Frequently Asked Questions

Find answers here to frequently asked questions about Wise Mortgage Loans, and the different types of lending options.

Do I have to have good credit to get a home equity loan/line of credit?

Yes. Just as when you applied for your original mortgage, your credit reports will be pulled and checked by the lending institutions before deciding whether or not to offer you a home equity loan or home equity line of credit. The one difference is that your credit score will not weigh as heavily in this decision as it did when you were purchasing the home because you have collateral (the home) as security to help minimize the risk to the bank that you will default.

Are there limitations on what I can use a home equity loan/line of credit for?

No. Some use home equity products in order to improve their homes, pay for a college education, buy new cars, effect repairs in the home, buy other properties or even to improve their credit (through usage).

How long does it take to get a home equity loan/line of credit?

That depends largely on the lending institution you choose, and your level of cooperation in providing all of the information requested by them in order to approve you for the loan. If you are responsive and timely with your turnarounds, your loan or line of credit can be approved and available to you in as little as two weeks.

Is my information on this site secure?

Yes. Secure Socket Layer (SSL) technology is employed on this site to keep your information secure as it is transmitted to our network of lenders.

Do you offer loans directly?

No. No loans are offered directly by this site or its owners.

What if I have bad credit?

It has become much more difficult to get a loan if your credit is less than average or optimal, but there are lenders available (through this site) who are willing to work with higher credit risks under the right circumstances. Your best advice is to take what steps you can to improve your credit score before applying, however.

Can I get a home with no down payment?

It is marginally possible but highly unlikely that you will be able to secure a home with zero-down. Your reasons for having no down payment had better be very good and your income significant as well as having a stellar credit rating.