| Why in the world would anybody want home equity | | | | can be difficult for these individuals to prove exactly |
| loans, no income verification required? Simple, these | | | | what their real income is and this is why these no |
| loans are easy to obtain if you have good credit. | | | | income verification loans exist. |
| When should you consider this type of loan and when | | | | The problem is that mortgage brokers have become |
| should you avoid this type of loan? The answer to that | | | | greedy and they want your money. So what do they |
| question and more can be found below. | | | | do? They use these no income verification home loans |
| First, what is a home equity loan with no income | | | | for people that cannot afford the conventional loan. |
| verification? Basically this is a loan that does not | | | | They use them for people with good credit, but a very |
| require you to prove how much money you make. | | | | high debt to income ratio so that they can get the loan |
| The downfall is your rate is going to be higher, they | | | | done. |
| are harder to qualify for, and you will probably pay a | | | | This is not acting in the best interest of the client and is |
| bit more in fees to get this loan approved. | | | | not good for you if you are considering this option. |
| The upside is that if you are self employed, a tipped | | | | Home equity loans, no income verification required |
| employee, or an independent contractor, then you will | | | | were meant for those that have trouble proving |
| be able to get a home equity loan without the hassle | | | | income, not those that can prove it and just don't have |
| of trying to prove what you really make each year. It | | | | enough for a traditional loan. |