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