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I can't believe how painless this was.
I applied for a HELOC on 1/6/2024 with WSFS bank (NJ, PA, DE). They emailed me Tuesday 1/9 with a list of docs I needed to submit (W2, paystubs, mortgage statement, insurance declaration page, etc.) I sent the docs over that night. WSFS informed me they had already ordered a driveway appraisal so I might see someone taking photos of my house. I was expecting this process to be a nightmare as I do not own the land my house is on, it's not a manufactured house, it's a regular house. I was prepared for this to be an issue and I scanned all the docs related to my land lease and supplied them to WSFS. Much to my surprise they emailed me today 1/12 and said my loan has final approval, my property exceeded the value expected and I will get a call next week to schedule closing.
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Sounds like a breeze. How long is your land lease for?
It's a 99 year renewal land lease. If I become immortal and outlive the land lease, I get another 99 years. I leave my house to my kid, they get 99 years.
Hey OP - Congrats on your swift HELOC approval! My spouse and I are in PA and looking for good local lender. Would you mind sharing some of your data points? Did they do a Trimerge FICO? And was the drive by Appraisal in-line or higher than Zillow or Redfin? If you know. Thanks!
Congratulations on the painless HELOC experience and thanks for sharing!