Home Equity Mortgage Loan Checklist
If you are thinking about getting a home equity mortgage loan, there are a few things that you should do before applying. There are also several questions you should ask your home equity lender before signing a document. The following home equity mortgage loan checklist can help you make sure that all of your bases are covered.
Home Equity Mortgage Loan Checklist #1: The Loan Application
To apply for a home equity mortgage loan, you will need to supply certain information about yourself and your property. By gathering this information beforehand, you can be properly prepared for the home equity mortgage loan application process.
Personal Information
- Your full, legal name and the full, legal name of your co-signer (if applicable)
- Your Social Security number
- Your mailing address and telephone number
- Your E-mail address (if applying online)
- A statement of your monthly income (ex. recent paystub or previous year’s W-2)
Home or Property Information
- The address of the property
- The property’s date of purchase
- The estimated property value
- The current mortgage balance
Loan Request Information
- The amount you would like to borrow
- The purpose of your home equity loan (home improvement, debt consolidation, college tution, etc.)
Home Equity Mortgage Loan Checklist #2: The Loan Contract
After you have finished the application process and receive an approval, you will want to ask a few questions before finalizing the home equity mortgage loan paperwork. Keep in mind that there is no such thing as a stupid question. If there is something you do not understand, ask the lender for clarification. Here are a few things you will want to review in detail:
- The interest rate
- Upfront closing costs
- Lending fees and other costs
- Repayment terms and conditions
- Default procedures