About the Home Equity Line and Loan Application and Closing Process

Step #1: Information You Need to Apply
Personal information

• Social Security Number
• Length of time at your current address
• Purpose of the loan (e.g., debt consolidation, home improvement, future use, etc.)

• Property type (primary residence, vacation home or investment property)
• Approximate value of property

• Names of the lenders that hold your current first and second mortgage
• Outstanding mortgage balances
• Current monthly payments
• Amount of any other outstanding mortgages you might have on this or other properties

• Name of employer
• Your start date
• Your work phone number
• Yearly or monthly income amount
• Additional sources of income (e.g., additional jobs, alimony/child support, pensions or investment accounts, etc.)

Step #2: Apply

• Apply Online
  • Home Equity Line of Credit
  • Home Equity Installment Loan
  • Home Equity Smart Refinance
• Call 888-444-BANK or 800-685-5065 (TDD)
• Visit your local U.S. Bank branch

Step #3: Application Processing
U.S. Bank will process your application as quickly as possible. The following will happen:

• Loan Underwriting - A U.S. Bank Home Equity specialist will review your application. You may be asked to provide documentation. Prompt responses to any requested documentation will help move the application process forward.
• Home Valuation Process - U.S. Bank will determine the value of the property. To do this, U.S. Bank may use an automated home valuation process which is designed to cut down on the cost and time to determine the value of your property (there is no charge to you for this service). In some cases, U.S. Bank may use more traditional property appraisal methods to ensure your property receives the most accurate valuation.
• Flood Plain and Title Checks - U.S. Bank will run background checks to determine if your property is located in a 100-year flood plain and has a clear title. These are for your protection, and there is no charge for them.
• Credit Decision - You will typically receive a credit decision from one of our home equity specialists in less than two business days.

Step #4: Line and Loan Closing

• A home equity specialist will contact you to schedule your closing at the U.S. Bank Branch of your choice

Step #5: Access Your Funds

• Your funds will be available after the three-business-day government-mandated rescission period
• If you have requested payment to other lenders with the funds from your new line or loan, this will be facilitated for you
• Your remaining available credit will be ready for you as follows:
• Loans:  Your funds will be dispersed to you via
• a check
• mailed to the address you specify
• available for pick-up at a U.S. Bank Branch
• a direct deposit into a U.S. Bank Checking or Savings account
• Lines:  Your funds can be accessed via
• Internet Banking – Transfer from your line into a U.S. Bank Checking or Savings account
• Phone – call 888-444-BANK or 800-685-5065 (TDD)
• Convenience Checks – they will be mailed to you approximately 10 business days after closing
• Visa^® Gold Access Card – if you requested a card, it will be mailed to you approximately 10 business days after closing

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