Home Equity Application Checklist
Be prepared to complete your application with our home equity checklist
Starting the application process is simple. Just answer a few questions online and one of our Home Loan Originators will contact you by the end of the next business day to follow up. At that point, they will walk you through the completion of your application, so you'll want to have all the necessary information readily accessible. For this reason, consider collecting the requirements listed on this checklist as soon as you complete the online contact form.
Home equity application preparation: Your information
You will have to provide your lender information about your current borrowing, employment and residential status. Have easy access to:
- Your Social Security number
- Current creditor names and account balances
- Current residential information
- Current employment information and employment history
Home equity application preparation: Your existing mortgage
Your existing mortgage and equity loans or lines of credit will factor into your available equity. Here's our home equity checklist of the details you will need regarding your current mortgage.
- Is it a loan or a home equity line of credit (HELOC)?
- Will you be paying the existing mortgage off with the new loan?
- If you are paying the mortgage off, will you be the sole owner of the property?
- Note these things as well:
- Current property information, including value, the year built, date of purchase, price, etc
- Monthly payment and mortgage information
- Whether or not the property is held in trust
- The names of the people listed on the title of the collateral property
- The name of the agency that holds the homeowner's insurance policy
- Homeowner's insurance and property tax information
- Details about any second mortgage you have on the property
Home equity application preparation: Your new home equity loan
Before starting a new home equity loan application, you have to do research about the different home equity loan products available. You'll also want to have made decisions on the type of loan you are taking out and what you will be using it for. Make sure you have thought about the following things:
- The loan product you want to apply for: Lending limits, interest rates and repayment terms vary from one loan to the next. Make sure you have decided what you are asking to borrow and how you'd like to pay it back.
- The purpose of the loan: Your lender will need to know if you are taking the loan to purchase a home, fund a home improvement project, refinance an existing loan or for something else. Be prepared to give an overview of your spending plan.
- Co-applicant information: If someone is going to be assuming the same responsibility for the loan as you, you need information about his or her employment and residential status.
- Promotional rates or information from your lender: If you want any special terms applied to your loan, make sure you have the details ready at the time you fill out your home equity application.
Home equity application preparation: The property you are borrowing against
To establish available equity in the property you are borrowing against, the lender will ask for additional information about the property. Be prepared to:
- Tell the lender what type of property you are borrowing against
- Give the address of the property
- Tell the bank if the property you are describing is the one you intend to use your equity loan to improve, pay off, etc.
Complete your home equity application with Citizens Bank
Use our HELOC checklist to organize your information in advance so you are more prepared for the Citizens Bank home equity loan or HELOC application process. If you are ready to apply you can complete the home equity line of credit application online. If you have additional questions about our home equity loan or HELOC, contact a Home Loan Originator by calling or filling out a short contact form online and a Home Loan Originator will reach out to you to complete your application.