What documents do I need to apply?

HELOC, Home Equity Loan, and Mortgage Application Documents

When applying for a mortgage, Home Equity Line of Credit (HELOC), or a HELOAN (Home Equity Loan), you will need information and documentation. Below is a list of documents you should have ready to help make the application process easier.

For all applications you will need the following documentation, with additional lists below containing documents needed for certain financial loans or lines of credit:

• Two most recent consecutive pay stubs for all borrowers (Pay stubs must cover 30 days. Weekly payroll positions will need 4 pay stubs)
• Two years personal federal tax returns and two years of W-2s for all borrowers
• Self Employed Borrowers; last Two years business and personal tax returns, as well as current financial statements
• Documentation that verifies any additional income sources to be considered (ex: alimony, rental income, dividends, etc.)

If you are applying for a mortgage, the following additional documents will be needed as well:

• Executed real estate contract (when buying a house)
• Employee information
• List of assets
• List of liabilities
• Appraisal fee (approximately $575*)
• Signed/E-Signed disclosure package
• Intent to proceed (verbal or written)
• Membership verification, or become a member (if not currently)
• Gift Letter (if receiving gifted funds for closing)
• Two consecutive months of recent bank statements with transaction history – all bank or credit union accounts
• Recent 401K statement, mutual funds statement, and/or brokerage account statement

If you are applying for a HELOC, or a home equity loan, the following additional documents will be needed as well as the ones listed in the first list:

• Document from existing HELOC lender confirming a freeze on line of credit (if applicable)
• Copy of current homeowner’s insurance policy
• Copy of current real estate tax statement
• Copy of recent mortgage statement
• Copy of payoff statements for credit accounts paid with home equity proceeds

Having these documents ready when you apply will help the application process to go more smoothly and quickly. If you have further questions, feel free to reach out to our team at WeStreet Credit Union.

This article is for educational purposes only. WeStreet Credit Union makes no representations as to the accuracy, completeness, or specific suitability of any information presented. Information provided should not be relied on or interpreted as legal, tax or financial advice. Nor does the information directly relate to our products and/or services terms and conditions.