Frequently Asked Questions

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Home Equity

Which stage of the home equity process are you in?

Application

Do I qualify?

Use our calculator to estimate your equity

Pre-Approval

The quicker we receive your documents, the faster we can move ahead.

What is needed to process my Home Equity Loan?

Document requirements vary. Here are some examples of what we might need.

  • 30 days most recent paystubs
  • Previous year W2
  • Most recent mortgage statement

I’ve submitted my documents, why haven’t I heard anything yet?

Processing time also depends on receipt of appraisal.

How long is my pre-approval good for?

The pre-approval period is 90 days from your credit report.

Will my approved loan amount be the same as the pre-approval amount?

Your final loan amount will be determined upon appraisal results and your credit criteria.

Will I have access to the appraisal results?

You will receive a copy of your appraisal in a separate email.

Approval

The quicker we receive your conditions, the faster we can move ahead.

  • How do I schedule my closing?

    Closings must be scheduled verbally. We will call you within 1-2 days of receipt of conditions.

  • What conditions are required to schedule my closing?

    Proponent Federal Credit Union
    Attention Insurance Department
    ISAOA/ATIMA
    PO Box 924267
    Fort Worth, TX 76124

    Conditions vary. All closings require proof of updated homeowner’s insurance with the Proponent listed as mortgagee (see below).

    A full list of conditions may include:

    • Verbal verification of employment (for all fixed Home Equity Loans)
    • Spouse/Co-owner must sign required documents at closing
    • Pay off Proponent Credit Card

How do I schedule my closing?

Closings must be scheduled verbally. We will call you within 1-2 days of receipt of conditions.

What conditions are required to schedule my closing?

Proponent Federal Credit Union
Attention Insurance Department
ISAOA/ATIMA
PO Box 924267
Fort Worth, TX 76124

Conditions vary. All closings require proof of updated homeowner’s insurance with the Proponent listed as mortgagee (see below).

A full list of conditions may include:

  • Verbal verification of employment (for all fixed Home Equity Loans)
  • Spouse/Co-owner must sign required documents at closing
  • Pay off Proponent Credit Card

Closing

Where will my closing take place?

Either at the Proponent office or by mail/FedEx.

What is needed at closing?

Your drivers’ license and spouse/co-owner for signature if applicable.

What will my payments be?

The payment amount will be provided at closing. For an estimated payment, see our Loan Payment Calculator.

Will my funds be available immediately upon closing?

funds will be available approximately 3 business days after closing.

How do I make loan payments?

Automatic payments from a Proponent account are required for all Home Equity Lines of Credit as well as for a rate discount on Fixed Home Equity Loans. You can use Online Banking to set up automatic transfers from an outside financial institution to your Proponent account.

How do I draw on my HELOC?

The easiest way to access your HELOC is to make transfers to your Proponent checking account in Online Banking.

What is Debt Protection?

Debt Protection helps get relief from loan payments if a protected life event unexpectedly happens to you. This protection could cancel your loan balance or payments up to the contract maximums in the event of death, disability or involuntary unemployment.

Need to discuss with an advocate?
We’re here to listen at 800.457.8058.