What is a reasonable mortgage rate for an undocumented home loan? Should you be able to get a great prize or will it be higher than the normal prizes? Here are the top 3 things to look for in no-document home loan mortgage rates.
Expect your rate to be higher than someone willing to prove their income, have their job verified, and have their credit checked. If you are trying to get a no-doc loan, you must expect a higher interest rate because the mortgage lender is at greater risk. They need to know that they will make more money from the interest on your loan to offset the risk.
When applying for a No Dock Home Loan, you will most likely need to have your credit checked. There are very few companies that will not allow you to have your credit checked, and they charge a lot of equity. They also don’t give you as much of your home’s value for a loan. Your credit score needs to be around 700 or higher, sometimes you can get away with 650, but that’s about the lowest.
Expect your no-doc loan to last longer than a regular loan. These loans usually need to be approved by a senior manager and sometimes this can take anywhere from a few days to a week or two. Sometimes you can get lucky and get a no-doc loan quickly and easily, but they’re usually just as difficult as a regular mortgage.
So now you must expect three things when applying for a no-doc home loan. Mortgage rates for a no-doc loan are higher, your credit history will most likely be checked, and this type of loan may take longer. So now all you have to do is find the no-doc loan that is right for you.