HELOC Application Checklist
Be prepared to provide the following information for your application:
Property information (address, purchase price, purchase date, property type, acreage)
How the owners names are listed on the property
Estimated property value
Requested line of credit amount
Your contact information (home phone, cell phone, email address)
Personal information (Social Security number, date of birth, marital status, employment status)
Employment and income information:
Current balances and monthly payments on other debts and financial obligations (such as car loans, outstanding student loans, credit cards, current mortgage or home equity accounts. Specify which accounts you plan to pay off with the HELOC, if the purpose is a consolidation loan.)
A copy of your most recent pay stub-stubs reflecting 30 days showing YTD earnings if you receive a W-2 each year.
If you are self-employed, then most recent two years personal IRS tax return documents including all schedules.
If you receive a Social Security benefits, pension, or retirement benefits, then copy of most recent award letter or copy of most recent bank statements showing benefits.
Proof of homeowners, hazard, and flood insurance: Hazard insurance is required for all home equity lines of credit. Proof that Wayne county community Federal Credit Union is listed as Lienholder on policy will be required at the time of closing.
If you live in a Special Flood Hazard Area, you will need to send us your policy's declarations page that shows you have adequate flood insurance coverage for your home you're requesting to use as collateral.