Choice Home Equity Line of Credit

Personal  Information for Applicant and Co-Applicant:

• Full legal name, Social Security number, Date of Birth
• Current address and previous, if less than two years
• Current employer and previous, if less than two years, including main office phone number
• Government issued photo ID (Driver’s license, US passport or state-issued ID)

Required Income Documentation for Applicant and Co-Applicant

You may fall into one or more of these categories.  Please submit all documents that apply.

If you are an EMPLOYED WAGE EARNER / COMMISSIONED:

• Most recent paystubs showing last 30 days YTD income
  
• Most recent 2 consecutive years W-2s
• For Commission Income: All items indicated above AND Most recent 2 consecutive years Personal Federal tax returns, Signed & Dated
• For Loan Requests Greater than $250,000: All items indicated above and most recent 2 consecutive years Personal Federal tax returns, Signed & Dated, AND Personal Financial Statement (form provided by PNC), Signed & Dated

If you are SELF-EMPLOYED

• Most recent 2 consecutive years W-2s (if you are receiving income as an employee of the business)
• Most recent 2 consecutive years Personal Federal tax returns (with all schedules), Signed & Dated
• If Ownership Is 25% or Greater: All items indicated above AND Most recent 2 consecutive years Business Federal tax returns (with all schedules), Signed & Dated, AND YTD profit & loss statement and balance sheet
  • For Home Equity Line of Credit applications: sole proprietors may provide 6 months of business bank statements with deposit history in lieu of a profit & loss statement


• For Loan Requests Greater than $150,000: All items indicated above AND Personal Financial Statement (form provided by PNC), Signed & Dated

If you receive SUPPLEMENTAL or RETIREMENT INCOME:

• Most recent 2 consecutive years Personal Federal tax returns (with all schedules), Signed & Dated
• For Social Security Income: Social Security Income Award Letter (current or most recent year)
  • For Home Equity Line of Credit applications: most recent 2 months of deposit history may be used in lieu of a Social Secuity Income Award Letter and most recent 2 consecutive years personal federal tax returns (with all schedules)
• For Pension Income: Pension Award Letter and/or documentation demonstrating all sources of income
• For Investment Income: Most recent investment statements
• For Rental Income: Current lease agreement for each unit
  • For Home Equity Line of Credit applications: 24 month rental history reflected on most recent 2 consecutive years personal federal tax returns may be used in lieu of a current signed lease/rental agreement
• For Loan Requests Greater than $250,000: All items indicated above and Personal Financial Statement (form provided by PNC), Signed & Dated

Required Property Information

• Homeowners/Condo/Townhome Insurance declaration page, showing premium, deductible and coverage amount
• If taxes and insurance are currently being escrowed: Most recent mortgage statement
• If taxes and insurance are currently not being escrowed: Current year property tax statement
• For loan amounts $500,000 or greater: title insurance policy from most recent mortgage (Title commitment not acceptable)
• If Property Is in a Flood Zone: Flood Insurance declaration
• If Property Is a Condominium: Master insurance policy for condominium association

Additional Information, if applicable and may be required during the review process

• Signed Current Year Tax Return Extension
  
• Trust agreement (all pages must be submitted)
  
• 30-day Payoff Statement for All Required Payoffs 
• Power of Attorney (must be recorded in same county as property)

The minimum amount of information you should be prepared to answer at the time of application includes:

• Personal Information (Full name, Social Security number, Date of Birth, employment status, income)
• Contact Information (phone, email)
• Property Information (address, property type, estimated property value)
• Requested Loan Amount

Upon submission of your application, PNC will obtain and review your credit history. Approval for credit is contingent upon your credit history and other factors.

• Tax statements
• Copies of pay stubs
• Financial statements (bank and asset)
• Information on additional properties you may own

Click here for a list of possible documentation, depending on your individual situation.

Documentation, Credit History and Property Valuation Review

We’ll evaluate your credit history, verify your employment, verify your income, and review all supporting documentation submitted.

We’ll verify ownership and complete a valuation of the property being pledged

as collateral by ordering an appraisal product from an independent service provider, who will always inspect and photograph the property’s exterior. In some cases, this independent service provider may call you to setup a time to inspect both the property’s interior and exterior. A review of all information will enable us to determine that you meet the qualifications for the credit product for which you applied.

Final Credit Decision

If your request for credit is approved, we will communicate the final approval or a counter-offer to you, detailing any closing stipulations. For example, updating the declaration page of the Homeowner’s Insurance Policy listing PNC Bank, NA as loss payee is required. We’ll then schedule a closing date and verify the amount(s) to be disbursed, if applicable, including the amount(s) of any required payoffs.

If we are unable to approve your request for credit, you will receive a communication indicating the reasons for the decline.

Loan Closing and Disbursement of Funds

At closing we will require two forms of identification; one must be a valid photo ID. After reviewing the terms and conditions of your line of credit or installment loan, you will be asked to acknowledge and accept those terms and conditions by signing loan documents.

When using a primary residence as collateral, a three business day right to cancel (“rescission”) period is required by law to allow applicants the opportunity to cancel their home equity line of credit or home equity installment loan application.

Once your right to cancel period has expired, the funds from your home equity line of credit will be available or the funds from your home equity installment loan will be disbursed.