Home Equity Loans are when You use Your Home Loan to Access Cash
By Shane Van Niekerk
Home equity loans are when you use your home loan to access cash. All home owners are allowed to make use of the equity of their homes whenever they require cash for any given project.
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Most applicants will qualify for this loan as it is secured against the home. The banks are keen on lending this money to home owners as they make profits on the interest charged. You will have to have a good credit record and will have to prove what your monthly income is so that the lender will be sure that you will be able to pay the loan back again.
The proceeds of this loan can be used for any reason that the borrower may want it for. Most home owners use this money to renovate their homes. It is a good way of using the loan as the home periodically does need upgrading.
The bank will pay the loan out in a lump sum or they will open a line of credit for you so that you can access the money as you need it. In the case of home renovations the latter works very well as you can pay for materials and labour as the jobs get done and you will be able to account of the money spent and it will not be wasted on something trivial.
There is no reason why you should not make use of your equity to pay for the holiday you have been dreaming about so long. You can enjoy the holiday with your family and when you return you can pay off the loan.
No Income Verification Home Equity Loan
By Levetta Rivera
A no income verification home equity loan is a second mortgage loan that does not require you to provide income documentation to qualify for the loan. This type of loan is great for homeowners who need a home equity loan but have hard to document income.
The majority of borrowers with hard to document income are either self-employed or commission based employees. Consumers who fall under these categories may have high income but have a lot of business related deductions that they write off on their taxes. This is good on the one hand as it reduces the taxable income and thus the amount of taxes owed, however, when it comes to getting a home loan it can hurt as most lenders use the average of your last 2 years taxable net income (the amount 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 no income verification home equity loan, however, your gross income can be used for qualifying purposes as opposed to the net income.
In order to qualify for a no income verification home equity loan you will, in most cases, need good credit and a high credit score. Expect to pay a higher rate for this type of loan as opposed to a traditional loan in which you have to document your income. Also, even though a no income verification loan does not require you to document your income, some lenders may require that you have a certain dollar value of assets on hand which must be verified. Not all lenders have this requirement though - some lenders offer a program called NINA which stands for "no income no assets" meaning you do not have to document either. Loan guidelines and rates vary from lender to lender so it is a good idea to shop around to increase your chances of getting the best deal available to you.
For more information on no income verification home equity loans, or to compare rates and programs of home equity loan lenders visit http://www.equityloansource.com