Applying for a California Home Equity Loan
You understand that you can get a loan based on the amount of equity you've built in your home, but aren't sure how to go about applying for a California home equity loan? No need to worry, we've brought together a team of experts who are here to tell you exactly what you'll need to have on hand in order to complete the loan application process.
Getting a California home equity loan doesn't have to be a difficult process. You can help to ensure that your loan is approved speedily by having all of the necessary documentation on hand when you first apply that your loan officer will need in order to be able to quickly process your new loan.
Get An Appraisal
The very first thing you will need to make sure you have when you apply for a California home equity loan, is a current appraisal of your home's market value. This is important because this is how the banks calculate just how much you will be able to borrow. If you have not had an appraisal done on your home within the last 30 days, your loan officer will generally tell you that your loan cannot be processed until this has been done.
Having a current appraisal when you go in to apply for your California home equity loan will help to ensure that you don't have to wait two weeks or more to have your loan processed.
Bring Past-Due Bills
Also, if you are going to be applying your California home equity loan to debt accrued on high interest credit cards, you should bring those bills in with you. Your loan officer can have the balance sent directly to the credit card companies, and can then credit the balance to your account.
This is especially important if your creditors are threatening you with legal action. Having the balance due sent directly from the bank can happen much quicker than if you have to wait for the money from your California home equity loan to make it into your account.
Proof of Income
Last but not least, when applying for a California home equity loan, be sure that you bring proof of your current income. Just because you have equity built up in your home, it doesn't mean that your bank or other lender won't want to ensure that you will be able to repay your new balance. Remember, when you take out a California home equity loan, your resulting monthly payments are going to be higher than your current mortgage payments are. Being able to show your lender that you will be able to pay back your California home equity loan is the most important thing of all.
