Self-Employed Equity Loans: An Introduction

Author: Jimmy Roos


Are you self-employed and wish to apply for an equity loan? Then
you'll go through a process that's a little different to what
most borrowers go through.

Lending institutions usually require that the you provide at
least three "proof-of-income" receipts. Hence, self-employed
individuals seeking would be pleased to know that there are many
online brokers who offer many different types of loans including
self-employed loans that don't require you to provide proof of
income.

Most of the lenders require those who are employed to provide
written proof of employment, which includes tax returns as well
as check stubs.

The general rule is that self-employed borrowers must have
worked for two or more years to qualify for a loan. Some home
equity lenders contact the employer to confirm if you're
working, but this is not possible if you're self-employed.

Instead you may be asked to provide audited accounts or a letter
form your accountant as proof that you have been conducting a
business.

There are many lenders who make it convenient for self-employed
individuals to acquire a home equity loan, given that that there
are so many self-employed people around.

Among the incentives offered are competitive rates to help you
get ahead of the game. Here is some good advice. If you're a
small business owner and you wish to apply for a home equity
loan for self-employed equity loan, provide all the details to
the agent where you hope to get a loan.

The lender will look at your details and scan the market for
loans that cater to the self-employed. Very few lenders will
offer the self-employed personal loans that relate to mortgage
loans.

Loans available to the self-employed are usually limited $5000
cash. However, having looked at your details the lender may feel
that you business has potential warranting special
consideration. Hence, the lender may help you find a way to
increase your income.

About the author: Jimmy Roos.
For more information on equity loans, including how to find the
best deals please visit Equity Advisor now.