Frequently Asked Questions
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- What's the difference between a home equity loan and a home equity line of credit?
With a home equity loan, you can borrow up to 95% of your home's value and lock in a low fixed interest rate. A home equity line of credit is a revolving line of credit with a variable rate that you can access at any time, for any amount up to your approved limit.
- How quickly can I be approved for home equity loan or home equity line of credit?
You should expect the process to take between two to four weeks on average from the time we receive a complete application, depending on the level of documentation required.
- How much equity do I need in my home to take out a home equity loan?
We can lend up to 95% of your home’s value up to (maximum loan of $250,000), which includes any balance owed on an existing first mortgage loan. The maximum loan-to-value varies based on credit tier, combined LTV and loan amount requested.
- Will my APR change with a home equity loan?
No. You can borrow up to 95% of your home's value and lock in a low fixed interest rate.
- How much equity do I need in my home to take out a home equity line of credit?
We can lend up to 95% of your home’s value up to (maximum loan of $250,000), which includes any balance owed on an existing first mortgage loan. The maximum loan-to-value varies based on credit tier, combined LTV and loan amount requested.
- Will my APR change with a home equity line of credit?
It can, because this revolving line of credit has a variable annual percentage rate.
- What other types of mortgage loans are available at Ascend?
If a VA loan is not right for you, Ascend offers conventional fixed-rate mortgages; adjustable rate mortgages (ARMs); a first-time homebuyer mortgage; manufactured housing loans; and equity loans. Learn more here.