Lower Credit Score

 If your credit score is on the low side, America’s Lending Partners’ can help. Loans to people with weaker credit is one of their specialties. Their free loan request service will match you with up to four lenders in Garden Grove to help you lower your interest rate on a home equity loan.

 Self-Employed

If you are self-employed, you may be at a handicap when it comes to applying for a home equity loan. This is because small business owners can take many more tax deductions than people who work as employees. Your cellphone, transportation, and part of the use of your home, if taken as legitimate deductions on your tax return will cause the amount of your net income to look low.

Say, for instance, that you make $40,000 per year net, after you've taken your deductions, and your friendly banker makes $40,000 per year gross, as an employee. If each of you had identical outstanding debt, identical equity in your home, and identical home values, in theory you would both be able to qualify for the same loan amount.

However, in reality, you earn a lot more than your banker does. You likely drive a truck and have taken a considerable mileage deduction of about $10,000. Your cellphone bill is deducted from your gross income. Your work clothing has likely been deducted as well. In contrast, none of those items have been deducted from your banker's pay as an employee. Those are all expenses that he pays out of his $40,000 annual earnings, assuming, of course, that he wears clothes, uses a cellphone and drives a vehicle.

Lending regulators, because of the facts just described, created regulation and allowances for a type of loan called a "no documentation" loan. It is also referred to a a "low doc" loan and a "no income verification" loan. With this type of loan, you simply put down what your income is, and the bank or lender doesn't verify the accuracy. Many self-employed people will choose to provide their gross income, rather than their net income when applying for a home equity loan. This increases the chances of an approval because stated income is higher.

If you are looking for a no documentation home equity loan in Garden Grove, Green Point Mortgage will likely be the perfect match for you. The friendly folks at Green Point Mortgage specialize in no documentation loans. These are especially attractive to self-employed and business owners. The home equity loan process is less intrusive and more efficient. Click here to apply for their No Documentation Home Equity Loan.

If you have a complaint against a lender in Garden Grove and want to report illegal or unethical practices, here is the contact information for the appropriate authorities:

Department of Financial Institutions
111 Pine Street, Suite 1100
San Francisco, CA 94111-5613
General information (415) 263-8500
Consumer Services (Sacramento) 800-622-0620
Fax (415) 989-5310

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