • Fees Imposed by Third Parties • Negative Amortization • Transaction Requirements • Tax Implications • Variable Rate Disclosures • Brochure

  4. Limitations • Rate Changes • Plan Termination • Change in Terms • Prohibiting Extensions of Credit • Refund of Fees • Imposition of Nonrefundable Fees

  5. Account Opening Disclosures • Finance Charge • Other Charges • Disclosures from the Application Disclosure • Security Interest • Statement of Billing Rights

  6. Periodic Statements • Previous Balance • Identification of Transactions • Credits • Periodic Rates • Balance on which the Finance Charge is Computed • Amount of Finance Charge • Other Charges • APR • Grace Period • Address for Billing Errors • Closing Date of Billing Cycle

  7. Change in Terms • General Rules • Timing • Exceptions • Restrictions Due to Special Circumstances

  8. Rescission • Applicable Transactions • Definition of Dwelling • Procedure • Notice • Time Period • Expanded Rescission Period • Member and Credit Union Actions • Waiver

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