P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: [email protected]
Rev 6/6/2022
Required Documents – Home Equity
Requirements may vary. Additional documentation may be required.
NOTE: A complete 2 year employment history is required. Self-employed income must have a 2 year history.
Fully executed forms attached: Authorization to Release Information, Purpose of Loan, Statement of Information and
Employment Status and Income Level Attestation.
Employed Applicants (Salaried, hourly employee):
1. Paystubs for a current, consecutive 30 day period
2. W-2 for most recent two (2) calendar years
Fixed Income (SSI, Pension, IRA):
1. One of the following
a. Current Award Letter
b. 1099 from the prior calendar year
c. Current bank statement showing auto deposit
d. Prior calendar year Federal Tax Return
2. IRA/401K Distributions only (in addition to #1 above)
a. Current statement confirming the account balance
_____ Self Employed Applicants - (Schedule C):
1. Federal Tax returns for the most recent calendar year
Self Employed Applicants - S-Corp, Partnership:
1. K-1’s for the most recent calendar and (If applicable) W-2 for the most recent calendar year.
Self Employed Applicants - Corporation:
1. Business tax returns for the most recent calendar year and (If applicable) W-2 for the most recent calendar year.
Rental Income:
1. Federal Tax returns for the most recent calendar year
2. Fully executed lease agreement for any property not shown on tax returns or reported for a partial year
Alimony/Child or Spousal Support:
1. Recorded court documentation.
2. Proof of receipt for past 3 months
Subject Property:
1. Current Mortgage statement – Listing current balance, loan # and monthly payment breakdown
2. Current Property Insurance
• Homeowners Policy Declarations Page (not billing statement).
• Condo Only- Current HOA Master Policy AND Walls-in/Interior Coverage Policy Declarations Page (HO6 policy).
3. PUD or Condo Only – Current HOA dues statement
All Properties Owned (Excluding those listed on tax returns):
1. Current Mortgage statement – Listing current balance, loan # and monthly payment breakdown
2. Current Property Insurance
• Homeowners Policy Declarations Page (not billing statement).
• Condo Only- Current HOA Master Policy AND Walls-in/Interior Coverage Policy Declarations Page (HO6 policy).
3. PUD or Condo Only – Current HOA dues statement
P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: [email protected]
Rev 6/6/2022
Understanding Home Equity Loan Options
Fixed-rate Home Equity Loan:
• Rate is fixed for the life of the loan
• All available funds are provided to you at funding
• Interest accrues and payments on the entire loan amount begin immediately
• Monthly payment includes interest and principal
Variable Rate Home Equity Line of Credit (HELOC):
• After the introductory rate period (if applicable) the interest rate and payment can adjust monthly (up
or down based on changes in the Wall Street Journal Prime Rate)
• The line can be used for 10 years (the draw period)
• Advances can be taken as needed up to the line limit
• Interest is charged only on the outstanding balance
• Monthly payment for the first 10 years is interest-only. The minimum payment does not include
repayment of any portion of the loan balance (principal)
• After the 10 year draw period expires, there is a 15-year payment period. A fixed rate and payment is
calculated to pay the loan to a zero balance in 15 years
Closing Costs (Fixed Rate Home Equity Loan and Variable Rate HELOC):
Closing costs up to $ 2,172 are waived if the loan remains open for 36 months from the date of loan funding.
Closing costs include title search, escrow, credit report, tax service and similar non-recurring fees. Borrower
agrees to reimburse California Coast Credit Union for the waived closing costs if the loan is paid in full/closed
within three (3) full years of the original Funding Date. Borrower is responsible for property taxes, insurance,
homeowner association dues and similar recurring expenses/fees. For purchases, down payment, transfer
taxes, and owner’s title policy are the responsibility of the borrower.
P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: [email protected]
Rev 6/6/2022
Instructions for Submitting Loan Forms
Below are instructions to send the documents.
Please contact us at (858) 636-3045 with any questions.
Submission Options:
• Send documents by secure email
• Bring documents to a Cal Coast branch
• Fax documents to (858) 636-3061
Secure email instructions:
Register at https://securemail.calcoastcu.org.
Once registered, log in, compose a message to loan@calcoastcu.org, attach your
documents, and send.
File requirements:
PDF file format required
PDFs must be unlocked or the password must be provided
Attachments must total less than 35 Megabytes per email
Zip files or other formats are not acceptable
The forms on the following pages are to be completed and returned (if not
previously provided):
P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: [email protected]
Rev 6/6/2022
CALIFORNIA COAST CREDIT UNION
AUTHORIZATION TO RELEASE INFORMATION
This information is for use in compiling a mortgage loan file for a conventional home loan. The lender may
verify/re-verify information contained in my/our loan application and other documents required in
connection with the loan, either before the loan is closed or as part of its quality control program. Under
all loan programs the lender reserves the right to require full documentation on any loan prior to closing.
I/We hereby authorize you to release to CALIFORNIA COAST CREDIT UNION, its successors and/or assigns,
for verification purposes, information and documentation concerning:
• Employment history, dates, title, income, hours worked, etc.
• Banking and savings accounts or record
• Any other information and documentation deemed necessary in connection
with my real estate loan on the property located at:
Address:
City/State/Zip:
A photographic copy of this authorization (being a photographic copy of the signature/s) of the undersigned
may be deemed to be the equivalent of the original and may be used as a duplicate original.
Borrower’s Name (Print)
Co-Borrower’s Name (Print)
Borrower’s Signature
Date
Co-Borrower’s Signature
Date
WARNING: It is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements when
applying for this mortgage, as applicable under the provisions of Title 18, United State Code Section 1014.
AU/10-05
P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: Loan@calcoastcu.org
Rev 6/6/2022
PURPOSE OF LOAN
The purpose of the request for financing is for the following reason(s) (complete all that apply):
Pay off the following Mortgage and or Home Equity Line of Credit (HELOC) loans:
$ _________________________________
Lender Loan Balance
$ _________________________________
Lender Loan Balance
Pay off the following credit cards and/or other loans:
$ _________________________________
Lender Loan Balance
$ _________________________________
Lender Loan Balance
$ _________________________________
Lender Loan Balance
$ _________________________________
Lender Loan Balance
Obtain additional cash out proceeds for the following purpose(s):
______________________________________________________________________________________________
______________________________________________________________________________________________
STATUS OF HOME RENOVATIONS
Are you currently renovating the subject property of the requested loan?
Circle one: NO YES
If yes, please describe the work in progress: ____________________________________________
_________________________________________________________________________________
Statement of Information
CONFIDENTIAL - TO BE USED ONLY IN CONNECTION WITH ESCROW NO: ______________
NOTE: This form is very important. It is needed to verify your identity and to eliminate judgments and liens against people with similar names.
THE STREET ADDRESS of the property in this transaction is: (If none, please leave blank)
ADDRESS CITY and STATE
1. Improvements: Single Residence Multiple Residence Commercial Vacant Land
2. Occupied by: Owner Tenants 3. ANY CONSTRUCTION WITHIN THE LAST 6 MONTHS? YES NO
4.
IF YES to No. 3, STATE NATURE WORK DONE:
PARTY 1 PARTY 2
First Middle Last First Middle Last
Former Last Name(s), if any Former Last Name(s), if any
Birthplace Birth Date Birthplace Birth Date
Social Security Number Driver’s License No. Social Security Number Driver’s License No.
I am single am married have a registered domestic partner I am single am married have a registered domestic partner
Current spouse or Registered Domestic Partner (Other Than Party 2): Current Spouse or Registered Domestic Partner (Other Than Party 1):
Name: Name:
Former spouse/domestic partner (if none – check this box ) : Former spouse/domestic partner (if none – check this box ):
Deceased Date: Where: Deceased Date: Where:
Divorce/Dissolution Date: Where: Divorce/Dissolution Date: Where:
Children from current and/or former marriages and/or domestic partnerships Children from current and/or former marriages and/or domestic partnerships
Child Name: DOB Child Name: DOB:
Child Name: DOB Child Name: DOB:
Marriage or Domestic Partnership Between Parties 1 and 2
Are Parties 1 and 2: Married? Date______________ Registered Domestic Partners? Date:______________
Party 1 – Occupations for the Last 10 Years (attach an additional page, if necessary)
Present Occupation Firm Name Address From To
Present Occupation Firm Name Address From To
Party 1 – Residences for the Last 10 Years (attach additional page, if necessary)
Number and Street City, State, Zip Code From To
Number and Street City, State, Zip Code From To
Party 2 – Occupations for the Last 10 Years (attach an additional page, if necessary)
Present Occupation Firm Name Address From To
Present Occupation Firm Name Address From To
Party 2 – Residences for the Last 10 Years (attach additional page, if necessary) (if same as Party 1, write “same”)
Number and Street City, State, Zip Code From To
Number and Street City, State, Zip Code From To
Have any of the above parties owned or operated a business? No Yes If yes, please list name(s):
I have never been adjudged, bankrupt nor are there any unsatisfied judgments or other matters pending against me which might affect my title to this
property except as follows:
The undersigned declare under penalty of perjury that the above information is true and correct (all parties must sign)
Home # Business # Home # Business #
Cell # E-Mail: Cell # E-Mail:
Party 1 Signature Date Party 2 Signature Date
Statement of Information. REV. 11/4/08
Employment Status and Income Level Attestation
Federal agencies, along with Fannie Mae and Freddie Mac have issued temporary guidance requiring
lenders to perform additional due diligence in verifying income and employment information. The
guidance includes verifying that your ability to repay a loan has not been negatively impacted by the
COVID-19 pandemic.
By signing below, you affirm that:
(1) The frequency and amount of income listed on the paystubs, W2s, 1099s, award letters, and/or tax
returns you provided for qualifying purposes, remain constant and unaffected by the COVID-19
economic impact.
(2) You are not aware of any future changes in your employment status, income levels, and/or other
related employer changes that will affect your ability to repay the loan.
_____________________________________ _____________________________________
Borrower Name (Print) Date Co-Borrower Name (Print) Date
_____________________________________ _____________________________________
Borrower Signature (Required) Co-Borrower Signature (Required)
P.O. Box 502080 San Diego, CA 92150 / Direct Line: (858) 636-3045 / Fax: (858) 636-3061
Real Estate Email: [email protected]
Rev 6/6/2022
