A "No Doc Equity Loan" or "No Doc HELOC Loan" is a unique and advantageous mortgage refinance product that allows people, who do not want to provide the traditional full stack of supporting documentation that goes along with the mortgage loan process, to their lender.
Consumers like No Documentation Equity Loans and HELOC Loans, because they expedite the loan process and make the refinance process a lot less stressful. The second part of a no doc equity loan product is that some lenders also provide a feature called no income verification or stated income. This means that you indicate your income (say $3000 per month) but the lender does not verify the information with pay stubs, W-2 forms, etc.
Lenders vary in the loan products that they offer. Some lenders only cater to people with excellent or good credit scores and they also only offer traditional mortgage loans. Other lenders specialize in working with people with bad credit scores and offer a large variety of loan programs.
If you are looking for a No Doc, No Income Verification refinance loan, you will need to find the "right" lender. Start your research by getting at least three or four mortgage loan quotes - at no cost. You should not have to pay for this service.
Once you find the lender of your choice, compare loan terms, including the amount the lender can offer (e.g. $250,000), interest rates, type of loan (ARM, Fixed, etc) and points. You will have to pay a slightly higher interest rate for a no documentation loan than for a full documentation loan.
Research recommended no doc equity loan lenders at the loan resource guide: http://www.kstreetloans.com
Sharon Listner writes about finances and conducts in-depth analysis on various consumer loan products including mortgage loans and personal loans.
