Lots of questions. All the answers.

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Home Equity Lines & Loans

How is interest accrued on a home equity line of credit?

Interest is accrued daily on the outstanding balance for that day, which is multiplied by the current interest rate divided by 365. Ready for this?

Example: A $10,000.00 balance with an interest rate of 4.25% will result in a daily interest accrual of $1.16: 10,000.00 X .0425 / 365 = 1.16.

There are lots of "rates" involved. This one reads a little like an SAT problem, but we're showing our work:

  • An Andigo home equity line of credit features a variable interest rate based on the Prime Rate plus or minus a margin based on credit criteria, loan limit and combined loan to value ratio.
  • An Andigo home equity line of credit features a variable interest rate based on the Prime Rate plus or minus a margin based on credit criteria, loan limit and combined loan to value ratio.
  • The Prime Rate is published in the Wall Street Journal and is reviewed 45 days in advance of the quarterly rate change date.
Read all about rate information, if you so fancy.

When will my home equity loan be approved and when will my home equity funds be available to me?

There are a few steps involved:

  • You can expect a pre-approval based on credit-worthiness within three business days.
  • Once you're pre-approved, an appraisal company will hit you up to schedule an appointment for a walk-through appraisal.
  • Within ten business days of that appraisal, we'll contact you with info on the final loan approval and conditions.
  • If all is kosher there, you'll be asked to schedule an appointment for closing.

That whole process takes three to five weeks. You should know, by law, we're required to provide a waiting period of three business days after closing before making the funds available, just in case you change your mind about taking the loan.

If you don't see those funds in three business days or you have any questions, just call us at 847.576.5199 (option 3, 2) or toll-free 877.270.6392 (option 3, 2).

Is there a minimum amount I must draw on my home equity line of credit?

Yup, it's $500 (unless you're in Texas then it's $4,000 everything is bigger down there, we hear). As long as you have an available balance, you can access or take an advance against your home equity line of credit (HELOC) at any time during the first ten years of your loan.

What paperwork should I provide with my home equity application?

We'll likely ask you for:
  1. Your primary mortgage billing statement
  2. Annual amount of real estate taxes, home owner's insurance and any homeowner's association (HOA) dues - that's if you don't escrow your taxes and insurance; if you do, don't worry about this.
  3. Your HUD2 Settlement Statement and Loan Note you received at closing only if you bought your house or refinanced your mortgage in the last 12 months
  4. Verification of income; this is usually a recent pay stub, but if you're self employed then you'll need to provide two years of full, signed US Income Tax Returns or if you're retired then it's your most recent annual award letter from SSA, Benefits, etc. and/or IRA Statements AND your full US Tax returns to show IRA distributions.
  5. If you have rental income, send along a copy of signed rental agreement and your most recent two years of full, signed US Tax Returns
  6. If you're consolidating debt, provide a list of creditors that will be paid off from the new loan proceeds (the most recent billing statements may be required and must include the balance, payment address and credit account number)
  7. When in doubt, send it along with your application and we'll take a look.
Remember, you can do all this online or over the phone at 847.576.5199 option 3, 3.

How do I transfer money from my home equity line of credit (HELOC) to my checking account?

Let me count the ways:

  1. Visit an Andigo branch
  2. Log into your online banking account
  3. Log into your online banking account and send a fax of your transfer request to the loan department with your signature to 847.538.4563
  4. Call us at 847.576.5199 Note for you Longhorns – in Texas the minimum withdrawal is $4,000. In all other states it's $500

What do I do if my home has been damaged and I have an Andigo Home Loan?

It's a bad break, but we're not here to punish you. It's true that as your home loan lender we do have a security interest in the property, so we need to make sure it’s restored to its original condition or value — which is no doubt on your mind, too! Just contact our loss draft processing partner at 866.222.8118 for help with the property claim process. Make sure to have your loan information (like the loan number) handy.

If you're eager to move things along, create an account at www.insuranceclaimcheck.com. There you can download a claim package and upload the completed documents for processing. You will also be able to track the status of your claim.