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HELOC Checklist

Before you apply, please review the Home Equity Line of Credit Informational Booklet and the Early Home Equity Disclosure for details about the program. 

I. Gather Information

  1. Fill out the enclosed Home Equity Line of Credit Application. The application must be completely filled out by you and any joint property owner(s). 

Your application must be accompanied by the following:

  1. Signed Cancellation Fee Acknowledgment
  2. Signed Notice to Receive Copy of the Appraisal
  3. Signed Verification of Receipt of the Early Home Equity Disclosure
  4. Signed Homeownership Counseling Information
  5. A copy of the Warranty Deed or Mortgage, showing the legal description of the property
  6. Most recent statement from your first mortgage lender (if applicable)
  7. Your last paid tax receipt or year-end escrow statement
  8. The most recent notice of assessment of the property showing the current State Equalized Value (SEV)
  9. Most recent paycheck stub(s), W-2(s) for each applicant and the most recent 1040 Tax Return (if you are self-employed, we would need 2 years of your Tax Returns)
  10. Homeowners insurance policy currently insuring the property

II.  Schedule an Appointment

When you have all of the above information, please contact us at 800.526.7328 to make an appointment for your application interview. 

III. Loan Processing

After the appraisal, title commitment and flood hazard determination have been received (within approximately 4 weeks); the loan will be submitted for approval. 

The credit union is required by law to determine whether or not the property is located in a flood zone.  If the property is determined to be in a flood hazard area, flood insurance will be required.  The amount of insurance must cover the amount of the home equity and, if applicable, the balance on the first mortgage.

The home equity process includes using an appraisal, title commitment and flood hazard determination.   We use 80% of the appraised value, then subtract your mortgage balance (if applicable) to determine the equity in your home.

If this is your first home equity with CFFCU, you are not charged for appraisal, title insurance, recording and flood hazard determination fees.  However, cancellation fees may be imposed if you decide to cancel the loan after the process is completed.

IV. After You Apply: Prepare for closing

If, approved, we will contact you to set up a closing. All parties must be present at the closing. A loan closing can take place at any CFFCU location. We will let you know if you need to bring any documentation to closing. The credit union is required by law to wait three business days after the closing, then disburse the loan on the fourth business day.

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