Home equity loans are not only convenient because you are able to turn your home's value into cash that you can spend, but the process is relatively quick and you can generally have the money within five days. These loans close even more quickly than a home mortgage refinance.
Home equity loans have gained in popularity since the 1980s when home values began to soar and homeowners began to discover how they could turn their home's equity into cash for various projects or purchases. These loans are easy to get if you have a primary mortgage and the loan will be secured by your home. To speed up the process of getting your loan, you will need to come to the bank armed with a few key documents that will aid in the approval and processing of your loan including:
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o The most recent pay stubs from your present employer
o W-2 or 1099 forms from the past two years
o Signed copies of your two most recent 1040 tax returns including all schedules (if you're self-employed)
o Most recent mortgage statement
o Tax assessors home appraisal
o A document that contains the legal description of your property
o The current property insurance policy - declarations page only and a flood insurance policy if applicable
By having these forms prepared you will be able to speed up the process of your home equity loan. If you do not have a tax assessor's home appraisal you will want to have the appraisal completed prior to going to get the loan. This will save you time as well.
Depending on certain state laws, there may be some restrictions as to how soon your loan can be closed, but the loan process usually takes about two or four weeks. There may also be a rescission period during which the homeowner can choose to cancel the transaction if they choose to not pursue the loan.
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