An Introduction to Self-employed Equity Loans

If you are self-employed, you will go through a 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 accountant.

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 mortgage loans. The self-employed loans often end with

$5000 cash, but the lender may feel that your business has potential; thus the lender is helping you

find a way to increase your income.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *