No doc home loans

No Doc Home Loans


No-documentation home loans or no doc home loans are similar to low doc home loans. Only a bare minimum paper work is required to obtain this type of loan. Self verified income is accepted by lenders and usually a loan up to 60% of the value of the property can be obtained.

As the risk for the lenders is much higher when approving no doc home loans, the interest rates are higher as well. Mortgage insurance is another cost borrowers should consider when applying for this loan.

If all loan repayments are made on time for a couple of years, it is possible to refinance with lower interest rates.
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No Doc Home Loans





 

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