Home Equity Loans - Amazon S3 Home Equity loans will be made on the member's primary residence only

  • View
    0

  • Download
    0

Embed Size (px)

Text of Home Equity Loans - Amazon S3 Home Equity loans will be made on the member's primary residence only

  • P.O. Box 578, Deer Park, TX 77536-0578 • 713.844.1100 • www.ShellFCU.org

    HOME EQUITY LOANS

    How can I use the money from a Shell Federal Credit Union Home Equity loan?

    COMPLETE THIS SIMPLE WORKSHEET TO SEE IF YOU QUALIFY!

    How much Equity do I have available in my home?

    • Education • Home Improvements • Debit and / or Credit Card Consolidation • Vacation • Major Purchase • Start a Home Business

    Current appraised value of my home $

    Multiply by 80% x 80

    Maximum lien amount =

    Subtract the balance of my first mortgage -

    Maximum I can expect to borrow =

    Page 1

  • P.O. Box 578, Deer Park, TX 77536-0578 • 713.844.1100 • www.ShellFCU.org

    HOME EQUITY LOANS

    Member Checklist Home Equity loans will be made on the member's primary residence only. In Texas, you are allowed to borrow up to 80% of the value of your home less any existing liens or loans.

    After you have submitted a completed Home Equity Loan Application, the following items will be needed to continue your approval process (You may bring these items at the time you submit your application):

    • Name and address of first lien holder, loan # and phone # (most recent statement from financial institution)

    • Current Appraisal district form from county where property is located • Copy of your Deed • Copy of Homeowner's Insurance / Flood Insurance • Paid tax receipts • Pictures of the home (Interior – every room; Exterior – all sides, roof, extra structures

    and house number clearly visible on home or curb), pictures must be date stamped (there are several FREE Apps available in the App Store that provide date stamp functionality) **no CD or USB**.

    Example: Harris County Appraisal District shows your home is a 3 Bedroom and 2 Full Bath house – we will need pictures of all 3 bedrooms, both bathrooms, kitchen, dining and living room. We must have a picture for EVERY room in your home. If pictures do not meet these specific guidelines, a formal appraisal may be required at Borrower's expense. (Approximate cost is $500).

    • Last 30 days pay stubs for each borrower, showing year-to-date information • Original employee's copy of W-2 forms for the last year

    Other Documents Needed (if applicable):

    • If self-employed or commission income is shown, include copies of: • Last two years Federal Tax returns with original signatures and all schedules • Year-to-date profit / loss statement

    • If alimony, child support or separate maintenance income is shown, include copies of: • Divorce Decree • Letter from Attorney General's Office

    There will be a minimum 12 business day waiting period after the borrower(s) have signed the Loan Estimate, Intent of Proceed and Home Equity Extensions of Credit Acknowledgment Notice that is required by law. Not providing all documentation may delay signing date.

    There will be a 3 business day waiting period after all of the loan papers have been properly executed and signed before the loan will be funded.

    Page 2

  • Borrower

    Co-Borrower

    USDA/Rural

    V.A. ConventionalMortgage Other (Explain): Agency Case Number Lender Case Number Applied for:

    FHA Housing Service

    Uniform Residential Loan Application

    Manner in which Title will be held Estate will be held in:

    Fee Simple

    Leasehold (show expiration date)

    Property will be:Purchase Construction Other (Explain)

    Refinance Construction-Permanent Primary Residence

    Secondary Residence

    Purpose of Loan

    Investment

    Subject Property Address (street, city, state, & ZIP) No. of Units

    S

    1

    $ 3

    Fixed RateAmount Interest Rate No. of Months Amortization Other (explain): Type:

    % GPM ARM (type):

    II. PROPERTY INFORMATION AND PURPOSE OF LOAN

    Complete this line if construction or construction-permanent loan.

    Year Lot Original Cost Amount Existing Liens (a) Present Value of Lot (b) Cost of Improvements Total (a+b) Acquired

    $ $ $ $ $

    Complete this line if this is a refinance loan.

    madeYear Original Cost Amount Existing Liens Purpose of Refinance Describe Improvements to be made Acquired

    $ $ Cost: $

    Borrower IV. EMPLOYMENT INFORMATION Co-Borrower

    If residing at present address for less than two years, complete the following:

    If employed in current position for less than two years or if currently employed in more than one position, complete the following:

    This application is designed to be completed by the applicant(s) with the Lender's assistance. Applicants should complete this form as "Borrower" or "Co-Borrower," as applicable.

    Co-Borrower information must also be provided (and the appropriate box checked) when

    Borrower III. BORROWER INFORMATION Co-Borrower

    Title will be held in what Name(s)

    the income or assets of a person other than the Borrower (including the Borrower's

    spouse) will be used as a basis for loan qualification or the income or assets of the Borrower's spouse or other person who has community property rights pursuant to state law

    law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a

    will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable

    community property state as a basis for repayment of the loan.

    If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below):

    Legal Description of Subject Property (attach description if necessary) Year Built

    Source of Down Payment, Settlement Charges and/or Subordinate Financing (explain)

    I. TYPE OF MORTGAGE AND TERMS OF LOAN

    Borrower Co-Borrower

    Page 1 of 4Freddie Mac Form 65 7/05 (rev. 6/09), Fannie Mae Form 1003 7/05 (rev. 6/09) www.bytesoftware.com 800-695-1008

    Position/Title/Type of Business Business Phone (incl. area code) Position/Title/Type of Business Business Phone (incl. area code)

    Dates (from - to)

    Monthly Income

    $ osition/Title/Type of Business Business Phone (incl. area code)

    ame & Address of Employer Self Employed Dates (from - to)

    Monthly Income

    $ Position/Title/Type of Business Business Phone (incl. area code)

    Name & Address of Employer Self Employed

    Dates (from - to)

    Monthly Income

    $ Position/Title/Type of Business Business Phone (incl. area code)

    Name & Address of Employer Self EmployedDates (from - to)

    Monthly Income

    $ osition/Title/Type of Business Business Phone (incl. area code)

    ame & Address of Employer Self Employed

    Social Security Number Home Phone (incl. area code) DOB (MM/DD/YYYY) Yrs. School Social Security Number Home Phone (incl. area code) DOB (MM/DD/YYYY) Yrs. School

    Dependents (not listed by Co-Borrower)Married Separated

    no. ages Unmarried (includes single, divorced, widowed)

    Dependents (not listed by Borrower)Married Separated

    no. ages Unmarried (includes single, divorced, widowed)

    Borrower's Name (including Jr. or Sr. if applicable) Co-Borrower's Name (including Jr. or Sr. if applicable)

    Present Address (street, city, state, ZIP) ______________ No. Yrs.

    OwnPresent Address (street, city, state, ZIP) Rent ______________ No. Yrs.

    Own Rent

    Mailing Address, if different from Present AddressM

    Former Address (street, city, state, ZIP) ______________ No. Yrs.

    OwnFormer Address (street, city, state, ZIP) Rent ______________ No. Yrs.

    Own Rent

    ailing Address, if different from Present Address

    s.Yr on this job

    Yrs. employed in this line of work/profession

    Name & Address of Employer Self EmployedYrs. on this job

    Yrs. employed in this line of work/profession

    Name & Address of Employer Self Employed

    P

    N

    P

    N

    amyj Rectangle

    amyj Rectangle

    amyj Rectangle

    amyj Rectangle

  • Monthly Amount

    $

    Gross Monthly Income Borrower Co-Borrower Total Present Proposed

    Alimony/Child Support/Separate Maintenance Payments Owed $ to:

    Job Related Expense (child care, union dues etc.) $

    $

    $

    Total Monthly Payments

    Net Worth (a minus b) Total Liabilities b.$

    Name and address of Company $ Payment/Months $

    Acct. No.

    Life insurance net cash value: $ Face amount: $

    Combined Monthly Housing Expenses

    Base Empl. Income* $ $ $ Rent $

    Overtime First Mortgage (P&I) $

    Bonuses Other Financing (P&I)

    Commissions Hazard Insurance

    Dividends/Interest Real Estate Taxes

    Net Rental Income Mortgage Insurance

    Other (before completing, Homeowner Assn. Dues see the notice in "describe

    Other:other income," below)

    Total $ $ $ Total $ $

    This Statement and any applicable supporting schedules may be completed jointly by both married and unmarried Co-Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. If the Co-Borrower section was completed about a non-applicant spouse or other person, this Sta