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Thursday, 9-Jun-2011 08:58 Email | Share | | Bookmark
What Are The Types Of No Doc Mortgage Refinance Loans?

Are you struggling badly to find a traditional mortgage loan? If yes than you shouldn't worry since easily be eligible for a a no doc or low doc mortgage loan. This loan is unconventional type of loan also it is different from other loans. The traditional mortgage lenders usually require income documentation while applying for a loan. The borrower has to submit documents like pay stub from the employer and also the bank statements which show the assets. But such documents can't be supplied by a self employed or a individual who pays on a commission basis. Thus such people can benefit from No Income Verification Refinance .

The no doc mortgage loans vary from the standard mortgage loans simply because they require less documentation of income and assets for qualification. Under this no income verification refinance the lender carries high-risk and therefore borrower’s charges high interest rates and costs to less their risk. These loans also need a high deposit and they fall under three basic category: No income/asset loans, no ration loans and stated income loans.

Types of no doc mortgage refinance loans

Income/asset loans don’t require details about the income, assets or even the employment status. The mortgage lender usually relies on the credit score to make a ultimate decision. Thus people who have excellent credit rating can apply for such loans.

Next comes the ration loans, these loans don’t require the applicant to state his income because the lender don’t look at the debt to income ratio. The lender needs documentation from the assets, debts and also the employment status to approve the loan and also the interest rate attached on such loans are usually higher. These financing options are also referred to as low doc mortgage refinance loans.

Stated income mortgage loans are also different kind of no credit assessment mortgage loans. You are able to declare your income without providing proof under this loan. The fundamental requirement of this loan is employment history along with a deposit to qualify.

You may also apply for governent mortgage refinance, FHA Refinance Loanand many more refinance programs.


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