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...
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