Home Equity Loan Application from Somerset Federal Credit Union

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Home Equity Loan Application
Somerset Federal Credit Union
740 County Street
Somerset, MA 02726

How To
Apply

Please complete sections 1 through 8
Complete section 9

Hit Submit to process form.
An incomplete form may delay processing.

1 NOTE AND COMPLETE Married Applicants may apply for a separate account. Check the appropriate box to indicate Individual Credit or Joint Credit.	Individual Credit: Complete Applicant section. Complete Co-applicant, Spouse (referred to as "Other") section:
	(1) about your spouse if you live in a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI), or (2) if your spouse will use the Account. Please check box to indicate whom the information is about.
	Joint Credit: Provide the information about both of you by completing Applicant and Other section.
	Amount Requested $
	Purpose:
	Repayment: Payroll Deduction Cash Automatic Payment Military Allotment

2 Applicant Infor- mation	APPLICANT		CO-APPLICANT SPOUSE Use "SAA" if information is "Same As Applicant".
	Name (Last-First-Initial)		Name (Last-First-Initial)
	Driver's License (Number/State)		Driver's License (Number/State)
	Account Number	Social Security #	Account Number	Social Security #
	Birth Date	Home Phone	Birth Date	Home Phone
	Business Phone/Ext.		Business Phone/Ext.
	E-mail Address		E-mail Address
	Present Address (Street-City-State-Zip)		Present Address (Street-City-State-Zip)
	own rent		own rent
	Years at this address		Years at this address
	Previous Address (Street-City-State-Zip)		Previous Address (Street-City-State-Zip)
	own rent		own rent
	Years at this address		Years at this address

Complete for joint credit, secured credit or if you live in a community property state:	Complete for joint credit, secured credit or if you live in a community property state:
Married Separated Unmarried (Single-Divorced-Widowed)	Married Separated Unmarried (Single-Divorced-Widowed)
List ages of dependents not listed by other applicant	List ages of dependents not listed by other applicant

3 Emploment Information	Name and address of employer	Name and address of employer
	Your Title/Grade	Your Title/Grade
	Supervisor's Name	Supervisor's Name
	Start Date Hours at Work If Self Employed, Type of Business	Start Date Hours at Work If Self Employed, Type of Business
	If employed in current position less than five years, complete previous employer name and address	If employed in current position less than five years, complete previous employer name and address
	Starting Date Ending Date	Starting Date Ending Date
Military	Is duty station transfer expected during next year yes no where ending/separation date	Is duty station transfer expected during next year yes no where ending/separation date

4 Income Information	Notice: Alimony, child support, or separate maintenance income need not be revealed if you do not choose to have it considered.		Notice: Alimony, child support, or separate maintenance income need not be revealed if you do not choose to have it considered.
	Employment Income	Other income	Employment Income	Other income
	$ per	$ per	$ per	$ per
	net gross	Source	net gross	Source

5 References Please include street, city, state and zip.	Name and address of nearest relative not living with you	Name and address of nearest relative not living with you

	Relationship Home Phone	Relationship Home Phone
	Name and address of nearest personal friend- NOT A RELATIVE	Name and address of nearest personal friend- NOT A RELATIVE

	Home Phone	Home Phone

6A Assets/ Property Check box for Applicant or Other. List all assets and account number(s).	APPLICANT	OTHER (CO-applicant, spouse)
	Share Draft or Checking Amount $	Share Draft or Checking Amount $
	Name/Address of depository	Name/Address Of depository
	Savings Amount $	Savings Amount $
	Name/Address of depository	Name/Address of depository

List Home and all other items you own and location of property. For Example: Auto, Boat, Stocks, Bonds, Cash, Household Goods, Real Estate, etc.
Applicant	Market Value	Pledged as Collateral for another loan
Home	$	yes no
Other	$	yes no
Other	$	yes no
Other	$	yes no
Other
Home	$	yes no
Other	$	yes no
Other	$	yes no
Other	$	yes no

6B* This section must be completed for the property which will be given as security, if applicable	List Every Lien Against Your Home A lien is a legal claim filed against property as security for payment of a debt. Liens include mortgages, deeds of trust, land contracts, judgments and past due taxes.
	First Mortgage Held by	Other Liens (Describe)
	Present Balance $
Is the Property Described in this section: Your Principal Dwelling? yes no		Is Anyone other than your Spouse a Part Owner of Your Home? yes no
Listed as the applicant's Address in the "Applicant Information" section? yes no

7 Debts In addition to rent/ mortgage list all other debts (for example, auto loans, credit cards, second mortgage, home assoc. dues, alimony, child care, medical, utilities, auto insurance, IRS liabilities, etc.) Please use a separate line for each credit card and auto loan.	Applicant	Creditor Name and Address		Past Due
	rent \ mortgage	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	Other	Creditor Name and Address		Past Due
	rent mortgage	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	other	Account Number	Original Balance $ Present Balance $ Monthly Payment $	yes no
	List any names under which your credit references and credit history can be checked
	Applicant
	Other

8 Financial Information These questions apply to both Applicant and Other.	If a "YES" answer is given to a question, explain in the explanation box below	Applicant
	Do you have any outstanding judgments?	yes no
	Have you ever filed for bankruptcy or had a debt adjustment plan confirmed under chapter 13?	yes no
	Have you had property foreclosed upon or given a deed in lieu of foreclosure in the last 7 years?	yes no
	Are you a party in a lawsuit?	yes no
	Are you other than a U.S. citizen or permanent resident alien?	yes no
	Is your income likely to decrease in the next two years?	yes no
	Explain
	Are you a Co-maker, co-signer or guarantor on any loan not listed above?	yes no
	For Whom (Name of others obligated on loan):
	To Whom (Name of Creditor):
	If a "YES" answer is given to a question, explain in the explanation box below	Other
	Do you have any outstanding judgments?	yes no
	Have you ever filed for bankruptcy or had a debt adjustment plan confirmed under chapter 13?	yes no
	Have you had property foreclosed upon or given a deed in lieu of foreclosure in the last 7 years?	yes no
	Are you a party in a lawsuit?	yes no
	Are you other than a U.S. citizen or permanent resident alien?	yes no
	Is your income likely to decrease in the next two years?	yes no
	Explain
	Are you a Co-maker, co-signer or guarantor on any loan not listed above?	yes no
	For Whom (Name of others obligated on loan):
	To Whom (Name of Creditor):

9
Signatures

You promise that everything you have stated in this application is correct to the best of your knowledge and that the above information is a complete listing of all your debts and obligations. You authorize the credit union to obtain credit reports in connection with this application for credit and of any update, renewal or extension of the credit received. If you request, the credit union will tell you the name and address of any credit bureau from which it received a credit report on you. You understand that it is a federal crime to willfully and deliberately provide incomplete or incorrect information on loan applications made to Federal Credit Unions or State Chartered Credit Unions insured by NCUA. If there are any important changes, you will notify us in writing immediately. You also agree to notify us of any change in your name, address or employment within a reasonable time thereafter.

Applicant: yes, I do agree to the terms above no, I don't agree with the terms
Other: yes, I do agree to the terms above no, I don't agree with the terms