No Doc Mortgages Explained [mortgageapproved.blogspot.com]
Bill Rayman for www.mortgagehelplosangeles.com and Mortgage Capital Partners 310-295-6213 Let Bill answer all of your questions and help you with all the facts you need to know about home mortgages. In this installment, Bill explains what a No doc loan is, and how they can (or can't) be used in the home mortgage industry. Produced by www.Page1Listings.com
mortgageapproved.blogspot.com No Doc Mortgage Loans. What Are They? - Mortgage Broker Los Angeles
Fitch Ratings estimates low-doc and no-doc loans now represent 8-10 per cent of the $ 1.2 trillion national mortgage market. That's between $ 96bn and $ 120bn. boom-time low-doc loan frenzy unravels
When it comes to mortgages, there are more than a few considerations that you have to make especially considering your capacity to make the payments and whether or not you will be able to obtain the loan at all. No doc mortgage loans might be the best option for you if you are hoping for a transaction that requires a lot less paper work. With this type of borrowing, you do not have to present documents that would signify your employment situation and financial capacity.
If you are thinking of taking out this type of loan, there are certain disadvantages that you have to deal with, one of which is the expected higher interest rate. This is the only real drawback of this arrangement since the creditor will be basing your credit worthiness solely on your credit score. Granting that you have a score that is at least 600, you can apply for no doc mortgage loans and most probably get approved.
The thing is that it is not enough that you have ascertained that you are going to be approved for a loan.
You also have to consider getting the best possible rates and terms for the mortgage that you are applying for. You need to utilize all possible resources in order to know which particular creditors will be able to give you the best possible deal. There are available quotes that can be obtained online as provided by the credit companies that cater to inquiries.You might think that applying for no doc mortgage loans is an opportunity for you to be able to buy a more expensive house than you can afford since you do not have to disclose your income to the creditor. In truth however, this is not at all the case because you will have to endure a very stringent set of loan terms as well as a significantly higher interest rate as a form of safety net for the creditors.
You have to understand that this is merely a chance for you to make the process easier to get through with than what people usually do. Recommend No Doc Mortgages Explained Issues
