The Home Equity Loan or Line Application Process

Completing the application

A complete application package provides you with a faster credit decision. Please click here for a list of items needed to make application.

Once you have all of this information you can apply online or work with a local HomeStreet Bank Loan Officer.

The loan approval process

After we have received a completed application and all of the documentation needed, your loan package is submitted to HomeStreet Bank’s Home Equity Lending Department. A credit report and property profile is pulled and then your loan file is reviewed by a local HomeStreet Bank underwriter. The basics for a credit approval of your loan are:

• The market value of your property
• The amount of available equity you have in your property
• Your debt to income ratio — which is the percent of your income used to make your monthly housing and all other debt payments
• The stability of your income
• Sufficient cash reserves to cover the unexpected in your life

Interest rates

Interest rates change frequently, you will want to check the most current rates before you apply. View our rates online or call one of our loan officers.

Once a credit decision has been made and the loan package is approved by a HomeStreet Bank Underwriter, the loan package is sent to a HomeStreet Bank Processor to process your loan package. If applicable, an appraisal and a title report is then ordered and reviewed.

Determining the market value of your property

Depending on the amount you want to borrow and the value of your home, we may be able to approve your loan without a traditional appraisal. We also use equity drive-by appraisals, which provide additional information than tax assessed on the home. Equity drive-by appraisals are of no charge to you.

The best way to determine true value is with a traditional appraisal.  If you have an unusual home, want to maximize the amount you can borrow, and/or when a full traditional appraisal is required, your home is appraised by one of HomeStreet Bank’s approved appraisers. We may pay a portion of a full appraisal fee, usually up to $100.00.  Note: An appraisal provides an opinion of your home's market value for use in evaluating your loan request. The appraisal is not a warranty of the absolute value or of the condition of the home.

Why do you need to know about my employment history and income?

We want to be sure that your income and future mortgage payments will be a comfortable fit for you. We review your employment by verifying your most recent pay stub and the previous year's W-2. If you are self-employed, own your own business, or receive other income in addition to base wages, we require the previous two years personal and or business tax returns. If you are claiming child support as income and want us to use it to qualify, we also need to see a copy of your divorce decree.