Home Equity Products
Considering applying for a home equity line of credit or loan? Below is some additional documentation we would request after your application is submitted.
Additional Documentation
If you are a salaried employee:
- Pay stubs-copies of your most recent stubs (past 30 days)
- W-2 forms-copies for past year
- Work history-explanation of employment gaps of 1 year or more
If you are self-employed or receive rental income:
- Tax returns-copies of personal and business tax returns from the past 2 years for each business, including all schedules
- Other sources of income
If applicable, we will also need:
- Documentation from additional sources of income (e.g., Social Security Awards Letter, leases and recent tax returns for rental income.)
We may also request:
- Homeowner’s insurance statement evidencing annual premium and dwelling coverage
- Mortgage Statement and/or escrow
- Trust agreement-if applicable
- Life Estate agreement-if applicable
Once the Loan/Line of Credit is approved
- Insurance Binder
- All individuals on Deed must attend closing regardless if they are on the loan or not
Home Equity Line of Credit (HELOC)
A Home Equity Line of Credit (HELOC) is best if you need access to a revolving line of credit to meet your needs as they arise.
Need to:
- Purchase a Principal Residence OR
- Refinance an Existing HELOC secured By Your Principal Residence
- Consolidate Debt, Make Home Improvements, or Future Needs
Fixed Rate Loan Conversion Option
Fixed rate loan conversion allows you to convert a portion or all of the outstanding line balances into a fixed term loan. This option is only available on new home equity line of credit applications received on or after 2/1/19.
