No doc mortgage loans are becoming more and more popular due to the fact that they do not require the borrower to provide proof of their income or employment status when applying for their mortgage. They are available from a number of mortgage lenders, though you may find yourself having to search a bit harder to find the best deals.
Who Needs a No Doc Loan?
No doc mortgage loans are great for those who, for one reason or another, cannot prove their income. For example, you may have made your money earlier on in life through investments, or perhaps you a self-employed or even unemployed. They are also used by people that do not want to divulge their personal financial details. It is a little known fact that while not everyone requires a no doc loan they are actually open to anyone that wants to apply for one!
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Things To Know About a No Doc Mortgage Loan
When you sign up for no doc mortgage loans your income or your assets will not be included on the mortgage form. The bank may check your reliability via your credit score as a way of determining whether you are a trustworthy borrower as well as perform a property appraisal.
Whilst no doc mortgage loans can be an extremely convenient option, there can be a few drawbacks. For example, the lender may charge you a higher interest rate than on a traditional mortgage as a way of protecting themselves. You may also have to make a higher down payment at the time of purchasing your home. However, no doc mortgage loans are still often the best option for many people.
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