A home equity loan is a mortgage loan that converts your property’s equity into cash. The home equity loan is usually a second mortgage loan, whose lien is recorded after an existing first mortgage loan.
For example, Adam’s home is worth $200,000. He currently has a mortgage of $120,000; this means that he has [...]
One of the financial opportunities that homeowners enjoy is the ability to tap into their property’s equity for funds. For most homeowners, the most popular and beneficial use of such equity cash-outs is for a debt consolidation. Homeowners seeking to consolidate debt normally have four basic mortgage instruments available:
1. Home Equity Loan
2. [...]
As with the NIV loan, the No Doc program is more risky for the lender than standard “Full Documentation” loans, because the income calculation provides the lender with a statistical analysis of the borrower’s ability to repay the loan.
Moreover, undocumented assets could come from borrowed funds—so the borrower’s actual debt load is even higher.
Without the [...]
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