![]() If this is your first home equity with CFFCU, you are not charged for appraisal, title insurance, recording and flood hazard determination fees. We use 80% of the appraised value, then subtract your mortgage balance (if applicable) to determine the equity in your home. The home equity process includes using an appraisal, title commitment and flood hazard determination. The amount of insurance must cover the amount of the home equity and, if applicable, the balance on the first mortgage. If the property is determined to be in a flood hazard area, flood insurance will be required. The credit union is required by law to determine whether or not the property is located in a flood zone. ![]() Loan ProcessingĪfter the appraisal, title commitment and flood hazard determination have been received (within approximately 4 weeks) the loan will be submitted for approval. When you have all of the above information, please contact us at 800.526.7328 to make an appointment for your application interview. Homeowners insurance policy currently insuring the property.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).The most recent notice of assessment of the property showing the current State Equalized Value (SEV).Your last paid tax receipt or year-end escrow statement.Most recent statement from your first mortgage lender (if applicable).A copy of the Warranty Deed or Mortgage, showing the legal description of the property.Signed Homeownership Counseling Information.Signed Verification of Receipt of the Early Home Equity Disclosure. ![]() Signed Notice to Receive Copy of the Appraisal.Your application must be accompanied by the following: The application must be completely filled out by you and any joint property owner(s). Fill out the enclosed Home Equity Line of Credit Application.Home > Borrow > Home Loans > HELOC Checklist HELOC Checklistīefore you apply, please review the Home Equity Line of Credit Informational Bookletand the Early Home Equity Disclosurefor details about the program. ![]()
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