No Doc Home Equity Loan - Getting the Loan You Need is Easy!

Are you self employed, an independent contractor, or someone that works for cash? If so, then this can make it very difficult to get the home equity loan you want or need. When you need to get a no doc home equity loan you need to understand a few things first or you will be in trouble. Here are some of the things you need to know.

First, you should know that if you are not someone that struggles to prove your income, then you need to avoid this type of loan completely. This is not your loan and will just be something that you probably cannot afford. Plus the interest rate will be very high and it will cost you more than it is worth.


Second, the self employed is the type of person that the no doc home equity loan was designed for and this is because they struggle to prove their income and all the money they make. This type of person will simply write down a number on a piece of paper and sign it. This will work for their income documentation and this is the number the lender will work with.

Last, if you work for tips, then the no doc home equity loan might be for you. This is the type of loan that can help you if you do not claim all of your tips. It will keep you from having to work with the numbers on your paycheck stubs or from your tax returns. This might be the only way you are able to get the mortgage you need.