In order to process your Home Equity Loan application we need the following documents to complete our files:
A copy of your most recent W-2 form(s) and most recent paycheck stub(s) or bank statements to verify income for retirement or Social Security. If self employed, we need your last 2 years of income tax returns.
A copy of your most recent property tax assessment.
A copy of the declarations page of your homeowner’s insurance policy showing your coverage and premium.
The property you offer as security on a home equity loan must be your principal residence, with the title held in your name- not a second home, rental property, or home being purchased on contract. If you have any questions contact us at 217-278-7700 or email us at email@example.com.
When you are ready to apply for your mortgage financing, you can help us reduce processing time by providing as many of the following items as possible.
A completed sales contract with all parties’ signatures. (A certified copy is acceptable.)
A copy of your earnest money check or money order you provided to your broker or escrow agent.
An application fee check, which covers the cost of your credit report and appraisal, made payable to the University of Illinois Employees Credit Union.
All names, addresses, and account numbers with approximate balances for your accounts.
Please provide the last 2 months of statements for all savings, checking, certificates of deposit, share certificates, money market accounts, IRA accounts, and retirement accounts.
All names, addresses, and account numbers with approximate balances and monthly payments for all credit accounts (installment loans and credit card accounts).
W-2 forms for the previous two years and a recent paycheck stub(s) (covering a 30 day pay period) reflecting year to date earnings.
If divorced, please provide copies of recorded divorce decree.
If funds for your down payment or closing costs will be a gift from a family member, please be aware that we will have to document that the funds were available in the donor’s account prior to the gift being transferred, and that the funds have subsequently been transferred.
If self-employed, borrowers must provide complete tax returns with all appropriate schedules for the previous two years.
If renting, the name and address of your current landlord.
If the property being purchased is a condominium, you will need to discuss whether or not the condominium project is approved or can be approved by the Credit Union before applying.
We always recommend that you contact an attorney before you enter into any agreements. We also recommend the use of a qualified and licensed Realtor/Broker when buying or selling real estate.
If you're refinancing your mortgage please also bring: