Home Equity Help

Aside from deciding what type of home equity loan is best for you, it's important to know what a lender will look for during the application process.

• Credit history
  Your credit history reflects how you have handled your financial affairs in the past, as reported by the major credit bureaus based upon information received from your current and past creditors.
• Income
  A lender will consider several things in relation to your income. For example:
• Debt-to-income ratio
  This will be determined by examining how much of your monthly income goes to paying any bills you have (i.e., mortgage, credit cards and car payments). Generally, the lower your debt-to-income ratio, the better off you are.
• Loan-to-value (LTV) ratio
  This is the ratio between the amount that you owe on your house and what your house is worth in the current market.
• Documentation
  You should be prepared to show proof of income (i.e., paycheck stubs, W-2s and tax returns, etc.).

TruWest can assist you through each step of getting your home equity loan or line of credit. Click here to be contacted by one of our Home Equity Specialists or visit any TruWest branch location. You may also email CentralizedServices@truwest.org directly.