If you have trouble gathering the appropriate documents needed to get a loan then you should apply for a stated income home equity loan. Stated income loans are very useful because you don't need to provide documentation proving your income; you just have to state your income. The stated income loan has become more popular because it saves people the hassle of having to deal with lots of paperwork.
Although the loan process can be easy, there still are a few requirements that you must go through. Most lenders will run a credit check on you to see if you have a good credit history. This is important because the lenders are taking a greater risk without verifying the borrower's income directly. Knowing the borrower's credit rating will allow the lender to assess the risk of loaning the money.
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Another aspect of stated income home equity loans is lenders want to see proof of employment. They will not lend money to someone who is unemployed or not making a significant income. It is important for the borrower to have a sufficient income to pay off the mortgage.
Lenders will also run a cross-check on your income to verify the amount of income you stated. They do this by checking the average salary for the borrower's occupation and match it against the income you stated. If the two don't match the loan will be declined. This is because lenders want to see honesty when it comes to lending large sums of money to clients.
Before getting a stated income home equity loan you should ensure that you search online for different lenders. The internet is a great resource that can allow you to find great deals on these loans. Each lender will offer different interest rates so don't be afraid to look around.
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