No doc home equity loans
No doc home equity loans are exactly what they specify this means that you are not required to provide any proof of your income while taking these loans. For people who are in urgent need of cash and it is difficult for them to arrange for proper documents can apply for these loans.
However, to qualify for these no doc home equity loans you are supposed to have a good credit score and also enough equity in your house. Let us see the basic features of these loans.
Features of no doc home equity loans
The no doc home equity loans basically pose as a risk to the lender and he would charge you a higher interest rate than what is normally charged. Apart from this there might be requirements of having very good credit score, and some specific amount of equity in the house.
Before you apply for these no doc home equity loans it is advised that you ask the lender about the additional costs and how much would you have to pay for these loans extra than that required to be paid with the usual home equity loan.
Comparing the offers
Since taking a no doc home equity loan can be an expensive affair it is advised that you compare offers from at least 4-5 lenders and then decide which would be the best for you. When comparing the different offers it is advised that you look at the interest rate and the APR separately. The APR would give you the total cost of the loan on an annual basis.
Apart from this also confirm the other costs related with the loan and make sure that they are disclosed to you before signing up for the no doc home equity loan. When you wish to take a loan the lender according to the laws of lending is supposed to give you a good faith estimate which would give you details about the total cost of the loan. Make sure that you go through this GFE properly so that you know the cost of the no doc home equity loan that you are signing up for.
Where to apply for these loans
The no doc home equity loans are easily available and you can apply for these loans with the conventional lenders. Apart from these there are also online lenders that specialize in giving out these loans. However, before you apply for these loans make sure about the authenticity of the lender and experience in giving out no doc home equity loans.
Some of the lenders giving out these loans are mentioned below:
Maico Mortgage Loans:
Contact: 25042 Cinnabar, Wildomar CA, 92595, phone: 877-336-2426 (MAICO)
Quicken Loans:
Contact: (800) 251-9080, timings: Monday - Friday 7:00 a.m. to 2:00 a.m. EST Saturday - Sunday 9:00 a.m. to 10:00 p.m. ESTOther Articles
