No Proof of Income Mortgage – What You Need to Know

No Proof of Income Mortgage – What You Need to Know

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 by a rough time or to do something else you have always wanted to do.

Usually these loans are used for those that work for cash or run their own businesses. This is because these kind 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.

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 provide the payments or you are just setting yourself up for a bad failure that will consequence in your home being taken from you.

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