What are the different reduced doc no equity stable and fixed rate home equity loans?
HELOCs are almost always variable. Stated income home equity loans also tend to be variable and it is most likely that yours will have variable rates, as well. However, a fixed rate stated income home equity loan with prime rates is usually the best for consumers, if they qualify. Otherwise, if you are not getting low rates there is no point taking a fixed rate reduced doc loan. If you need a traditional 2nd mortgage, those usually have fixed rates. Also, full documentation loans are most often fixed rate, too. Subprime stated income home equity loans are variable rate in 99% of the cases.
