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HFS Federal Credit Union
Finance
Free - On the App Store

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HFS Federal Credit Union
Finance
Free - On the App Store

Taking out a loan can sometimes feel scary and even overwhelming with the amount of information that they ask you for (especially for home loans). However, if you have an idea of what to expect and can gather all the necessary paperwork beforehand, it makes things less stressful for you and for the loan officer you are working with.

When you take out a loan, the financial institution you work with will have questions for you about your employment, income, expenses, etc. All of this helps them determine whether or not you qualify for the type of loan and amount that you are requesting. Not having the information that your loan officer needs can delay the process so being prepared will definitely keep things moving along in a timely manner.

The loan application you first fill out to get started will ask you for the information that I mentioned above, though some of it will need to be verified by a loan officer. Here’s a breakdown by common loan type of the documentation that you may need:

Personal Loan:

  • 1 month worth of current pay stubs
  • If you’ve been with your employer for 2 years or less, the loan officer may request employment verification. They’ll contact your employer for this. This will come up if you’ve been employed for 2 years or less or if you’ve switched career fields within 2 years.
  • References
    • 1 relative reference
    • 1 friend reference
    • Both of these references cannot live in the same household as you and you’ll need to provide their phone number and address

Auto Loan:

  • All the requirements of the personal loan above apply, plus:
    • If you are purchasing a vehicle from a private party, you’ll need to arrange to have the vehicle brought to the credit union for an inspection
      • The seller will also need to have a notarized bill of sale with the confirmed purchase price before loan closing
    • If you are purchasing a vehicle from a dealer, the dealer will take care of sending the credit union any necessary paperwork for the purchase
    • Proof of auto insurance before loan closing

Real Estate:

With real estate loans, the list of documentation you may need can be lengthy depending on the type of loan you are looking to take out. We won’t go into full detail, but here are some of the common documents that you would need:

  • Employer Verification – the loan officer would need your employers information to contact them for this.
  • Copies of current statements showing your assets (bank statements, 401k, etc.)
  • 1 month worth of current pay stubs
  • Your prior 2 year’s signed federal tax returns, including the W2’s
  • Proof of Homeowner Insurance
  • Proof of Hurricane Insurance

For any loan, you’ll want to make sure you have your current photo ID with you, especially if you’re not already a member with the Credit Union, or whichever institution you’re applying with. For many institutions, you will need to become a member/accountholder in order to take out a loan. If you aren’t already a member/accountholder, you will just need to get that step completed before loan closing. Check with your chosen financial institution for the account opening requirements.

For HFS in particular, if you are a current member with direct deposit you won’t need to provide paystubs to show proof of income. Also, if you have any collections/judgments/charge offs of debt, you will need to provide a letter of explanation or proof of payment (documentation of payment agreement, etc.) to the loan officer.

We hope this blog posts serves as a helpful resource to get you ready for your next loan appointment. Should you have any other questions, always feel free to contact us for more information and assistance.

2 replies to “What do I bring to a loan appointment?

Susan Amelia Kajiyama

Dear Loan department,
I would like to learn about setting up an appointment with you about what options are available to consolidate loans.
Please let me know who I should call.
Sincerely,
Amelia

Reply

Posted by: Jesica

Aloha Amelia,

Please give us a call at (808) 930-1400 and select option 4 to speak to a representative that can help you set up a loan appointment. Mahalo!

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