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Is income verification required for home equity line of credit
August 13, 2014 09:31:20 PM
Borrowing & Managing Your Credit
1 person recommended this |
In reply to Nick, Secaucus
Thank you for reaching us at TD Helps with your inquiry, Nick.
After you submit your Home Equity application we will contact you to request any additional information, if needed, which could include the following for proof of income:
If you are a salaried employee:
• Pay stub - copy of your most recent pay stubs (past 30 days)
• W-2 forms - copies for the past 2 years
• Work history - Letter to explain gaps in employment (1 month or more)
If you are self-employed:
• Tax returns - copies of signed personal and business tax returns from the past 2 years for each business, including schedules and attachments and Profit and Loss balance sheet
We will also need:
• Documentation from additional sources of income (i.e. Social Security Awards Letter, leases and recent tax returns for rental income)
Your application will be reviewed within one business day. If it is conditionally approved, a loan processor will contact you within 48 hours to begin next steps. When it's time to close your loan, a meeting will be held at a TD Bank location.
We hope this helps, Nick. Have a great day!
Cameron P, Mount Laurel
August 13, 2014 09:37:01 PM
In reply to Cameron, Mount Laurel
Would you be able to accept bank statements *instead* of tax returns?
Morgan Noel, Townsend
August 9, 2017 11:34:57 AM
In reply to Morgan Noel, Townsend
Hi Morgan Noel. Thanks for joining us!
Typically we do ask for tax refund documents. If this isn't possible, we recommend speaking with your loan processor about what other documents may be accepted as proof of income.
If you haven't yet applied for a loan with us, we encourage you to give our Financial Solutions Group a call at 800-937-5020. We have representatives available 24/7 who would be happy to discuss your loan needs and go over in detail what documents we'll need for your application. This way we help to ensure you have everything you'll need.
We look forward to hearing from you soon, Morgan Noel! Take care.
Candice A, Mount Laurel
August 9, 2017 11:35:11 AM