Do you struggle to prove your income or maybe you do not have any income at the time? Do you have equity in your home that you need to tap into for one reason or another? There are many ways to do this if you have a source of income, but if you do not or you have trouble proving what you make, then you need a no proof of income mortgage. Here is what you need to know.
These types of mortgage refinances are based solely on your credit. As long as you have good to great credit and you have some equity built up in your home you will be able to get the loan you need. This will allow you to use the cash out to get through a rough time or to do something else you have always wanted to do like a vacation or a big purchase.
Another reason you might want to refinance is to pay off some of your bills. This is a great way to get a lower rate on some of your credit cards and get out from under many of the bills you currently have. If you use a no proof of income mortgage you can get exactly what you want much faster than a typical mortgage.
Who Should Use the No Proof of Income Mortgage Loans?
Usually these loans are used for those that work for cash or run their own businesses. This is because these types of people struggle to prove what they really make so getting a mortgage becomes very difficult. However, with the no income options they do not have to prove what they make and they will be able to get the mortgage they need without much hassle.
A no proof of income mortgage is a specialized type of mortgage that can be obtained by those that need it only. If you are being offered this type of a mortgage and you know you can prove your income, then you need to go with a conventional mortgage or none at all. The only reason they would try to talk you into this type of loan is to benefit themselves.
If you work for tips or you own a company that you get many cash payments for, then using a no proof of income mortgage is a great way to get the mortgage you need. You will not be required to show financial statements of any kind and this can be very helpful when it comes to getting a mortgage of this kind.
The main people that the no proof of income mortgage is made for are business owners and tipped employees. If you are a server or a bartender, then you know you make more money than you claim. This is just a fact of this world and this makes getting any type of financing a pain. You can, however, get a no income verification mortgage and buy your dream house already.
The Conclusion to the No Proof of Income Mortgage Loans
So as long as you have good credit and you are able to write down an amount and sign it you can get the mortgage refinance you need. There are many forms of no proof of income mortgage loans out there and they are all fit for certain types of people. Make sure you will be able to afford the payments on your no proof of income mortgage or you are just setting yourself up for a bad failure that will result in your home being taken from you.
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