Home Equity Loan Application And Checklist: Fill & Download for Free

The first step is to compare the charges for the new bank . Apart from interest rate are their any legal , processing , document , taxes applicable ?Also check if you have to register new home loan as mortage equity or pay a percentage of the disbursed home loan amount to deputy registrar's office for registering the document .Once you have done this checklist, you can contact your present bank and discuss with them about closing the loan account. Most banks these days don't want their existing loans to be closed , hence you may want to check with them , if they can match the offer .If the old bank agrees for the transfer , you will need to write an application and they will provide the list of documents they have for your property which you will then submit with the new bank after loan is closed . The new bank may demand a new set of some additional documents for their loan disbursal process .Transferring the home loan becomes cumbersome due to the documentation requirements and differences between two banks . You will be charged with the interest for the number of days between foreclosure amount received and the loan closed . Additionally , you will need to brace yourself for the delay and processing time taken .

Do you love your neighbourhood, but need more space for your growing family? Or maybe you want a home that’s more modern and energy-efficient?You may be asking yourself if it’s worth the cost of fixing up the house you live in now, or whether you’d be better off buying a new one.To help you decide which option might be right for you, here’s a look at some of the pros and cons.Renovating your homeHome improvements offer you an opportunity to get the property you live in now exactly the way you want it. That means you’ll be in charge of everything, right down to the kitchen sink.Other advantages of renovating include:May be cheaper. On a per-square-metre basis, it can often be cheaper to add additional space to your existing home than to purchase the equivalent amount of space in a new dwelling.Can use your equity. If you have equity built up in your home, you may be able to access money for renovations with a home equity loan. However, you’ll still need to qualify for the loan and pay any closing costs.You can stay put. Do you love where you live? For homeowners with a strong emotional connection to their homes, renovating may be the right choice.On the other hand, having major renovations done is no picnic. Here are some things to consider before taking the plunge:Can get complicated. Renovations can be time-consuming, messy and disruptive. You may even need to temporarily relocate while the work is in progress. Between material shortages, contractor delays and budget overruns, renovations don’t always go as planned.Don’t overcapitalise. Is your home worth spending money on? Extensive renovations usually only make sense if you plan on staying for a while, or if they have the potential to significantly increase the value of your homeMay need council approval. Even minor home alterations may require planning consent from your local council, so make sure you get the go-ahead before starting work.Buying a new homeThere are several potential benefits to starting from scratch with a new home, including:It’s a known quantity. When buying a home, you know exactly what the final product looks like, and you can move in and start enjoying it right away.A chance to declutter. Do you really need all those old magazines and plastic containers without lids? Moving gives you a chance to go through your belongings and chuck out anything you don’t need or love. It can be a very liberating experience!A fresh start. For some people, a change is as good as a holiday. Buying a new home means you’ll get to meet new neighbours, switch up your routine, and explore new cafes and walks.Just remember to weigh up the advantages against the potential drawbacks of relocating, such as:Hefty costs. Moving a house is expensive. You’ll need to factor in selling costs, real estate commissions, new loan application fees, closing costs and moving expenses. Also, if you settle on your new property before the sale of your old one, you might need to take out an expensive bridging loan to tide you over until the money comes through.Financing. If you can’t transfer over your current home loan, you may need to apply for a new one and pay it out through that. While this means you may have to go through the application process all over again, it can present a perfect opportunity to refinance your home loan and find a more competitive rate.The inconvenience. Between packing and unpacking everything in your home, moving house is a lot of work.If you’re still on the fence, make a checklist of everything that you want and need in a home. If your current home would come up short even after renovations, it may be time to upgrade to something different.

1. Understand your business. It sounds obvious, but the majority of entrepreneurs who pitch me have obviously never thought through many of the major issues surrounding their companies. You should know EVERYTHING about your business, product, customers and competition. You should know every metric regarding customer acquisition, conversion and retention. You should have a crystal clear understanding of your business model and your financials. And all of this should be at the tips of your fingers so you can instantly answer any questions you are asked about it.2. Understand what investors are looking for, what they usually invest in, and why. There is a vast gulf between a 'cool product' and an 'investable company' and if you don't understand the difference, you will be doomed before you start. There are many good books on this subject, and you owe it to yourself to read at least one of them before you begin talking to angels. A good beginning would be my book on angel investing, which is used as the standard textbook by most organized groups of angels.3. ONLY after you've completed #1 and #2 will you then be ready for capital to be applied to your venture. And that capital is going to come from...YOU. That's right, you should not even consider trying to raise money from anyone else until you have reached deep into your own pocket. This is the case for two reasons: first, because the bare fact is that investors simply do not fund ideas. The expectation is that in an era of increasing technology and decreasing costs, you will be bringing them an operating company with at least some traction. Looked at from their perspective, given two teams equal in entrepreneur, market, business model and potential, why should they invest in one that exists on paper, when the other has reduced its risk and improved its viability by actually getting started? The second reason is that investors want to know that YOU believe in your own startup...and the best way for you to demonstrate that is to show that you have personally put your own money where your mouth is. Keep in mind that any cash you put in will remain in the company as Founders' Equity, and will only come back to you on a successful exit in which your investors make money.[3a. Although it is not required per se, and therefore is not being given its own discrete step here, in the real world most startups at this point turn to friends and family for additional capital, in the form of equity or loans, to help get the company to a stage at which it is legitimately investable by third parties. The important thing to note about this is that the money should either go into the company directly as a convertible note without a cap, or (depending on the personal relationships involved) as a personal loan to the entrepreneur, which he or she in turn invests as equity into the company, but will be responsible for repaying even if things don't work out.]4. With #1 - #3 under your belt, you should start preparing the components you will use to support your pitch to outside investors. These range from outbound materials, such as pitch emails and funding applications, to presentations of your venture in different forms for different purposes, to detailed back-up information that you will be asked to supply during due diligence. A comprehensive list of things you might want is listed in the answer to What materials or software should I use to pitch a VC?, and these can all be neatly gathered into a confidential investor relations site, such as you can create with Gust.com.5. Now, and only now, are you prepared to start fundraising. This phase is a combination of (to mix several metaphors) WMDs and sniper fire. Start by letting absolutely everyone know that you've got a great startup looking for early investors. And I mean *everyone*. I have been led to deals by my barber, my interns, my cousin and my high school classmates. If you hide your light under a bushel, investors simply will not come looking for you proactively. At the other end, do your homework to really understand which investors would be the most productive for you to approach. Some only invest in their home city, others only invest $5,000, still others only invest in biotech, for example. Blindly sending your business plan to every single angel and VC in the world will have zero effect, and simply clogs the system while annoying everyone.6. Seriously consider applying for funding from your local business angel investment group. There are many hundreds of these across the country and around the world, and virtually all of them accept applications over the transom. If you are invited to come in, even for a preliminary screening, you will have the opportunity to present your business to experienced investors. This will given you both pitching experience and usually solid feedback on your plan. And if you do get funded, the group can be extremely helpful in getting other investors to join in with additional funds.7. Another avenue that is increasingly a good idea is to consider applying to one of the new breed of accelerators. While yCombinator and TechStars are the two best known, there dozens of others, local, national and international, many specializing in specific areas (including fashion, food, finance, gaming, etc.) Accelerators typically provide several months of intensive mentoring, at the end of which they host a Demo Day to introducing all their graduating companies to a large number of local angel investors.8. Your goal in all this is to try to find a lead investor. This person will be critical in rounding up other investors, drafting a term sheet, and generally getting the deal done. He or she will be your primary champion, and often mentor. Doing a deal with a lead investor is 3 to 5 times easier than trying to pull everything together by yourself. Among other things, your lead can vouch for you with other investors in their circle, or who follow them on online financing platforms, which can be a good way to finish up a round (via "social proof") once your leads are in place.9. Before you start negotiating a term sheet with any potential investor, make sure that you GET A LAWYER, specifically, a lawyer with experience directly in the early stage financing world. This will NOT be your family lawyer, or the one who helped you beat that traffic ticket. There are excellent venture lawyers in every major city, with enough to form a flash mob in places like California, New York and Texas. For more background on this key step, see the answers to "What should one look for in a startup lawyer?"10. Finally, from the minute you begin engaging with an investor, it is critical to COMMUNICATE early and often. Keep them up to date while circling your round, thank them as soon as it closes, and provide ALL your angels with either quarterly (at a minimum) or monthly (ideal) reports on how the company is doing. In my experience there is a astounding correlation between frequent, thorough communication and successful follow-on funding.Since this answer was first written—now more than five years ago—I have expanded and extended it into a book length guide to starting and funding a company, called The Startup Checklist.