No doc mortgages are ideal for self employed homeowners that have trouble documenting their income or even those that value their financial privacy. These mortgages are called stated income mortgages and require very little documentation for approval. Here are the basics of no doc mortgage refinancing to help you decide if a stated income mortgage is right for you.
Many self employed homeowners have trouble documenting the necessary income to qualify for a traditional mortgage refinancing. Stated income mortgages usually require that the lender have a recent appraisal for your home and your credit score to make an approval decision.
What Are No Doc Mortgage Loans?
No doc mortgages are a type of specialty mortgage that requires very little documentation to qualify. Traditional mortgage lenders typically require verification of employment, income, and assets before approving your loan. Many homeowners cannot provide the necessary documentation due to self employment, or value their privacy and will not document their income and assets.
No doc mortgages come with higher interest rates because the lender assumes more risk by not verifying your details; additionally, you will need to have excellent credit to get your application approved. A mortgage broker could assist you in finding the best no doc mortgage for your situation; however, you need to watch this person like a hawk to avoid overpaying for the loan. Mortgage brokers routinely inflate the interest rate you receive to boost their revenues. Ask your Mortgage broker to see the written guarantee from the wholesale lender to ensure you are not paying retail markup of your interest rate. You can learn more about your no doc mortgage options, including costly mistakes to avoid by registering for a free mortgage tutorial.
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Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing - What You Need to Know, " which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit .
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