FAQ

The typical refinance at All Shores funds in three to four weeks. This includes the entire process from beginning to end; from submitting an application to when the loan funds (i.e. checks are delivered/money is wired to the borrower).

A purchase loan is typically completed within 4-6 weeks. In this case, the length of time taken to fund a loan can vary because it is driven by negotiation and terms of the contract of sale set forth by the attorneys for the sellers and buyers.

Generally, when refinancing, it is not necessary to hire an attorney. When purchasing a property, it is advisable to hire an attorney. In either case, there will be a bank attorney at your closing, who is responsible for explaining the terms and conditions of the mortgage note.

Generally, a Home Equity Loan is for a fixed loan amount, amortized over a fixed period of time, has monthly payments with a fixed dollar amount and the borrower receives the borrowed amount in a single lump sum.

A Home Equity Line of Credit is revolving, so it enables you to take out the amount of money you need, when you need it. You can borrow, repay and borrow again. Payments are required only when money has been drawn, and you pay interest only on the outstanding balance. Home Equity Lines of Credit feature a variable rate.

Both a Home Equity Loan and a Home Equity Line of Credit are considered 2nd mortgages, and require relatively strong credit history to qualify. You can choose a Home Equity Line or a Home Equity Loan, depending on your needs.

How much you can borrow is determined by several factors, including the available equity in the home (or how much is being borrowed in comparison to the market value of the property), income, credit history, and guidelines for loan limits.