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ÿþ< h 3 > C a n Y o u G e t A H o m e E q u i t y L o a n I f Y o u A r e S e l f E m p l o y e d ? < / h 3 >
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I f y o u a r e s e l f e m p l o y e d y o u m a y b e w o n d e r i n g i f y o u c a n t a k e o u t a h o m e e q u i t y l o a n ? T h e a n s w e r i s t h a t y o u c a n . I n f a c t , i t i s a l o t e a s i e r t o d o s o t o d a y t h a n i n p r e v i o u s y e a r s s i n c e s e l f e m p l o y m e n t i s s o c o m m o n n o w . H o w e v e r , t h e p r o c e s s t h a t y o u g o t h r o u g h w i l l b e s o m e w h a t d i f f e r e n t t h a n i f y o u h a v e a n e m p l o y e r a n d W 2 f o r m s t o s u b m i t a s p r o o f o f i n c o m e .
< / p > < p >
Y o u m i g h t f i n d t h a t t h e r e g u l a t i o n s a r e a l i t t l e t i g h t e r w h e n a p p l y i n g f o r a h o m e e q u i t y l o a n t h r o u g h a t r a d i t i o n a l l e n d e r s u c h a s a b a n k . F o r e x a m p l e , t h e y m i g h t r e q u i r e t h a t y o u h a v e b e e n s e l f e m p l o y e d f o r 2 o r e v e n 3 y e a r s . T h e y w i l l w a n t t o s e e y o u r t a x r e t u r n s f o r t h e y e a r s y o u h a v e b e e n s e l f e m p l o y e d s o t h e y c a n g e t a n o v e r v i e w o f h o w s t a b l e y o u r i n c o m e i s .
< / p > < p >
I t i s p o s s i b l e y o u c a n f i n d i t e a s i e r t o w o r k w i t h a m o r t g a g e l e n d e r w h o s p e c i a l i z e s i n h o m e e q u i t y l o a n s f o r t h e s e l f e m p l o y e d . T h e s e t y p e s o f l e n d e r s s o m e t i m e s o f f e r a ' n o p r o o f o f i n c o m e ' l o a n w h i c h i s v e r y f r i e n d l y t o w a r d s t h o s e w h o a r e s e l f e m p l o y e d . I n t h i s i n s t a n c e , y o u w o n ' t h a v e t o w o r r y a b o u t p r o v i n g y o u r i n c o m e s t a b i l i t y , b u t u s u a l l y i n o r d e r t o c o m p e n s a t e f o r t h a t f r e e d o m , y o u w i l l h a v e t o m a k e o t h e r c o n c e s s i o n s . F o r e x a m p l e i f i t i s a f i r s t m o r t g a g e , y o u w i l l l i k e l y h a v e t o p u t u p a l a r g e d o w n p a y m e n t , a n d f o r h o m e e q u i t y l o a n s , y o u w i l l p r o b a b l y n o t b e a b l e t o b o r r o w 1 0 0 % o f y o u r e q u i t y .
< / p > < p >
I t i s i m p o r t a n t a s a s e l f e m p l o y e d i n d i v i d u a l t h a t y o u k e e p g o o d r e c o r d s o f y o u r b u s i n e s s . T h o s e r e c o r d s w i l l c o m e i n h a n d y a t t i m e s l i k e w h e n y o u a r e a p p l y i n g f o r a h o m e e q u i t y l o a n . T h e m o r e t h o r o u g h l y y o u a r e d o c u m e n t e d , t h e l e s s r i s k y y o u s e e m t o b e a n d t h e r e f o r e m o r e b a n k s w i l l b e w i l l i n g t o t a k e a c h a n c e o n l o a n i n g y o u m o n e y . I t c o u l d a l s o m e a n t h a t y o u r l o a n w i l l h a v e a l o w e r i n t e r e s t r a t e i f y o u a r e n o t c o n s i d e r e d a h i g h r i s k .
< / p > < p >
O n e t h i n g i s f o r c e r t a i n , s e l f e m p l o y e d h o m e e q u i t y l o a n s a r e n o t u n c o m m o n t o d a y . S e l f e m p l o y m e n t i s a t a n a l l t i m e h i g h a n d f i n a n c i a l i n s t i t u t i o n s a r e a w a r e o f t h i s f a c t a n d h a v e s p e c i a l p r o g r a m s a n d r e g u l a t i o n s i n p l a c e t o s e r v e t h i s g r o u p o f b o r r o w e r s .
< / p > < p >
J u s t r e m e m b e r t o f o l l o w t h e g u i d e l i n e s o f r e s p o n s i b l e b o r r o w i n g w h e t h e r y o u a r e s e l f e m p l o y e d o r n o t . D o n ' t b o r r o w m o r e t h a n y o u c a n c o m f o r t a b l y a f f o r d t o r e p a y , s h o p a r o u n d f o r t h e l o w e s t r a t e a n d b e s u r e t o u n d e r s t a n d t h e t e r m s b e f o r e y o u s i g n . W i t h a l i t t l e w o r k a n d a t t e n t i o n t o d e t a i l i n y o u r r e c o r d k e e p i n g , y o u w i l l l i k e l y f i n d t h a t i n t o d a y ' s w o r l d i t i s e a s y t o q u a l i f y f o r a h o m e e q u i t y l o a n i f y o u a r e s e l f e m p l o y e d .
< / p >
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Home Equity Loans Recommended Products
Home Equity Rates News
Consumer Loan Rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
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Mortgage rates set new record lows, might hold steady next week
Treasury bond yields, which influence the home-loan rates, have surged since Tuesday. Mortgage rates fell for the 10th time in 11 weeks, setting fresh record lows, Freddie Mac reported Thursday. But a rebound in Treasury yields in the last two days raises the possibility that home-loan interest costs won't fall again next week.
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Low rates igniting wave of mortgage refinancings
For many people, mortgage rates are now the lowest they've ever seen.
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Refinancings soar as mortgage rates fall to record lows
For anyone younger than 57, mortgage rates are now the lowest they’ve been during your life.
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Record-low rates spur boom in refinancing
For anyone under the age of 57, mortgage rates are now the lowest they've been during your life. This fact isn't lost on a growing number of homeowners who have started a new wave of refinancings.
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