Hi! I have a question. When you apply for a home equity loan what kind of paperwork do you have to fill out? Are there a lot of pages like the ones in a regular closing? Do they have the sheet that lists all of your debts that you must sign? Do you have to have the notary come to your house? Thanks in advance..
I did mine all via US mail and then they send someone to your house to close and be a witness to your signatures, you need proof of income, last 3 pay stubs usually, a recent (within 6 months I think) apraisal of your home, proof of homeowners insurance and they did have my employer fill out a "employment verification" I believe....it's much easier than a typical closing and it all gets done within about 2-4 weeks, depending on how good of a rep you get....good luck!!
well, for me, most of mine are referrals from branches so i send the paperwork directly to the customer and they are responsible for having the paperwork notarized and returned. simple application along with current paystubs w/YTD earnings, homeowners insurance information and we are good to go if credit and debt ratio check out. since i use automated home value system there is no need for an appraisal.
You will need to complete the usual application. It depends on the lender as to what documentation they will need and if a full appraisal is required. If you are going full income documentation..you will need w-2's, current paystubs and possibly proof of assets (bank statements). You will need a 620+ score in most cases. If you would like a notary to come to your home let your broker know and I'm sure they will be happy to send one. You will pay for it though Good luck! HELOCS are an awesome way to go for most people.
