Self Employed Equity Loans

If you are self-employed, you will go through slightly different process when filling out an application for an equity loan than most borrowers. Lenders often require that the self-employed supply at least three years of tax returns. Therefore, if you are self-employed seeking home equity loans, you may want to know that your broker is experienced in various types of loans, including self-employed loans where no proof of income may be required.

As a rule self-employed borrowers must be self-employed for two years or more to receive a loan. Today, lenders are making it easy for the self-employed, since scores of individuals today are self-employed. Many lenders will offer competitive rates to the self-employed to help them get ahead of the game. You may be required by a few lenders for home equity loans to prove with audited accounts showing three years of self employment history. If you do not have this proof, the lender may require a letter of confirmation from your accountant.

Lenders are tighter on this kind of loan because of all the controversy in the market.

If you are searching for a home equity loan and are running a small business, make sure you supply the facts to the loan officer where you intend to get the loan. The loan officer will review the details and search out the market for loans available to the self-employed. Few lenders will offer self-employed personal loans in connection with mortgage loans.