A “No Document Home Equity Loan” or “No Document HELOC Loan” is a unique and advantageous home refinance product that allows people who do not want to provide the traditional full stack of supporting documentation that accompanies the home loan process. lender.
Consumers like undocumented home equity loans and HELOC loans because they speed up the loan process and make the refinancing process much less stressful. The second part of a documentless home equity loan product is that some lenders also offer a feature called
No verification of income or declared income. This means that you indicate your income (say $ 3000 per month) but the lender does not verify the information with pay stubs, W-2 forms, etc.
Lenders vary in the loan products they offer. Some lenders only serve people with excellent or good credit scores and also only offer traditional home loans. Other lenders specialize in working with people with bad credit ratings and offer a wide variety of loan programs.
If you are looking for a refinance loan without documentation, without income verification, you will need to find the “right” lender. Start your research by getting at least three or four home loan quotes, free of charge. You shouldn’t have to pay for this service.
Once you find the lender of your choice, compare the terms of the loan, including the amount the lender can offer (for example, $ 250,000), interest rates, the type of loan (ARM, fixed, etc.) and points. You will pay a slightly higher interest rate for a loan without documentation than for a loan with full documentation.