documents needed for home equity loan

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When applying for a home equity loan, you have to prove your income, assets, and employment information. The lender will also want a copy of your credit report and information on all of your debts and liabilities.

Preparing the home equity loan documents; This processing period usually requires the expertise of licensed appraisers, attorneys, title agents and other support staff. For this reason, most home equity loans also carry fees and closing costs. Home Equity Loan Closing Costs and Fees. Closing costs and fees vary by lender.

First and foremost, you need equity in your home in order to qualify for a home equity loan. Keep in mind your lender won’t allow you to borrow 100% of your equity. For example, if you had a $100,000 home with 20% equity – meaning you still owe roughly $80,000 – the most you could borrow would be around $10,000.

Bring your dreams to life with a home equity loan or line of credit from STCU. Use the equity in your home as collateral to complete big projects or fund special occasions at a fraction the cost of a credit card or personal loan.

Your current mortgage. Home equity loans. Credit cards. Auto loans. Student loans. 5) Total assets: You need to document all of your financial assets other than your home. This means documenting things like: Savings accounts. Stocks. Bonds. mutual funds. cds. Retirement accounts like 401Ks. Other real estate

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All mortgage loans typically require extensive documentation, and home equity loans are only approved if you can demonstrate an ability to repay. Lenders are required by law to verify your finances, and you’ll have to provide proof of income, access to tax records, and more.

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Home Equity Application Checklist Use this list to gather the documents you’ll need. You may be asked to provide some or all of the items listed below to decision your credit request.

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Accountant letter template. You can ask your accountant to use this sample letter from accountant confirming income as a template. All they need to do is copy it onto their letterhead, amend the details, print, sign and fax to us, your mortgage broker.

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