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Proof of income not necessary for home equity loan lines of credit

06/10/2007

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!

Learn more about home equity loan lines of credit

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