The real estate market is abuzz with news of no income verification home equity loan. If you are still wondering about what it is and how it can help you finance your dream home, you have come to just the right place.
No Income Verification Home Equity Loan is a second mortgage loan that does not call for documentation to prove your income. Thus, this type of loan is ideally suited for people who cannot provide documentation of their income. Mostly self-employed people and those who work on commission fall in this category.
Those who have been working on the same job for a period of more than 2 years should however avoid taking this loan as it comes with a higher rate of interest than a regular home loan. While this loan does not require any documentation for the income, it lays emphasis on a good credit score and the payment history of the borrower.
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