Proof of income not necessary for home equity loan lines of credit
Customers may worry that you have to show income to get a home equity loan, therefore making applying for a credit card and easier option: but the opposite is true.
It's actually a common misconception that a borrower has to always show 'proof of income' in order to get a home equity loan, or a home equity line of credit.
The truth is, you can get a home equity loan without showing your income at all, as most mortgage brokers and even banks offer multiple self-employed types of home equity loans and 'no-income verification' home equity loans - where you don't need to show your income to qualify for that loan at all.
Yes, credit card applicants usually don't have to show proof of their income (like with a tax form etc.) to credit card companies, as long as their yearly income is around the average amount, like $80,000 to $100,000 a year. But you certainly might have to show your income, even for the past 3 years, in order to prove to a credit card company that you make more than $100,000 a year!
Find out more about lines of credit & home equity mortgage loans
Talk to one of The Mortgage Store Online's brokers or agents by using the home equity contact form, or by calling them at 1-866-880-2577. They'll give you free information on lines of credit, and home equity mortgage loans!
Learn more about home equity loan lines of credit
For more information on how to use RSS feeds, read our "What is RSS?" page.
The Mortgage Store Online, Inc.
Copyright ©2007 The Mortgage Store Online, Inc. All rights reserved.