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Did you know? |
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A home equity loan is a second loan to tap into your equity. Commonly referred to as a "second mortgage," a home equity loan allows you to get cash for your equity without refinancing your first mortgage and usually in less time.
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Newest Article:
Bridging Loans: Sound Financial Assistance to Clinch Lucrative Property Deals Posted By : Peter Taylor |
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With bridging loans, you can derive funds, which then will enable you to clinch a property deal in a hassle free manner. The loans are secured in nature and are open to bad credit borrowers as well.
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Latest Home Loan Blog Entry |
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1/19/2009 - No Income Verification Home Equity Loan
This type of loan is perfect for homeowners who need a home equity
loan, but are finding the task of documenting their income to be
extremely arduous. It is a second mortgage loan which requires no proof
of income in order to qualify. Rhetorically, how would you know if you
qualify for this particular type of loan? Well most individuals who
meet the requirement are either self-employed or commission based
employees. Homeowners of this kind may be six figure earners but have a
copious of business related deductions to write off for tax purposes.
Which is definitely not a bad thing to do, due to the fact that it
reduces the taxable income and thus
the amount of taxes owed. However, the not so good thing is when you
are applying for a home loan, many lenders use the average of your last
2-3 years of taxable net income ( what is left after all of your
deductions) to determine your income figure for qualifying purposes.
This may cause
you to have a debt to income ratio problem if you have a high debt load
and thus keep you from qualifying for the loan. With a home loan of
this nature, ones gross income can be used for qualifying purposes as
opposed to their net income.
Qualification
for this type of loan is rigorous, because one will need to have good
credit and a high credit score. One should also not be alarmed by the
high interest rate for this type of loan as opposed to a conventional
loan in which one has to document their income. Also, some lenders may
require you to possess a certain dollar value of assets which needs to
be verified in order to clear for the loan, even though a no
income verification loan does not require you to document your income.
Loan
guidelines and rates vary from lender to lender so it is imperative
that one does his or hers due diligence to increase their chances of getting the best deal available.
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