Knowledge Base

How Does a Home Equity Loan Work?

An escrow account is established as a convenient way to manage property taxes and insurance for your home. Sometimes referred to as an "impound account", escrow accounts allow you to make one monthly payment, instead of paying individual bills when they are due.
How it works:

• A portion of your monthly mortgage payment goes directly to your mortgage (principal and interest) and the remainder is allocated to your escrow account to cover property taxes and insurance. When the individual bills are due, your lender will pay them with funds from your escrow account.
• An escrow account is required with Truliant if you are purchasing an investment property or the LTV on the home you are purchasing is more than 80%. Explore our Home Center for more helpful home buying resources like calculators.

What Are the Closing Costs?

Truliant is able to offer Home Equity Lines with no closing costs, and affordable rates. Our Home Equity Lines of Credit are a great way to finance home improvement projects or everyday expenses and bills you need to pay.