Home Equity Credit Application
Instructions:
1. Print and complete the form below
2. Attach the following:
a. Title Insurance Policy or Warranty Deed with complete Legal
Description
b. Property Tax Notice or Statement of State Equalized Value
c. Statement of balance due on existing Mortgage
d. W-2 Form for the previous year and a copy of your most recent pay
stub; if self-employed or retired, signed copies of Federal Tax
Returns for the previous year.
e. Divorce Decree (if applicable)
f. Trust Documentation (if applicable)
g. Condominium Association phone number (if applicable)
3. Mail the application to:
Michigan Educational Credit Union
9200 Haggerty Road
Plymouth, MI 48170
ATTN: Home Equity Loans
MECU Account Number.
Please select either OPTION 1 or OPTION 2
OPTION 1: Variable Rate Line of Credit
New Account
Credit Line Increase
OPTION 2: Fixed Rate Equity Installment Loan
New Account
Refinance
Loan Amount Requested $
Loan Term 60 months
120 months
PURPOSE: _________________________________________________________
DESCRIPTION OF PROPERTY (Must be primary residence)
Legal Description of Property Securing Loan
Lot Number
Subdivision
Is property currently for sale Yes No
Is your house in a trust Yes No
Property Type Single Condo 2-4 Units Other: ________________________
Original Purchase Price
Estimated Market Value
State Equalized Value
If you are applying for joint credit with another person, all joint applicant sections must
be completed.
APPLICANT INFORMATION
Print Name (Last Name, First Name, Middle Initial)
Social Security Number
Birthdate
E-Mail Address
Complete Address (Street Address, Apt Number)
(City, State, Zip Code)
County
At this address since:
Former Address (Complete if current address is less than 3 years)
Since:
Do You: Own Rent Live with parents
Marital Status: Married Separated Unmarried (Single, Divorced)
Home Phone and Area Code
No. of Dependents
Ages of Dependents
Name and Address of nearest relative not living with you:
Phone and Area Code of relative:
Relationship:
APPLICANT EMPLOYMENT AND INCOME:
If self employed check here and attach two years federal income tax returns (Include all schedules) .
Employer's Name
Since
Position
Employer's Address (Street Address, Apt Number)
(City, State, Zip Code)
Work Phone & Area Code
Monthly Net Income $
Previous Employer
Since
Position
CO-APPLICANT INFORMATION
Print Name (Last Name, First Name, Middle Initial)
Social Security Number
Birthdate
E-Mail Address
Complete Address (Street Address, Apt Number)
(City, State, Zip Code)
County
At this address since:
Former Address (Complete if current address is less than 3 years)
Since:
Do You: Own Rent Live with parents
Marital Status: Married Separated Unmarried (Single, Divorced)
Home Phone and Area Code
No. of Dependents
Ages of Dependents
Name and Address of nearest relative not living with you:
Phone and Area Code of relative:
Relationship:
CO-APPLICANT EMPLOYMENT AND INCOME:
If self employed check here and attach two years federal income tax returns (Include all schedules) .
Employer's Name
Since
Position
Employer's Address (Street Address, Apt Number)
(City, State, Zip Code)
Work Phone & Area Code
Monthly Net Income $
Previous Employer
Since
Position
CREDIT INFORMATION
PLEASE LIST ALL OPEN ACCOUNTS WITH BALANCES.
A = APPLICANT B = SPOUSE/CO-APPLICANT/GUARANTOR C = DEBTS TO BE PAID OFF IF LOAN IS GRANTED
Lenders (or others)
Name, Address
List all obligations
Please Check
Including
A B C
MECU Loans
Original Amount
Balance Monthly Payment
(Mortgage)
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
_____________
__________
___________
Interest Rate
_____________
Account Number
_____________
Please answer the following questions.
A
C
Check in the 'A' column for the Applicant and 'C' column for
Spouse/Co-Applicant/Guarantor
Yes No
Yes No
1. Have you filed a petition for bankruptcy in the last 10 years?
2. Have you ever had any auto, furniture or property repossessed?
3. Are you a Co-Maker or Co-Signer on any loan?
For Whom: __________________________________________________
Amount $ ______________________
4. Have you had property foreclosed upon or given title or deed in lieu thereof in the
last 7 years?
5. Do you have any suits pending, judgments filed, alimony or support awards against
you?
6. Do you have any other liens on your property?
Example: Home Equity
7. Do you have you any obligations not listed?
8. Do you have any past due bills?
9. Do you intend to occupy the property as your primary residence?
10. Indicate immigration status:
Applicant:
US Citizen Permanent US Resident Other (Describe)
___________________________________________________________
Co-Applicant:
US Citizen Permanent US Resident Other (Describe)
___________________________________________________________
Please explain any 'Yes' answers from above:
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
_____________________________________________________________________________
By completing and signing this form, I/we hereby apply for a Home Equity Loan and agree to be bound by the
Home Equity Loan Agreement. I/we declare that everything in this application is correct. I/we authorize
Michigan Educational Credit Union to verify any and all information regarding this application and I/we further
authorize Michigan Educational Credit Union to answer any questions about my/our credit history with me/us.
Michigan Educational Credit Union makes no representation that interest incurred on the Home Equity Loan will
be deductible in every circumstance. Tax Laws are subject to change. I/we should consult a tax advisor.
Homeowner's Insurance will be required.
The information contained in this application is provided for the purpose of obtaining or maintaining credit with
Michigan Educational Credit Union. I/we have examined the information contained herein and certify that the
information contained is true, accurate and complete.
Applicant's Signature
Date
Co-Applicant's Signature
Date
Race/National Origin
Applicant
I do not wish to furnish this information
American Indian or Alaskan Native
Black, not of Hispanic Origin
Asian or Pacific Islander
Hispanic
White, not of Hispanic Origin
Other (specify) _________________
Race/National Origin
Co-Applicant
I do not wish to furnish this information
American Indian or Alaskan Native
Black, not of Hispanic Origin
Asian or Pacific Islander
Hispanic
White, not of Hispanic Origin
Other (specify) _________________
Sex
Applicant
Female
Male
Co-Applicant
Female
Male
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