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Stated Income Home Equity Loans

By Edited Nov 28, 2013 0 0

Are you looking to get a home loan? As important it is that you find a loan agreement that is perfect for your needs, it is also equally significant that you have a clear objective on why you are interested to get your home refinanced. Are you looking to get a lump sum for your child's education? Or you may be thinking that it's the perfect time to get your home loan refinanced in order to get lower interest rates or lower monthly payments. A good reason may also be the chance of a fixed rate mortgage. Or your reason may be to simply consolidate your debts. Having your home refinanced is strongly dependent on your particular situation so make sure you know what your financial objectives are that will benefit you in the long run.

But refinancing your home may prove to be a long process if you're not the nine-to-five regular type of person. Commission based professionals are finding it a tedious procedure to qualify for a home loan. Unlike their company-employed counterparts, small business owners and self-employed individuals lack the benefit of having a payslip as proof of a steady income. But don't worry. A stated home equity loan is the purposely-prepared solution for you.

Mortgage lenders, in general base their approvals on a person's income. If a person has a number of income resources, the lender looks into the person's financial records to check the stream of income. There is a set debt service ratio that all lenders look at to make sure that the person is able to and financially capable of paying of their loan without hitting their assets hard. The best way to get your home loan approval get started, is to enlist the professional assistance of a mortgage broker. A mortgage broker can easily provide their clients with information on how to get 2nd mortgage financing or equity based financing on their homes based on specific situations. A mortgage broker may also be able to offer you access to home equity services and other sources of capital that would regularly not be available to you if you were to apply for the loan yourself.

If you're looking to secure a stated income home equity loan, who else would be better to ask than a mortgage broker? If you've had difficulties in your past application, call one now. They will be able to offer you a great deal of help because they themselves are considered as commission based professionals. Applying for credit may be a daunting task for those who are self-employed because it might be difficult to prove a stable income that has been steady for a number of years because there is a great margin of variability involved. A mortgage broker has the financial knowledge that can help you surpass the barriers in acquiring a stated income home equity loan if your main problem is based on proof of income. By consulting a mortgage broker, this will be resolved in no time.

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