A no doc equity loan is basically a home loan against
your home that does not require any documents on your part. Usually you
would submit income documents, job verification documents, have your
credit checked, and there might be some other documents that they need,
but with a no doc equity loan you don't worry about any of those
documents.
The mortgage company will check your credit and as
long as your credit is good enough and you have enough equity, then you
get the loan. This can be a good loan for certain situations, but is
not a loan for everybody.
If you are self employed, then a no doc
equity loan might be for you. You won't have to prove income, which can
be difficult for some businesses. You won't have to verify your job,
which can also be difficult for self employed individuals. You will,
however, have to pay a higher rate with this type of loan and you might
not be able to get as much of a loan as if you prove income and job.
If
you work as an independent contractor, then a no document equity loan
might be for you. Independent contractors often have trouble proving
their real income and they can have some trouble verifying their job so
this type of loan can work wonders for them.
Servers, Bartenders,
and all others that have trouble proving their real income can benefit
from an equity loan with no documents. If you have been working at the
same job for over 2 years and have a strong income, then you should
avoid this loan.
If you have trouble proving income or verifying
your job then you should check out no doc equity loans because you can
benefit from them. Read the original article in
here.
