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Home Equity Loan Underwriting Answers

Think of Smart Home Equity as your source for underwriting answers and making sense of home equity lending requirements. Smart Home Equity was created with mortgage lending experience as its foundation. Our drive to help consumers get home equity knowledge so that they can make better borrowing decisions is the notion that keeps our loan engine energized.

What kind of income documentation do I need to provide for an equity loan?

Smart Home Equity Answer: If you are under 100% combined loan-to-value and your credit score is good, you should have the option of doing a limited documentation loan that does not require W2’s or 1099’s. Otherwise if you are planning to borrow up to 125% or your credit is not good, then a full income documentation loan is required.

What kind of Debt-to-Income Ratio do I need to take out a new 2nd mortgage?

Smart Home Equity Answer: According to most underwriting guidelines, 45% or 50% seems to be to most common ratio limit. Keep in mind that your debt ratio is calculated after the new home equity loan. In other words, if you are consolidating credit card accounts with high interest the new loan may lower you debt to income ratio enough to qualify even if you are presently above 50%.

Smart Home Equity is the online authority for home equity loans.

Home Equity Credit Line
Revolving credit that can be utilized through a home equity account that is pre-determined.

Interest Only Home Equity
Interest only equity loans that require only the interest to be paid for the monthly payment.

Home Equity Refinancing
The act of taking out a new home equity loan to change or revise your existing 2nd mortgage via refinancing.