Are you in the right situation to use a home equity loan to add on to your home, fix it up, consolidate some debt, or for any other reason you might have? If so, then you might consider using a no doc home equity loan if your situation is the right one. Here is what you need to know about the no doc options.
No Doc Home Equity Loan
By [http://ezinearticles.com/?expert=Gressly_Stevens]Gressly Stevens
Are you in the right situation to use a home equity loan to add on to your home, fix it up, consolidate some debt, or for any other reason you might have? If so, then you might consider using a no doc home equity loan if your situation is the right one. Here is what you need to know about the no doc options.
First, if you are self employed, then you are the prime candidate for this type of home equity loan. This type of loan was actually created to make it easier for self employed individuals to get a mortgage because it is very rare that someone that runs a business has an easy time proving all of their income. With business expenses and cash payments not getting documented it can be difficult to come up with your real income.
Second, if you are a tipped employee or someone that works mainly for cash, then you already know how hard it will be to prove your income and that makes it very difficult to get a good mortgage. However, if you have very good credit or at least pretty good credit, then you can use the no doc options and you will have a much easier time getting approved for your home equity loan.
Last, if you work a steady job and you get paid a regular paycheck, then you would be making a terrible mistake to get a no doc home equity loan. This is not for you and any mortgage broker or account executive that tries to talk you into this type of loan will be setting you up for failure. This is just not a good situation and this could be the cause of a foreclosure so be very careful if you find yourself in this category.
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