What documents do I need to apply for an equity loan?

1. A completed Equity Loan Application.
2. The most current tax assessment which will be used to establish the value of your property. (If you feel an appraisal will be necessary based on our loan-to-value requirements, and appraisal can be performed at your expense. Please note: Per NCUA regulations, equity loans over $100,000 require an appraisal be performed.).
3. A current balance statement on the subject property from the First Mortgage Holder.
4. The most recent W2's for all borrowers on the loan.
5. The most recent pay stubs, Leave and Earnings Statements or Retirement Income Statement for all borrowers.
6. Verification of any other income you wish considered such as child support or alimony.
7. Copy of your hazard/fire insurance policy on the subject property.
8. Additional documentation may be required once the application has been reviewed.

You must bring the following documents to the closing:

1. An updated copy of your hazard/fire insurance policy showing SELCO as a loss payee (see below).
2. A certificate of flood insurance if your property is located in a special flood hazard area.

These insurance policies must have a loss-payee clause in favor of SELCO in an amount sufficient to cover your equity loan balance plus the balance of your mortgage and any other liens on your property, or the replacement value of your home, whichever is less.

At the time of settlement, legal documents pertaining to an approved equity loan will be signed by all owners of the property.

There may be specific federal and/or state regulations which also determine the timing of the disbursement.

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