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A-No-Income-...-Home-Equity-Loan-Is-A-Second-Mortg261
 

A-No-Income-...-Home-Equity-Loan-Is-A-Second-Mortg261

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    A-No-Income-...-Home-Equity-Loan-Is-A-Second-Mortg261 A-No-Income-...-Home-Equity-Loan-Is-A-Second-Mortg261 Document Transcript

    • A no income ... home equity loan is a second mortgage loan that does not require you toprovide income ... to qualify for the loan. This type of loan is great for ... who neehttp://loandirectorysg.com/
    • A no income verification home equity loan is a second mortgage loanthat does not require you to provide income documentation to qualify forthe loan This type of loan is great for homeowners who need a homeequity loan but have hard to document income
    • The majority of borrowers with hard to document income are eitherself-employed or commission based employees Consumers who fallunder these categories may have high income but have a lot of businessrelated deductions that they write off on their taxes
    • This is good on the one hand as it reduces the taxable income and thusthe amount of taxes owed, however, when it comes to getting a homeloan it can hurt as most lenders use the average of your last 2 yearstaxable net income (the amount left after all of your deductions) todetermine your income figure for qualifying purposes This may causeyou to have a debt to income ratio problem if you have a high debt loadand thus keep you from qualifying for the loan
    • With a no income verification home equity loan, however, your grossincome can be used for qualifying purposes as opposed to the netincome In order to qualify for a no income verification home equity loanyou will, in most cases, need good credit and a high credit score
    • Expect to pay a higher rate for http://loandirectorysg.com/ this type ofloan as opposed to a traditional loan in which you have to document yourincome Also, even though a no income verification loan does not requireyou to document your income, some lenders may require that you have acertain dollar value of assets on hand which must be verified
    • Not all lenders have this requirement though - some lenders offer aprogram called NINA which stands for "no income no assets" meaningyou do not have to document either Loan guidelines and rates vary fromlender to lender so it is a good idea to shop around to increase yourchances of getting the best deal available to you
    • For more information on no income verification home equity loans, or tocompare rates and programs of home equity loan lenders visithttp://www equityloansource
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    • http://loandirectorysg.com/