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Equity Line and Home Equity Loan Process - What
happens when I decide to apply for a Nexity Home Equity Line or Home Equity Loan?
• Application
Process
• Additional Information
• Real Estate Documentation
•
Document Delivery
• Closing
• Account Activation
- Frequently
Asked Questions About Billing Statements
- Making
A Payment
What
happens when I decide to apply for a Nexity Home Equity Line or Home Equity Loan?
•
Application Process - You can apply online for Nexity's Home Equity Loans
and Lines. You may also apply by telephone or request an application. You will
be notified of our initial decision by e-mail or phone.
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• Additional Information
- You will be asked to provide a legal description of the real estate to be pledged,
proof of homeowner's insurance and proof of income in the form of a pay stub or
income tax return.
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• Real Estate Documentation - After
you communicate your acceptance of our initial approval, we will obtain an appraisal,
title search and flood zone verification at no cost to you. We will complete our
underwriting process upon receipt of this information.
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• Document Delivery
- Once all necessary documentation is received, we will send the loan documents
to you via express mail at no cost to you.
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• Closing - A
closing agent will contact you to coordinate a closing time and date. You may
close the loan at your home or place of business. Return the loan documents to
us in the prepaid express mail envelope provided.
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• Account Activation
- The proceeds of your loan or line will be available to you three days after
closing. Home Equity Line customers will be mailed a welcome kit that includes
checks used to access the line. Proceeds of a Home Equity Loan can be mailed or
sent via wire transfer in accordance with your instructions.
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Asked Questions About Billing Statements
Once you have closed on your
loan you will begin receiving your billing statement. The statement is made up
of three sections. Section 1 is your transaction listing, Section 2 is interest
accruals, and Section 3 is an account recap.
• Section 1 - Transaction
Listing
This section lists your beginning balance, balance this statement
and the principle balance as of the statement cutoff date. The principle balance
is not your payoff amount and it does not include accrued interest. When
paying off your loan you should always contact Nexity Bank.
• Section
2 - Finance Charge Calculation
This section displays how interest was
accrued for the statement period.
• Section 3 - Loan Summary
This section gives you summary information of what was discussed in section 1
and section 2. You will notice the "Interest Due" field. This
is the interest due as of the date that the statement was produced. To determine
your payoff, you should always contact Nexity Bank. Also, the "Minimum
Payment Due" field states the total amount due on the payment due date.
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Making
A Payment
• Always include your loan number on any correspondence
to Nexity Bank. This allows Nexity Bank staff to process your payment more efficiently.
• You will receive a "Loan Billing Statement" each month.
There is a perforated payment stub attached to the top of the Loan Billing Statement.
Please return this with your payment to Nexity Bank. This allows for more prompt
payment processing.
• If you choose to wire your payoff amount to
Nexity Bank, payoff amounts are only valid for one day. The
wire transfer deadline is 3:00 P.M. Eastern Standard Time. •
If you do not have a postage paid envelope from Nexity Bank, your loan payment
should be addressed to:
Loan Operations
Nexity Bank - LN
P.O.
Box 43700
Birmingham, AL 35243-3700
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