HOME EQUITY LINE OF CREDIT
Please
supply a
copy of:
Loan Amount Requested
 Most recent pay stub(s).
 Town, County, School, Village Tax Bills
 Proof of homeowner’s insurance (prior to closing)
Loan Purpose
BORROWER INFORMATION
Date of Birth
Name (First, MI, Last)
Social Security #
-
CO-BORROWER INFORMATION
Date of Birth
Name (First, MI, Last)
Social Security #
-
-
Street Address
Personal Phone
Street Address
Home Phone
City, State, Zip
Years there
City, State, Zip
Years there
e-mail address
-
e-mail address
Present Employer
Monthly Income - present employer
Years There
Position
Present Employer
Business Phone
Monthly Income - present employer
/month
Secondary Income
Position
Years There
Business Phone
/month
Source
Secondary Income
/month
Previous Employer (if less than 2 years with present employer)
Judgments: Do you have any
outstanding judgments and/or are
you a defendant in any legal action?
 No  Yes (if so, explain)
Source
/month
Years there
Bankruptcy:
Have you sought council for
bankruptcy in the last 7 years?
 No  Yes (if so, explain)
Are you presently liable for any alimony, child support or separate
maintenance payments? If yes, what is the amount per month of those
payments?
Borrower:
 No  Yes $_____________/ month
Co-Borrower:  No  Yes $_____________/ month
Previous Employer (if less than 2 years with present employer)
Judgments: Do you have any
outstanding judgments and/or are
you a defendant in any legal action?
 No  Yes (if so, explain)
Years There
Bankruptcy:
Have you sought council for
bankruptcy in the last 7 years?
 No  Yes (if so, explain)
Alimony, child support or separate maintenance income need not be revealed if you
do not wish to have it considered as a basis for repaying this obligation.
If Self-Employed, attach copies of most recent two years’ signed tax returns. If
using rental income, include copies of leases and most recent two years’
signed returns (include Schedule E).
HOME TO BE MORTGAGED
Assessed Value of Home
Appraised Value of Home
The Home Equity Line of Credit for which you are applying is for:
 the property noted as your address above.
 a second property owned by you which is mortgage free and not for commercial use.
First Mortgage Balance
Second Mortgage Balance*
*If you are using your WIT Home Equity Line of Credit to pay off an existing Home Equity Loan
or Line of Credit at another institution, or to pay off other loans, you will need to provide us with
complete closeout instructions from the creditor prior to closing on your WIT Home Equity Line
of Credit.
Comments:
Processed by
Date

I certify the statements contained herein are true and complete to the best of my knowledge. I understand the lender will retain this application
whether approved or declined. The lender is authorized to check my credit and employment history and to ask questions from others about their
credit experience with me. WIT Federal Credit Union may request a credit report in connection with this application for credit and any credit update,
renewal or extension of credit. Upon request, WIT will tell me whether or not a consumer report was obtained and if such a report was obtained
WIT will furnish me with the name and address of the consumer reporting agency furnishing the report. I understand that WIT’s attorney and
paralegals are prohibited by law from representing me. I, therefore, will retain my own attorney in this matter and if I do not do so, WIT shall be
under no legal responsibility to me whatsoever.
Approved by
Date
Reviewed by
:
Date
Borrower’s
Co-Borrower’s
Signature __________________________________________________Date_____________ Signature ___________________________________________________Date______________
Nationwide Mortgage Licensing System
WIT FCU – 627146
David Wright – 709702
Kellie Merrow - 881630
HOME EQUITY LINE OF CREDIT
(HELOC)
Interest Rate:




Loan to Value Ratio: 
Variable rate – Prime Rate minus .25%
The rate will adjust quarterly, Jan 1, April 1, July 1, and Oct. 1, and be based on Prime Rate
45 days prior to the adjustment date.
During the life of your loan the rate will never exceed 13.5% or go below 3.25%
WIT will loan up to 90% of the value of the home less the amount of the first mortgage.
The minimum amount of the line-of-credit must be equal to or in excess of $10,000

Term:
Advances:
Eligible Properties:
Homeowner’s Insurance
Payment Options:
Application Fee and Points:
Closing Costs:
Late Fee:
The loan will have a draw period of 15 years in which the borrower can take advances that
total up to the amount of the line of credit amount.
 No draws will be permitted after the 15-year draw period.
 At the end of the 15-year draw period, or at the date of the last draw, the account balance
will be amortized over 15 years.
 The initial advance must be a minimum of $1,000
 Subsequent advances have no minimum.
 Advances cannot exceed the initial line of credit amount.
 The line of credit can be taken up to the limit of the loan and paid down as many times as
the borrower sees fit during the 15 year draw period.
 Advances will be denied if the payments are more than 30 days delinquent
 Advances after a delinquent HELOC are brought current will only be allowed after a credit
report has been obtained. The member will only be allowed future advances if the new
credit report conforms with qualifying at the time of the credit check.
 Advances will not be given to a member who has filed for bankruptcy, or if property taxes
are delinquent.
 The property must be located in one of the following counties: Monroe, Livingston, Ontario,
Wayne, Genesee, or Orleans.
 The property must be a primary residence or a second/vacation property where the HELOC
is in the first mortgage position.
 Investment properties or properties zoned commercial are not eligible.
 The member must show proof of insurance on the property and list WIT Federal Credit
Union it’s successors or assigns as mortgagor prior to closing.

The credit union must be notified at the date of the insurance renewal that the member has
maintained proper insurance on the property. The insurance company will in most cases do
this automatically.
 Direct Deposit or Payroll Deduction
 Mail-in payments require manager approval.
 none
 WIT will pay for credit report, redate of abstract, flood certification, mortgage tax,
credit union attorney’s fee, and recording fees.
 The credit union will not pay to recreate a lost abstract.
 If the HELOC is closed prior to the 3rd anniversary date, all closing costs paid by the credit
union must be repaid to WIT.
 The payment is due on the first of each month. A late fee of 2% of the payment amount will
be assessed if the payment is not received 15 days after the due date.
Agreements signed at closing supersede any and all information contained in this summary sheet.
Nationwide Mortgage Licensing System
WIT FCU – 627146
David Wright – 709702
Kellie Merrow - 881630