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HELOC Product Knowledge

What is the draw period on our HELOC product?

20 years

5 years

10 years

25 years

What is the typical length of a HELOC?

10 years

20 years

30 years

40 years

Who pays the closing costs when finalizing a home equity line of credit?

The borrower

Bank OZK

Closing costs are waived if applicable.

Closing costs can be added to the principal of the loan.

True or False: You are only required to make interest only payments for the first 10 years of the note.

True

False

What type of interest does a home equity line of credit have?

Fixed

Variable

A home equity line of credit is a(n) _____ line of credit.

Revolving

Installment

Open-end

Service

You can borrow up to _____% of the value of your home?

50%

70%

60%

80%

Where can you find additional information about HELOC's to provide our customers with?

OZK Inside

PolicyTech

GoZK

Google

True or False: If you pay off and close your HELOC within the first three years you will owe back a portion or up to $1600 of the original closing costs.

True

False

What are the up-front fees our customers would be responsible for when securing a HELOC?

Property appraisal fee

Application fee

Closing costs

Any fees exceeding $1600

What can a HELOC be used for?

Home improvement

Debt consolidation

Purchase of property

Purchase of vehicle

All of the above

What are our customers at risk for if they fail to make their payments?

Additional fees

Possible foreclosure

Credit score damage

All of the above

Select all that apply: Identify potential referral opportunities.

Customer mentions that they have been wanting to refinance their home

Customer mentions that they are wanting to remodel their home

Customer mentions that they are interested in purchasing rental properties

Customer mentions that they would like to purchase large shares of stock

True or False: There are no restrictions on how your HELOC funds can be used.

True

False

Who would you refer a customer to that is interested in opening a HELOC?

Julie

Tressia

Corey

All of the above

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