A no doc equity loan is basically a home loan against your house that doesn't require any proof of documentation on your part. Usually you would submit income documents, job verification documents, have your credit checked, and there might be some other documentation that they need, but with a no documentation equity loan you do not have to be concerned with about any of those documents.
The finance company will pull your credit and as long as your credit is good enough and you have enough equity, then you get the loan. This can be a good loan for certain situations, but is not a loan for everybody.
If you are self employed, then a no documentation equity loan is possibly for you. You won't have to show income, which can be very difficult for some businesses. You will not 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 form of a 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 documentation equity loan might be for you. Independent contractors often have trouble proving their real income and they can have some difficulty proving their job so this type of financing can work wonders for them. It is the type of financing that will allow you to refinance your mortgage and get the cash out that you need in order to make home repairs, pay off bill, or take a vacation. This is why you own your home and you need to be able to use your equity if you want to.
Bartenders, Servers, and all others that have difficulty proving their real income can greatly benefit from an equity loan with no documents. If you have been working at the same job for over 2 years and have a strong income, then you should avoid this loan. Those that get that normal paycheck have to be very careful because if an account executive for a mortgage company or bank tries to talk you into a no documentation type of loan, then it might bea bad decision for you.
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.
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