Home equity loans What the media say
The Lender will examine your credit and your home will undergo the same appraisal process as when you purchased your house and applied for the original mortgage. The home appraisal allows the lender to assess the value of the property now. The lender also will review your credit report and credit score, as well as request a title report on the house to check if there is a second mortgage or a lien on the property. A refinance will have similar paperwork to fill out as you did when you received the original mortgage on the house. When you refinance, the new loan will be used to pay off the old mortgage and any additional loans against the house.