Home Equity Loan Application Process
1. Organize your documents
You are applying for a real estate secured loan or line of credit, which may require any one of the following:
Income Verification: You may be required to provide your W-2 from last year and your most recent pay statement from your employer. If you are self-employed you may be required to submit your prior two years tax returns. Additionally, depending on the amount requested, you may be asked to complete a personal financial statement.
Other documents you may need: In certain situations we may request additional documents. For example, a divorce decree, citizenship or explanation of use of proceeds. These items will be requested at time of application.
2. Shop Loan Programs and Rates
Shopping for a loan can be difficult. With so many programs to choose from, each with different rates, fees, and terms, it’s important to select the program that is best for you. Count on us to help you compare the options and decide what’s best for you. Compare Sandy Spring Bank Home-Equity Loans and Lines , call our Client Service Center or stop by and meet with a Personal Banker
3. Apply for a Loan
Decided on the loan? Now you’re ready to apply and it is simple
View our Fair Lending Policy statement.
4. Get Loan Approval
Once you apply, we start the approval process immediately. We check your credit, employment history, assets (bank accounts, stocks, mutual funds, and retirement accounts), and property value. Make sure to fill out the loan application completely. Here are a few more tips to consider during this process.
- Respond quickly to requests for additional documents, especially if your rate is locked or you plan to close by a certain date.
- Do not make any major purchases. Now’s not the time to buy a car, furniture, or another house.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family, or other relatives, please contact us.
- Don’t go out of town around the closing date. But, you may sign a power of attorney to authorize another person to sign on your behalf.
5. Close the Loan
Congratulations! After your loan is approved, you will sign the final loan documents, normally at a convenient Sandy Spring Bank community offices or in front of a notary.
You will have the opportunity to review the loan documents to ensure the interest rate and loan terms are what you expected.
Your loan will normally fund shortly after you have signed the loan documents. On refinance and home-equity-loan transactions, federal law requires that you have three days to review the documents before your loan transaction can fund.
Know your credit score. Each year, you can get one free credit report from each of the three major credit agencies. Your free credit reports can be ordered through annualcreditreport.com.