A no documentation equity loan is basically a house loan against your house that will not require any proof of documentation from you. Normally you would submit income documentation, job verification documents, have your credit pulled, and there will probably be some other documentation that they will need, but with a no doc loan you will not have to be concerned with about any of those documents.
The mortgage company will pull your credit and as long as your credit is high enough and you have sufficient equity, then you will get the loan. This can be a good loan for certain situations, but is not a loan for everybody.
If you are work for yourself, then a no doc equity loan might be for you. You won’t have to prove income, which can be difficult for some businesses. You won’t have to verify your job, which can also be difficult for business owning individuals. You will, however, have to pay a higher rate with this type of loan and you may not be able to get as much of a loan as if you prove income and job.
If you work as an independent contractor, then a no doc equity loan might be for you. Independent contractors often have a hard time proving their true income and they can have some trouble proving their job so this type of financing can work wonders for them.
Bartenders, Servers, and all others that have difficulty proving their true income can benefit from an equity loan with no documents. If you get paid on a regular basis and you have worked at your job for a couple of years, then you do not want this type of loan for yourself and your family.
If you have trouble proving income or verifying your job then you should check out no doc equity loans because you can benefit from them.