An Introduction to Self-employed Equity Loans

Document Sample
An Introduction to Self-employed Equity Loans Powered By Docstoc
					An Introduction to Self-employed Equity Loans

If you are self-employed, you will go through slightly different process
when filling out an
application for an equity loan than most borrowers. Lenders often require
that the self-employed
supply at least “three proof of income” receipts. Therefore, if you are
self-employed seeking home
equity loans, you may want to know that brokers online specialize in
various types of loans,
including self-employed loans where no “proof of income” is required. The
majority of borrowers
employed are obligated to prove “written evidence” of employment, which
includes check stubs or
tax returns.

As a rule, self-employed borrowers must have worked two years or more to
receive a loan. Few
home equity lenders often send letters to the employers for proof that
you work, and since you are
self-employed, this is not possible. Today, lenders are making it easy
for the self-employed, since
scores of individuals today are self-employed. Many lenders will offer
competitive rates to the
self-employed to help them get ahead of the game. You may be required by
few lenders for home
equity loans to prove with audited accounts showing three years of work
history. If you do not have
this proof, the lender may require a letter of confirmation from your

If you are searching for a home equity loan and are running a small
business, make sure you supply
the facts to the agent where you intend to get the loan. The lender will
review the details and search
out the market for loans available to the self-employed. Few lenders will
offer self-employed
personal loans in connection with the mortgage loans. The self-employed
loans often end with
$5000 cash, but the lender may feel that you business has potential; thus
the lender is helping you
find a way to increase your income.