Home Equity Line of Credit Application Process

Home Equity Line of Credit Application Process

Home Equity Line of Credit (HELOC)

Use the equity you've built in your home to access funds that you need for major expenses. 

In order to review your request for a Home Equity Line of Credit, our underwriters require that you submit a completed Consumer Loan Application and read and sign several disclosures and other forms. Please stop by any office location, or call 815-728-8645 to request a HELOC application packet.  If your application is approved, the following documents will be required:

  • W-2 forms from prior two years.
  • Most current two months of pay stubs with Year-to-Date (YTD) information.  (If YTD information is not listed on pay stub, letter from employer on letterhead, dated and signed, including current pay, current YTD, start date, expected continuation of employment will suffice.)
  • Most current two months of bank statements for all deposit accounts (all pages).
  • Statements for all asset accounts (i.e.: 401k, IRA, HSA, Mutual funds, Annuities, etc. (all pages).
  • Name & address of current mortgage holder and/or landlord for prior two years.
  • Name & address of all employers from prior two years.
  • Homeowner’s insurance declaration page.
  • Statement showing current mortgage balance.

The following additional documents will be required as part of the approval process ONLY if applicable to you: 

  • If self-employed or commissioned, Personal Tax Returns from prior two years (signed) with all Schedules.
  • If self-employed, Business Tax Returns  from prior two years, as well as Year-to-Date (YTD) Profit and Loss Statements.
  • Letter of explanation for any gaps of employment (dated and signed).
  • If property is held in a trust, a certified copy of the trust agreement.
  • If using alimony, child support or separate maintenance as a source of repayment, a copy of divorce decree.

The following documents will not be required as part of the approval process; however, we may request them later in the process in order to complete your application:

  • Deed or owner’s title policy
  • Plat of survey

Please contact Mike McCauley for more information and to request an application packet. 

Mike McCauley, Loan Officer
NMLS #655246
815-943-8604

 

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