Posted by Anonymous on 8/12/05 11:35am
Msg #58564

Newbie -- What Does HELOCs mean?

Sorry... new hear and trying to learn. Have seen this in many posts. What does HELOCs mean?
THANX SO MUCH!

Reply by Anonymous on 8/12/05 11:37am
Msg #58566

home equity line of credit

Reply by Art_MD on 8/12/05 11:46am
Msg #58568

Do a search using "newbie". This will get you to a bunch of threads that will be very helpful.
Also try "abreviations"


Art

Reply by Iris_WA on 8/12/05 2:22pm
Msg #58648

Also ... use the internet!

You pay for it -- find a good search engine (most times I prefer Google). After you asked your question, I put " HELOC " (without the quotes) into the Google search line and the very first non-sponsored response was "What is a HELOC?" and it explains it.

MUCH of what I learned to do this business I got after spending hours and hours researching on the Internet. (For instance, no one ever explained to my satisfaction what the Truth in Lending form was .... all I heard was "tell them that's just the APR and is NOT their interest rate." If I had been the signing party, I'd want to know why this Annual Percentage Rate was different from the Annual Percentage Rate on my note, and being told it was NOT my rate would not have satisfied me when I was looking at the fact it WAS my rate in BLACK & WHITE. So, off to the Internet I went. When I did this a few years ago, I had to search a really long time, until I found some obscure lender somewhere who had it posted at their site.)

So, you pay for your internet service -- USE it to the fullest.

Reply by Bonnie/FL on 8/12/05 3:13pm
Msg #58656

Re: Also ... use the internet!

I may not be alllowed to do this, but I too did a search on APR since I explain it the best I can to the borrower AND sometimes the explanation is in their package, but I went to the Internet, printed out a copy of what APR meant with examples and printed them as a handout to the borrowers. I know I am not an attorney, not giving legal advice, but it has helped the borrower understand what APR meant and the difference between that and their actual interest.

Reply by Iris_WA on 8/12/05 3:17pm
Msg #58657

Exactly, Bonnie!

If it's on the Internet, too ... it can't be legal advice, and if I get an especially 'sticky' borrower, I give them that.

That was just one example of how I use(d) the Internet to learn about these documents. I am still ALWAYS learning something new.

Have a great day!

Reply by Bonnie/Fl on 8/12/05 5:33pm
Msg #58691

APR/Internet page

Thanks, you are right. Cannot be legal advice if it is on the Internet. This one I found my borrowers understand http://www.mtg-net.com/sfaq/faq/apr.htm

Reply by Ak Ronim on 8/12/05 3:36pm
Msg #58659

Hopefully
Expecting
Lots
Of
Closings

Reply by Anonymous on 8/12/05 4:27pm
Msg #58668

Thanx so much to everyone for their help!!! I really appreciate it!