What documents do I have to prepare to get a HELOC?

Each of the banks may have a different variation of requirements. These are documents that all banks will request.

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• 2 most recent check stubs
• 2 most recent bank statements – checking and savings – all pages
• Previous Two years W2’s
• Previous Two Years Tax Returns with ALL schedules.
• If self employed – previous 2 years 1099’s AND YTD P&L – Signed and Dated.
• Most recent mortgage statement
• Homeowner’s Insurance Declarations page or agents name and contact info.
• Driver’s License for each applicant
• Social Security Card for each applicant.
• If You own rental properties
  1. Copy of current lease agreements
  2. Homeowner’s Insurance Declarations page or agents name and contact info.
• Employer’s Human Resource contact info to verify employment.
• Letter of explanation stating why you are wanting a HELOC. (This is to confirm no other debts will be taken if receiving equity from property) “I intend to use the unique terms of a HELOC to more efficiently pay off my home at a faster pace.”

If applicable:

1. Most recent Social Security Awards Letter
2. Most recent Pension/Annuity 1099 statements
3. Bankruptcy Discharge statement showing discharge date
4. Divorce Decree, Marital Dissolution Agreement, Parenting Plan, and any Alimony or Child Support if applicable.
5. Co- signed loans – if you have co-signed and someone else is making payment – 12 months cancelled checks showing you are not making payment so payment can be removed form debt ratio calculation

Don’t take it personally and work to get them any additional info requested ASAP so they can get you through their process as quickly as possible.

The more info you can provide at time of application the faster your bank loan officer will be able to approve your loan.

Once you have these documents scanned and stored in your computer – place them in individual folders to make it easier for you and the banker to find the documents.

You can compress these files into a single “ZIP” file. To learn how to compress files, you can find tutorial useful:

1. Windows / PC Computers
2. Mac / Apple Computers

By compressing the files, you can avoid sending multiple attachments to the banker/loan officer which saves a lot of pain and time.