cfpb what you should know about heloc booklet

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1 What you should know about home equity lines of credit anuary J 2014

2 The System. e v This booklet w as initially prepared by the Board of Go v ernors of the Federal Reser Consumer Financial Protection Bureau (CFPB) has made technical updates to the booklet to Frank Wall Street Reform and reflect new mortgage rules under Title XIV of the Dodd - A larger update of this booklet is planned in the Consumer Protection Act (Dodd - Frank Act). Frank Act and to align with other CFPB future to reflect other changes under the Dodd - resources and tools for consumers as part of the CFPB’s broader mission to educate consumers. at ged to visit the CPFB’s website Consumers are encoura consumerfinance.gov /owning - a - to access interactive tools and resources for mortgage shoppers, which are expected to be home available beginning in 2014. LINES OF CREDIT 2 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

3 Table of ontents c ... ... ... 3 Table of contents ... ... ... ... 1. ... 4 Introduction 1.1 Home equity plan checklist ... ... ... 4 2. What is a home equity line of credit? ... ... ... 6 2.1 What should you look for when shopping for a plan? ... 7 2.2 Costs of establishing and maint aining a home equity line ... 8 9 ... ... How will you repay your home equity plan? 2.3 Line of credit vs. traditional second mortgage loans ... 10 2.4 2.5 What if the lender freezes or reduces your line of credit? ... 11 Appendix A: ... ... ... ... 12 .. ... 12 Defined terms ... ... ... ... ... ... 15 Appendix B: ... More information ... ... 15 Appendix C: ... ... ... ... 16 ... 16 ... Contact information ... LINES OF CREDIT 3 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

4 1. Introduction If you are in the market for credit, a home equity plan is one of several options that might be right for you. Before making a decision, however, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risks. And remember, failure to repay the amounts you’ve r home. borrowed, plus interest, could mean the loss of you 1.1 Home equity plan checklist Ask your lender to help you fill out this worksheet. Basic features for comparison Plan A Plan B Fixed annual percentage rate % % ariable annual percentage rate % % V current % % Index used and v alue margin of Amount Frequency of rate adjustments Amount/length of discount (if any) Interest rate cap and floor Length of plan Draw period WHAT YOU SHOULD KNO W ABOUT HOME EQUITY LINES OF CREDIT 4

5 (continued) Plan A Plan B Basic features for comparison Repayment period Initial fees Appraisal fee Application fee - front charges, including Up points Closing costs Repayment terms During the draw period Interest and principal payments Interest only payments - Fully amortizing payments When the draw period ends Balloon payment? Rene w a v ailable? al balance by lender? Refinancing of LINES OF CREDIT 5 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

6 What is a home equity line of 2. credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such as education, home improvements, or medical bills, and - day expenses. choose not to use them for day - to With a home equity line , you will be approved for a specific amount of credit. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent ) of the home’s appraised value and subtracting from that the balance owed on the existing mortgage. For example: Appraised value of home $100,000 x 75% Percentage Percentage of appraised value = $75,000 Less balance owed on mortgage – $40,000 $35,000 Potential line of credit your ability to repay the In determining your actual credit limit, the lender will also consider loan (principal and interest) by looking at your income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you can borrow money, such as 10 plan end of this “draw period,” you may be allowed to renew the credit line. If your years. At the 6 W ABOUT HOME EQUITY WHAT YOU SHOULD KNO LINES OF CREDIT

7 does not allow renewals, you will not be able to borrow additional money once the period has the end of the ended. Some plans may call for payment in full of any outstanding balance at period. Others may allow repayment over a fixed period (the “repayment period”), for example, 10 years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your ly, you will use special checks to draw on your line. credit limit whenever you want. Typical Under some plans, borrowers can use a credit card or other means to draw on the line. There may be other limitations on how you use the line. Some plans may require you to borrow a minimum amount each t ime you draw on the line (for example, $300) or keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up. 2.1 What should you look for when shopping for a plan? y ou decide to apply If for a home equity line of credit, look for the plan that best meets y our particular needs. Read the credit agreement carefull y , and examine the terms and conditions of (APR) v plans, including the annual percentage rate and the costs of establishing the plan. arious Remembe r , and though, that the APR for a home equity line is based on the interest rate alone costs, as will not reflect closing costs and other fees and charges, so y ou’ll need to these compare w the APRs, among lenders. as ell V ariable interest rates 2.1.1 equity lines of credit typically in v ol v e v ariable rather than fixed interest rates. The Home rate published in v rate must be based on a publicly a v ailable index (such as the prime ariable daily newspapers or a U.S. T reasury bill rate). In such cases, the some major interest rate y ou pay for the line of credit will change, mirroring changes in the v alue of the index. Most lenders cite the interest rate will pay as the v alue ou of the index at a particular time, plus a “margin,” such y as 2 percentage points. Because the cost of borrowing is tied directly to the v alue of the index, it often is impo r tant to find out which index is used, how the v alue of the index changes, and how margin. the of high it has risen in the past. It is also important to note the amount WHAT YOU SHOULD KNO W ABOUT HOME EQUITY LINES OF CREDIT 7

8 Lenders sometimes o ff er a temporarily discounted interest rate for home equity lines — an such for a short period, unusually low as six months. “introductory” rate that is V ariable - rate plans secured by a d w elling must, by la w , ha v e a ceiling (or cap) on how much y our ariable interest rate may increase o v er the life of the plan. Some v - rate plans limit how much y our low fall if the index drops. interest rate may payment may increase and how our y ert rate during the life of lenders allow y ou to con v from a v ariable interest rate to a fixed Some the plan, or let y ou con v ert all or a portion of y our line to a fixed - term installment loan. Costs of establishing and maintaining a 2.2 home equity line Many of the costs of setting up a home equity line of cre dit are similar to those you pay when you get a mortgage. For example: ▪ A fee for a property appraisal to estimate the value of your home; ▪ An application fee, which may not be refunded if you are turned down for credit; ▪ Up - front charges, such as one or more “points” (one point equals 1 percent of the credit limit); and ▪ Closing costs, including fees for attorneys, title search, mort gage preparation and filing, property and title insurance, and taxes. In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction fee every time you draw on the credit line. You could find yourself paying hundreds of dollars to establish the plan. And if you were to draw only a small amount against your cred it line, those initial charges would substantially increase the cost of the funds borrowed. On the other hand, because the lender’s risk is lower than for other forms of credit, as your home serves as collateral, annual percentage rates for home equity lin ff es are generally lower than rates for other types of credit. The interest you save could o set the costs of establishing and maintaining the line. Moreover, some lenders waive some or all of the closing costs. WHAT YOU SHOULD KNO W ABOUT HOME EQUITY LINES OF CREDIT 8

9 2.3 How will you repay your home equity plan? Befo re entering into a plan, consider how you will pay back the money you borrow. Some plans set a minimum monthly payment that includes a portion of the principal (the amount you borrow) plus accrued interest. But, unlike with typical installment loan agreeme nts, the portion of your payment that goes toward principal may not be enough to repay the principal by the end of the term. Other plans may allow payment of only the interest during the life of the plan, which means that you pay nothing toward the princip If you borrow $10,000, you will owe that al. amount when the payment plan ends. Regardless of the minimum required payment on your home equity line, you may choose to pay more, and many lenders o ff er a choice of payment options. However, some lenders may r equire you to pay special fees or penalties if you choose to pay more, so check with your lender. Many consumers choose to pay down the principal regularly as they do with other loans. For example, as you would a typical boat loan. o ff if you use your line to buy a boat, you may want to pay it whether you pay some, a — Whatever your payment arrangements during the life of the plan when the plan ends, you may have to pay the little, or none of the principal amount of the loan — entire balance owed, all at once. Y ou must be prepared to make this “balloon payment” by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home. rest rate, your monthly payments may change. Assume, for If your plan has a variable inte - only payments. At a 10 example, that you borrow $10,000 under a plan that calls for interest percent interest rate, your monthly payments would be $83. If the rate rises over time to 15 percent monthly payments will increase to $125. Similarly, if you are making payments , your that cover interest plus some portion of the principal, your monthly payments may increase, unless your agreement calls for keeping payments the same throughout the plan period. your home equity line in full ff If you sell your home, you will probably be required to pay o immediately. If you are likely to sell your home in the near future, consider whether it makes o keep in mind that renting your sense to pay the up front costs of setting up a line of credit. Als - home may be prohibited under the terms of your agreement. LINES OF CREDIT WHAT YOU SHOULD KNO W ABOUT HOME EQUITY 9

10 2.4 Line of credit vs. traditional second mortgage loans If you are thinking about a home equity line of credit, you might also want to consider a traditional second mor tgage loan. This type of loan provides you with a fixed amount of money, repayable over a fixed period. In most cases, the payment schedule calls for equal payments that stead of a the entire loan within the loan period. You might consider a second mortgage in pay o ff home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home. In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at both the APR and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured di ff erently: The APR for a traditional second mortgage loan takes into account the interest rate ▪ charged plus points and other finance charges. ▪ The AP R for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges. Disclosures from lenders 2.4.1 The federal Truth in Lending Act requires lenders to disclose the important terms and costs of equity plans, including the APR, miscellaneous charges, the payment terms, and their home - rate feature. And in general, neither the lender nor anyone else information about any variable may charge a fee until after you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term (other than a variable - rate feature) changes before the plan is opened, the lender must return all fees if you decide no t to enter into the plan because of the change. Lenders are also required to provide you with a list of homeownership counseling organizations in your area. When you open a home equity line, the transaction puts your home at risk. If the home involved days from the day the is y our principal dwelling, the Truth in Lending Act gives you three account was opened to cancel the credit line. This right allows you to change your mind for any day - three reason. You simply inform the lender in writing within the period. The lender must LINES OF CREDIT 10 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

11 — including any application and then cancel its security interest in your home and return all fees appraisal fees — paid to open the account. The Home Ownership and Equity Protection Act of 1994 (HOEPA) addresses certain unfair practic es and establishes requirements for certain loans with high rates and fees, including certain additional disclosures. HOEPA now covers some HELOCs. You can find out more information by contacting the CFPB at the website address and phone number listed in t he . Contact , below information appendix What if the lender freezes or reduces 2.5 your line of credit? Plans generally permit lenders to freeze or reduce a credit line if the value of the home “declines significantly” or when the lender “reasonably believes” that you will be unable to make your payments due to a “material change” in your financial circumstances. If this happens, you may want to: alk with your lender. T Find out what caused the lender to freeze or reduce your credit ▪ line and what, if anything, you can do to restore it. You may be able to provide additional information to restore your line of credit, such as documentation showing that your house has retained its value or that there has not been a “material change” in your financial circumstances. You may want to get copies of your credit reports (go to the credit - - report.html CFPB’s website at consumerfinance.gov/askcfpb/5/can - i - review - my for information abo ut how to get free copies of your credit reports) to make sure all the information in them is correct. If your lender suggests getting a new appraisal, be sure you discuss appraisal firms in advance so that you know they will accept the new appraisal as va lid. ▪ Shop around for another line of credit. If your lender does not want to restore ff your line of credit, shop around to see what other lenders have to o er. If another lender your origina is willing to offer you a line of credit, you may be able to pay o l line of ff credit and take out another one. Keep in mind, however, that you may need to pay some of the same application fees you paid for your original line of credit. LINES OF CREDIT 11 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

12 APPENDIX A: erms t Defined he real estate market. This glossary provides general definitions for terms commonly used in t They may have different legal meanings depending on the context. DEFINED TERM An annual charge for access to a financial product such as a line of credit, ANNUAL charged regardless of whether or not credit card, or account. The fee is MEMBERSHIP OR MAINTENANCE FEE the product is used. end credit, such - The cost of credit, expressed as a yearly rate. For closed ANNUAL as car loans or mortgages, the APR includes the interest rate, points, PERCENTAGE RATE broker fees, and othe r credit charges that the borrower is required to pay. (APR) An APR, or an equivalent rate, is not used in leasing agreements. Fees charged when you apply for a loan or other credit. These fees may APPLICATION FE E include charges for property appraisal and a cr edit report. A large extra payment that may be charged at the end of a mortgage loan BALLOON PAYMENT or lease. A limit on the amount that your interest rate can increase. Two types of rate - rate caps exist interest - . Periodic adjustment caps limit the interest CAP (INTEREST increase from one adjustment period to the next. Lifetime caps limit the RATE) rate - - rate increase over the life of the loan. By law, all adjustable interest mortgages have an overall cap. LINES OF CREDIT 12 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

13 Fees paid when you c lose (or settle) on a loan. These fees may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys’ fees; recording fees; estimated costs of CLOSING OR taxes and insurance; and notary, appraisal, and credit report fees. Under SETTLEMENT COSTS the Real Estate Settlement Procedures Act, the borrower receives a good faith estimate of closing costs within three days of application. The good faith estimate lists each expected cost as an amount or a range. a The maximum amount that may be borro wed on a credit card or under CREDIT LIMIT home equity line of credit plan . the The di ff erence between the fair market value of the home and EQUITY outstanding balance on your mortgage plus any outstanding home equity loans. rate adjustments for - The economic indicator used to calculate interest - adjustable rate loans. The index rate - rate mortgages or other adjustable can increase or decrease at any time. See also Selected i ndex r ates for INDEX p ARMs over an 11 eriod year - ( consumerfinance.gov/f/201204_CFPB_ARMs - brochure.pdf ) for examples of common indexes that have changed in the past. The percentage rate used to determine the cost of borrowing money, INTEREST RATE stated usually as a percentage of the principal loan amount and as an annual rate. The number of percentage points the lender adds to the index rate to MARGIN adjustable interest rate at each adjustment. rate calculate the - mortgage - The lowest amount that you must pay (usually monthly) to keep your account in good standing. Under some plans, the minimum payment may MINIMUM PAYMENT principal and cover interest only; under others, it may include both interest. WHAT YOU SHOULD KNO 13 LINES OF CREDIT W ABOUT HOME EQUITY

14 to 1 percent of the principal amount of a mortgage One point is equal loan. For example, if a mortgage is $200,000, one point equals $2,000. rate - nd adjustable rate a - Lenders frequently charge points in both fixed mortgages to cover loan origination costs or to provide additional POINTS (ALSO compensation to the lender or broker. These points usually are paid at closing and may be paid by the borrower or the home seller, or may be CALLED DISCOUNT split between them. In some c POINTS) ases, the money needed to pay points can be borrowed (incorporated in the loan amount), but doing so will increase the loan amount and the total costs. Discount points (also called discount fees) are points that you voluntarily choose to pay in return for a lower interest rate. ee’s legal If stated in your cre dit agreement, a creditor, lessor, or assign right to your property (such as your home, stocks, or bonds) that secures SECURITY INTEREST payment of your obligation under the credit agreement. The property that secures payment of your obligation is referred to as “collateral.” Fee charged each time a withdrawal or other specified transaction is TRANSACTION FEE made on a line of credit, such as a balance transfer fee or a cash advance fee. An interest rate that changes periodically in relation to an index, such as VAR IABLE RATE the prime rate. Payments may increase or decrease accordingly. LINES OF CREDIT 14 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

15 APPENDIX B: More information For more information about mortgages, including home equity lines of credit, visit consumerfinance.gov/mortgage . For answers to questions about mortgages and other financial so visit the CFPB’s website at may al topics, visit consumerfinance.gov/askcfpb . You o access interactive tools and resources for mortgage - a - home t consumerfinance.gov/owning shoppers, which are expected to be available beginning in 2014. Housing cou nselors can be very helpful , especially for first - time home buyers or if you’re having trouble paying your mortgage . The U.S. Department of Housing and Urban Development (HUD) - e or low cost supports housing counseling agencies throughout the country that can provide fre advice. You can search for HUD - approved housing counseling agencies in your area on the - housing consumerfinance.gov/find - a CFPB’s web site at - counselor or by calling HUD’ s - 4287. 569 interactive toll - free number at 800 - The company that collects your mortgage payments is your loan servicer. This may not be the same company as your lender. If you have concerns about how your loan is being serviced or mortgage, you may wish to submit a complaint to the CFPB at another aspect of your consumerfinance.gov/complaint CFPB (2372). or by calling (855) 411 - CFPB will forward your complaint to the When you submit a complaint to the CFPB, the company and work to get a response. Companies have 15 days to respond to you and the CFPB. You can review the company’s response and give feedback to the CFPB. LINES OF CREDIT 15 WHAT YOU SHOULD KNO W ABOUT HOME EQUITY

16 APPENDIX C: Contact information For additional information or the a complaint, you can contact the CFPB or one of to submit the type of institution. If you are not sure other federal agencies listed below , depending on the CFPB determines which agency to contact, you can submit a complaint to the CFPB and if that another agency would be be tter able to assist you, the CFPB will refer your complaint to that agency and let you know . Regulatory agency Regulated entities Contact information Insured depository institu tions and er credit unions with assets great than $10 billion (and their affiliates ), Consumer Financial bank providers of - nd non a (CFPB) Protection Bureau - (855) 411 CFPB (2372) consumer financial products and P.O. Box 2900 consumerfinance.gov services, including mortgages, credit , IA 52 733 Clinton consumerfinance.gov/ cards, debt collection, consumer complaint reports, prepaid cards, private loans, and payday education lending - Board of Governors of the (888) 851 1920 Federal Reserve g federalreserveconsumerhelp. System chartered Federally insured state - (FRB) ov bank members of the Federal Help Consumer Reserve System P.O. Box 1200 Minneapolis, MN 55480 LINES OF CREDIT W ABOUT HOME EQUITY WHAT YOU SHOULD KNO 16

17 Regulated entities Contact information Regulatory agency Offi ce of the Comptroller of the Currency (OCC) National banks and federally Customer Assistance Group 613 (800) - 6743 chartered savings 1301 McKinney Street occ.treas.gov banks/associations Suite 3450 helpwithmybank.gov Houston, TX 77010 Federal Deposit Insurance FDIC or Corporation (FDIC) - (877) ASK chartered - Federally insured state 3342 - (877) 275 Consumer Response Center banks that are not members of the 1100 Walnut Street, fdic.gov Federal Reserve System fdic.gov/consumers Box #11 Kansas City, MO 64106 Federal Housing Finance Consumer Helpline Fannie Mae, Freddie Mac, and the (FHFA) Consumer (202) 649 Agency - 3811 Federal Home Loan Banks fa.gov fh tions Communica Constitution Center fhfa.gov/Default.aspx?Page=3 400 7th Street, S.W. 69 Washington, DC 20024 [email protected] ional Credit Union Nat Administration (NCUA) - (800) 755 1030 Federally charte red credit unions Consumer Assistance ncua.gov 1775 Duke Street mycreditunion.gov Alexandria, VA 22314 Federal Trade Finance companies, retail stores, HELP or - (877) FTC Commission (FTC) auto dealers, mortgage companies (877) 382 - 4357 Consumer Response Center ftc.gov and other lenders, and credit 600 N.W. Pennsylvania Av , e ftc.gov/bcp bureaus 20580 Washington, DC 17 LINES OF CREDIT W ABOUT HOME EQUITY WHAT YOU SHOULD KNO

18 Regulated entities Contact information Regulatory agency Securities and Exchange - 6551 (202) 551 (SEC) Commission sec.gov Brokerage firms, mutual fund Complaint Center sec.gov/complaint/select.shtml companies, and investment advisers 100 F Street, N.E. 20549 Washington, DC Farm Credit Administration Office of Congressional and Public 4056 - (703) 883 Agricultural lenders fca.gov Affairs 1501 Farm Credit Drive 22102 McLean, VA Small Business Administration SBA or - ASK - (800) U (SBA) Consumer Affairs 5722 - (800) 827 Small business lenders rd Street, S.W. 409 3 sba.gov Washington, DC 20416 Commodity Futures - (866) 366 Commodity brokers, commodity 2382 Trading Commission ls, cftc.gov/ConsumerProtection/i (CFTC) o trading advisers, commodity po st 1155 21 Street, N.W. ndex.htm and introducing brokers Washington, DC 20581 18 LINES OF CREDIT W ABOUT HOME EQUITY WHAT YOU SHOULD KNO

19 Contact information Regulatory agency Regulated entities (202) 514 - 4713 U.S. Department of TTY 1882 - (202) 305 – Justice (DOJ) Civil Rights Division 1116 - (202) 514 – FAX 950 Pennsylvania Ave, N.W. To report an incident of Fair lending and housing issues housing discrimination: and Civil Housing 1 7743 - Enforcement Section - 896 - 800 Washington DC 20530 [email protected] fairhousi Department of Housing and Urban Development (800) 669 - 9777 (HUD) Office of Fair Fair lending and housing issues hud.gov/complaints Housing/Equal Opportunity th Street, S.W. 451 7 Washington, DC 20410 LINES OF CREDIT W ABOUT HOME EQUITY WHAT YOU SHOULD KNO 19

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