Getting a Texas Home Equity Loan: Documentation You'll Need
Ready to get a Texas home equity loan, but aren't sure what you should have on hand? Not to worry, our team of home loan experts has brought you a comprehensive list of exactly what you need to have on hand when applying for your Texas home equity loan; including what kind of documentation of income, bills, and identification you should have with you when you talk to your loan officer.
Proof Documents
When applying for a Texas home equity loan, the first thing you will need is a copy of your most current appraisal. It is a good idea to have your home appraised a few weeks prior to applying for a Texas home equity loan. Your loan officer will require you to have one done anyway, so this way you can get it over with ahead of time. The amount of your loan will be based on the amount your home currently appraises for, so the more recent your appraisal is, the better.
When applying for your Texas home equity loan, you'll also need your most recent proof of all sources of income. This is especially true if you are applying for an equity loan for those with bad credit. Your loan officer will need to see proof that you can repay whatever amount you are given by the lender within a reasonable time frame.
If you are applying for a Texas home equity loan to pay off existing bills or credit card debt, it is a good idea to have all of the documentation relating to these bills on hand when you fill out the application, as well. Often times, a loan officer can arrange for the payment to be made directly to these organisations, so that you won't even have to worry about making the payments once your loan goes through. This is a fine option for anyone who has outstanding medical or credit card debt, as the payment can often be issued from the bank much quicker than if you wanted the money delivered to your account first.
Last but not least, when applying for a Texas home equity loan, you will need to take the last year's tax returns with you; as well as any documentation regarding any liens that may be held on your property. Again, these may or may not be necessary, depending on where you are getting your Texas home equity loan, but having them on hand will save you from having to go back and get them later on.
