In the earlier years
of the new millennium when global recession was yet to rear its ugly head and
strike terror into the hearts of all, no income verification mortgages had
become quite popular. As per the nature of these loans mortgages were provided
to just about any and everyone out there without even verifying if they had the
income or financial means necessary to pay the loan back. What happened later
on is history. These days, you might not come across these loans anymore but it
is still possible to get best no income verification mortgage. These loans are
high risk to say the least.
Quite often it has
been seen that borrowers have taken loans that they have been unable to pay
back. This is one major reason why so many lenders out there have done away
with the very concept of loans without verifying the income of the person who
is borrowing. However, this does not mean that there is no lender out there who
will not provide a mortgage without verifying your income. Yes, it is still
possible for you to get mortgage
without income verification. However, it also needs to be acknowledged
that these loans can be harder to procure.
These loans are
normally only provided to borrowers who happen to be self-employed. The amount
of down payment that needs to be paid in these cases is quite significant as
well. At the same time your credit score should be right up there with the very
best as well. It also needs to be remembered in case of these loans that the
rates of interest are really high. This alone can make these loans such
unattainable propositions for so many people out there. Still, there are people
out there who are always looking for no
doc mortgage companies.
For example, let
us consider that a normal mortgage has a rate of 6 per cent. In that case one
of these loans might well have a repayment rate of 10 to 12 per cent. For more
information on no doc refinance, mortgage loans please visit Mortgagerefinancebadcredit.com
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