Home Loans
No Doc Mortgage Refinancing: How This Mortgage Loan Can Protect Your Privacy
(presented by www.refinance-refinance.net - mortgage lenders)
By Louie Latour
If you are concerned about protecting your identity and your right to privacy, a no doc mortgage loan could be right for you. No doc mortgages allow you to borrow without disclosing sensitive personal information about your finances. Here is what you need to know about no doc mortgages.
When you apply for a traditional mortgage loan the lender will ask for a lot of documentation about your finances. The lender will want to know where your money comes from, how long you have worked at your job, what assets you have, and what debts you have. Mortgage lenders require this information to evaluate the level of risk you pose to them as a borrower.
Many borrowers are unable to provide this information or choose not to. If you are self-employed for example, you may have trouble documenting your income. Many homeowners that can document their financial information value their privacy and choose not to disclose this information to the lender. These homeowners seek financing from specialty mortgage lenders in the form of a No Income, No Asset mortgage loan. Because these loans are offered through specialty mortgage lenders they typically require a larger down payment, higher points, and a higher interest rate.
When you apply for a No Income, No Asset mortgage loan, the lender will not require documentation regarding your employment, assets, or income. The mortgage lender will run your FICO credit score and check the appraised value of your home. The mortgage lender has very little to go on when evaluating your application so the interest rate you qualify for will be as much as 3 percent higher than a comparable mortgage from a traditional mortgage lender.
If you value your privacy and have excellent credit, this could be the mortgage loan for you. To learn more about your mortgage options, including common mistakes to avoid, register for a free mortgage guidebook.
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To get your free! Louie Latour specializes in showing homeowners how to avoid common 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 Refiadvisor.com. Claim your free guidebook today at: http://www.refiadvisor.com |
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