Home Equity Lines, Home Equity Loans, Second Mortgage
HOME EQUITY LINE/LOAN
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What documentation will the
lender normally require from me to process my loan?
The amount of home equity you have in your
property will in large part determine the answer to this question; the greater
the amount of Home Equity, the lower the documentation requirements. Also
consider the tendency of lenders to provide lower interest rates for borrowers
willing to document their income. Most lenders will require at least a current
paystub and W-2's (1040's will be requested of the self-employed) yet others
may request no documentation at all. But, if a lender is offering a knockout
rate and terms, then a complete loan package may be warranted.
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