Some lenders may require you to prove the purpose of your loan. Though requiring proof is largely dependent on the amount you need and where you will use it, you might want to get documentation ready if the lender asks you to provide evidence.
For example, if you are buying shares and investing on the stock market, the lender may ask for an accountant’s letter or investment strategy from your financial planner. If you are buying a property, the lender may require a letter from your conveyancer. On the other hand, if you are borrowing for renovations, the lender may ask for quotation from your contractors or a copy of building contract.
If you wish to talk to a 3Carrots mortgage broker to know more about home equity loans, please call 0434 390 688 or email email@example.com.