USBank HELOC~ process

[Dovah7]

We started the HELOC app process today with USBank. They hold our first mortgage. We are conditionally approved, and are waiting to hear updates on underwriting’s take on our income, dti, and the appraisal. 

The last update for USbank HELOC on this forum was from 2015, so I’m going to document the process as it goes along in hopes it will help someone in the future. 

Location~ Southern California

Bureau~ Equifax 714- pulled FICO 9. (Compared MYFICO report from earlier today to score USBank gave us) 

[Strepthroat]

Yes, please document the process. Thinking about using USBank for the same.

[Dovah7]

Add: 1 week later we are preapproved for 36,300. Our banker believes this will increase once our entire packet has gone into review.

Documents needed: 4 paystubs, 2 yrs W2, Signed Authorization Statement, Current year Declarations pages Homeowners Insurance. 

We already have an escrow account with USBank, so no need to set one up. 

They give you the option to pay tradelines with the HELOC to increase the amount they will lend. If you are planning to use it to pay down other higher interest rate debt, this is a great option, both for the debt and because of the 10 yr draw.