How to Apply for a HELOC

A HELOC, or Home Equity Line of Credit, leverages your home’s equity to give you more flexibility compared to other loans — you can borrow up to your maximum credit limit, when you need it, as you need it. Whether you’re planning a kitchen remodel, upgrading to energy-efficient appliances, consolidating debt, or simply want the peace of mind that it’s there to cover an emergency, a HELOC is the perfect pairing for your mortgage.

HELOC Application Checklist

1. Apply online.
2. Gather your documents:
   • Mortgage Statement
   • Homeowner’s Insurance Declaration Page
   • Income statements:
     • If employed: 2 most recent paystubs & last year’s W2.
     • If self-employed: last 2 years tax returns including all schedules; Corporation/Partnership – we need 2 years corporate returns and K1s along with current P&L, if 2019 tax returns have not been filed.
     • If using rental income: last 2 years tax returns, copy of the current mortgage statement and homeowners insurance declaration page for that property.
     • If retired: copy of current pension and/or social security award letters, copies of current investment/brokerage statements.
   • Note: Additional documents may be requested
3. Your Loan Processor will reach out to review your application and collect your documents for processing.
4. Sign your loan documents.