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the proven resource for selling, financing, maintaining and improving your home
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Free FSBO Guide
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the best
For Sale By Owner book
The best-selling guide book
for all sellers. FSBOComplete™ is organized into 8 Simple Proven Steps, guaranteed to help you sell your house.
FSBOComplete™ gives sellers knowledge and control of the whole
selling process + the know-how that puts sellers on equal footing with realtors.
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FSBOComplete™ eBooks.
By reading and following FSBOComplete™ proven guides, you, the For Sale By Owner
seller, will find the answers to your questions and:
- Sell your house for the most money, in the shortest time, with the least aggravation
- Get the know how that will put you, the For Sale By Owner seller, ahead of your competition, like how to:
- Maximize your profit by setting the right price
- Handle inspection issues
- List your house on the Internet for FREE
- Gain knowledge and control of the whole selling process
- Learn to negotiate like the top agents
- and much, much more
No Doc Equity Loan
© 2007 Complete Books Publishing, Inc.
Summary: What exactly is a no doc equity loan? It is simply a home equity loan, secured by the equity in your home, that you apply for without submitting proof of your income.
This has been the promised land for many homeowners who are self employed or do not have a verifiable income.
What exactly is a no doc home equity loan? It is simply a home equity loan, secured by the equity in your home, that you apply for without submitting
proof of your income.
(The difference between what you owe on your home and what it is worth is your equity.) Home equity
loan lenders will loan you up to 100% of that equity and sometimes up to 125% based on your income, credit score and overall ability to pay the interest
and repay the loan.
No doc equity loan lenders also take into consideration what you are going to use the money for. If you are going to use the no
doc home equity loan to finance a room addition or other improvements to your home that will increase its value, no doc home equity loan lenders are more
willing to approve your loan than if you simply want to transfer debt from credit cards or create more debt.
Some no doc home equity loan lenders will also look with favor on other intended uses for the no doc home equity loan, such as starting up a business or investing in other real estate.
A no doc home equity loan, like any other type of home equity loan is secured by a mortgage on your home. If your home is already mortgaged, the security will
take the form of a second mortgage. Remember, choose the term of your home equity loan carefully. If you are only paying the interest, you might be in for a nasty surprise when the home equity
loan comes due.
Assuming your home still has positive equity and your income can still cover the payments, most home equity loan lenders will allow you to roll it over into a new home equity loan.
Of course, that may be just the time to consider refinancing and combining both your first and second mortgage into a fixed first mortgage for a fixed term.
Remember also that since the no doc equity loan lender considers a no doc home equity loan to be riskier than a regular home equity loan, the interest rate will be higher.
see also: Home Equity Tax Deductions
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