No documentation loans are for people who are looking to keep their financial condition under wraps. These loans are also easier to get – as their name would suggest – but there is a rider to this.
The rates of interest applicable for these loans are significantly higher than what you get in case of the standard loans where a lot of documentation is involved. There are different kinds of no doc loans available in the market. You will get information on no doc mortgage lenders on the internet. Some of those loans may be mentioned as below:
- Low doc
- Stated income
- No ratio loans
These loans have been designed in such a way that they are capable of catering to various classes of people in terms of the standard of employment. Various income classes are taken into consideration over here as well. The name no doc loan can be a little misguiding at times. It does not mean that you cannot provide any document over here. In fact, if you are able to provide information such as proof of employment, credit history, and income then there is a jolly good chance that your rates of interest shall come down significantly. There are plenty of entities these days providing no doc mortgage loans 2016. Read More to Know About Getting Low Interest On No Documentation Mortgage Loans…!
Quite often it so happens that people buying homes on loan are not exactly eager to share their information and offer documents. This is done so that they are able to keep their identity secret. This means that they are okay with even paying a higher rate of interest. However, surprisingly, it has often been seen that these people are financially sound, have a good credit record, and plenty of savings. This is why it can be a little awkward to see such people looking for no document mortgage lenders.
It is seen in such circumstances that the concerned borrower – even if he is financially healthy – does not want his whole credit history and financial situation to be accessible for the lender. It could be that they are using inherited wealth to buy the concerned property. For more information on bad credit refinance mortgage lenders please visit http://www.mortgagerefinanc101.com
No Doc Mortgage Refinance - Know About No Documentation Mortgages 