What Do I Need to Apply for a Home Equity Line of Credit?

Applying for a home equity line of credit (HELOC) is a bit like applying for a mortgage, minus a couple of steps.

You should be prepared to provide the following information to get the process started:

  • Full name and Social Security number
  • Income
  • Address of the property you are purchasing or refinancing
  • Estimated value of the property
  • Line amount requested

Depending on your individual circumstances, you will also need to provide:

  • Tax statements
  • Copies of pay stubs
  • Financial statements (bank, investment etc.)
  • Information on additional properties you may own
  • Credit history: Your borrowing and repayment history including your credit score will be reviewed. Credit scores range from 300 to 850, and a higher score can increase your chances of getting approved.
  • Debt-to-income ratio: Your monthly payments including your HELOC should usually be less than 43% of your monthly income.
  • Loan-to-value ratio: The relationship between what is still owed on your mortgage and value of your home. The more equity you have in your home, the better.

What happens once my HELOC is approved?

We'll notify you when your line is approved and schedule a closing date. At the loan closing, you'll review, acknowledge and sign the loan documents, some of which will need to be notarized. You'll be required to bring a valid form of identification to the signing. There is a 3-day right to cancel ("rescission") period required by law during which you can choose to terminate your HELOC application. Once the rescission period has expired, the funds from your HELOC will be available for you to use.

Not convinced that a home equity line of credit is right for you?

Loans, lines of credit and credit cards are subject to credit approval.

All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

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New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at www.nyc.gov/dca.

Branch Banking and Trust Company is now Truist Bank. Learn more.

BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.

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