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A no-doc mortgage loan is one where borrowers are not required by mortgage lenders to provide any income documentation to support their ability to repay the loan. When these loans surged in popularity in the early 2000s, they were extremely helpful to a small percentage of workers with high incomes that could be hard to prove.
A no-doc mortgage is an extinct mortgage product that does not require mortgage lenders to document the borrower’s income or assets. No-doc mortgages are illegal today because they violate the requirement that lenders must verify the borrower’s ability to repay before approving a mortgage.
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to loans that do not require borrowers to provide documentation of their income to lenders or do not require much documentation. It is a financial product commonly offered by a mortgage lender to consumers who cannot qualify for normal loan products because of fluctuating or hard-to-verify incomes, such as the self-employed, or.
These popular mortgage loans were named according to their lack of documentation required. The loans required very few "docs." The most infamous of the no doc loans was the NINJA loan, with No.
No Closing Costs Home Loans Pawtucket Credit Union – No Closing Costs – PCU’s regular mortgage terms and conditions apply. Minimum loan term is 15 years. No Closing Costs offer not available on Quick Pay, construction, Jumbo 30 yr. fixed rate or land loans.
Why should you look for the best home loan rates? While there is no one-size-fits-all best mortgage, working out which home loans most closely match your needs can help you to find the best mortgage.
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No Doc Mortgage Loans The actual "No Doc" mortgage loan is the closest you will find to actually providing "no documentation." If you opt for a no doc refinance you will provide the lender with general information about your home and existing mortgage. The lender will base their decision for approval almost solely on your credit rating.
If you're self-employed or have seasonal income, no-doc or stated-income mortgages are good alternatives to a conventional loan. Read about what types of.
No Doc Mortgage Loans – Learn more about your refinancing options. We can help you by lowering your monthly payment, converting to a fixed-rate loan or changing interest rate.