Home equity mortgage applications can be submitted online or personally handed over to the lender. Now before you go ahead and do this here is some information that you should have. When you submit the application online it just takes 20 minutes approximately to complete it and you get an email notification for the same. You will then be contacted by the lender for further verification of the application and documentation required.
The verification process is required by the law to avoid any money laundering and funding of terrorism. So your application would invite the financial institution to investigate, verify and record information that would identify you as you want to open an account. The information that you may need to furnish would include your name, address, taxpayer identification number, your social security number, date of birth, mother’s maiden name etc. some extra documentation like driver’s license or document like that would be verified as well.
The documentation that you need to provide may include the information about your assets and property, details about the purchase, value paid for the same. Any existing mortgage, existing balance, the monthly payments and such relevant information is required. Other than that your pay stubs, federal tax returns if you are self employed, a copy of escrow analysis statement if you have existing mortgage, a signed property lease, any stock certificates are some of the few that you may need to furnish.