Equity No Doc Loans – What Exactly Are They?

A no documentation loan is basically a mortgage loan against your property that doesn’t require any documentation on your part. Usually you would provide proof of income documentation, job verification documentation, have your credit checked, and there will probably be some other documents that they need, but with a no documentation equity loan you don’t have to worry about any of those documents.

The finance company will check your credit and as long as your credit is high enough and you have enough equity, then you get the loan. This can be a good loan for certain situations, but is not a loan for everybody.

If you are work for yourself, then a no doc equity loan might be for you. You will not have to prove income, which might be very difficult for some businesses. You will not have to show proof of your job, which can also be difficult for self employed people. You will, however, have to pay a higher interest rate with this type of loan and you might not be able to get as much of a loan as if you are able to prove your income and your job.

If you work as an independent contractor, then a no document equity loan might be for you. Independent contractors often have a hard time proving their accurate income and they can have some difficulty proving their job so this type of loan can work wonders for them.

Servers, Bartenders, and all others that have difficulty proving their real income can greatly benefit from an equity loan with no documentation. If you get paid on a regular basis and you have worked at your job for a couple of years, then you do not want this type of loan for yourself and your family.

However, those that struggle to prove their real or true income should consider looking into a no documentation equity loan to help them get what they need.