Homeowners are able to get home equity loans without employment verification. These loans are good to get because a homeowner can make home improvements or get any other type of personal items that they may need, like a new car. Home equity loans are easy to get approved for, as long as you have some equity in your house. Also, the interest rate is low on a home equity loan.
- The first thing a homeowner needs to do before applying for a home equity loan that doesn’t require employment verification is to get their credit score. Go online to AnnualCreditReport and get all three of your credit reports. You may have to pay an additional fee to get your FICO score.
- Contact all the banks in your area that handle home equity loans; this includes the bank where you do your own banking. Sometimes it’s much easier to get a home equity loan without employment verification with your own bank that already knows you as a customer.
- Ask real estate brokers of whom they recommend as good lenders to get home equity loans. Also, search online for a home equity loan that you can apply to without employment verification.
- Now, once you have your credit score look to see if it is a good rating. If it is a good rating, you are ready to apply for a home equity loan.
Before you go and apply, you first need to figure out which one you want to apply for because there are two, which are open and closed equity loans. Closed equity loans allow the homeowner to borrow a lump sum on their home and they cannot borrow anymore.
In order to get a closed equity loan, the lender has to check your credit, and if it is it good, they will allow you to borrow the amount your house is worth. This also depends on if you still owe money on the house. If this is the case, the loan amount will be less.
An open equity loan is a revolving line of credit. This means that it will always be there when you need it. This type of equity loan is the best to get if you plan on doing some home improvements or buy a new car.
Both types of equity loans have fees. A homeowner has to decide also before they go and get a home equity loan, if they can make the monthly payments. A homeowner has to decide if they can afford to have another loan.
Now, you are ready to complete the home equity loan process. Apply for either a closed or opened equity loan. You can apply either online or at a bank that handles home equity loans.