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No Doc Mortgage Refinancing
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Easy Mortgage Calculators
First Mortgage Trust have developed a number of diverse calculators over the years not only to improve the quality of their clients online experience but also in response to client, consumer and third party requests. Among the calculators are Mortgage Payment Protection, Bridging Loans, Secured Loans, Buy To Let Rental and Mortgage Calculator, Affordability and budget, How much can I borrow, month... Read mortgage refinance article
Most affordable housing market
For a consumer, it is always disappointing to know that she could have bought something for a lower price, but would not be unable to do so because she already has purchased the product. The same sentiment also applies for buying houses.
There are many factors to consider before complaining. The location, for example, can significantly affect the price of a house. Two houses of the same... Read mortgage refinance article
No Doc Mortgage Refinancing
No doc mortgages are ideal for self employed homeowners that have trouble documenting their income or even those that value their financial privacy. These mortgages are called stated income mortgages and require very little documentation for approval. Here are the basics of no doc mortgage refinancing to help you decide if a stated income mortgage is right for you.
Many self employed homeowners have trouble documenting the necessary income to qualify for a traditional mortgage refinancing. Stated income mortgages usually require that the lender have a recent appraisal for your home and your credit score to make an approval decision.
What Are No Doc Mortgage Loans?
No doc mortgages are a type of specialty mortgage that requires very little documentation to qualify. Traditional mortgage lenders typically require verification of employment, income, and assets before approving your loan. Many homeowners cannot provide the necessary documentation due to self employment, or value their privacy and will not document their income and assets.
No doc mortgages come with higher interest rates because the lender assumes more risk by not verifying your details; additionally, you will need to have excellent credit to get your application approved. A mortgage broker could assist you in finding the best no doc mortgage for your situation; however, you need to watch this person like a hawk to avoid overpaying for the loan. Mortgage brokers routinely inflate the interest rate you receive to boost their revenues. Ask your Mortgage broker to see the written guarantee from the wholesale lender to ensure you are not paying retail markup of your interest rate. You can learn more about your no doc mortgage options, including costly mistakes to avoid by registering for a free mortgage tutorial.
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100 Percent Mortgage Financing
100% mortgage financing is easier to secure in California than in many other states, even with the average California home price at $467,000 as of October 2006.
Many lenders are willing to provide mortgages with no down payments based on a good credit score and solid savings. But even if you don't have those, you can still get financing help through one of California's many government programs.
Pick Your Mortgage Financing Plan
100% financing of your home loan can be achieved in several ways. You can apply for complete financing with one mortgage. The home loan lender may or may not require you to pay closing costs.
Another option is to take out two mortgages. The second mortgage can be with a different lender. For those with poor credit, this is the easiest way to secure a no down payment loan, since the risk of the loan is carried by more than one lender.
Look Into California Financing Programs
California's state and local governments have come up with several programs to help people buy a home. Licensed California financing companies, which include many national and local companies, can help you apply for these programs.
California's Extra Credit Teacher Program is one such program. The state will help teachers who are first-time home buyers by offering 30 fixed rate loans at an interest point below market rates and a 3% second mortgage. In effect, a California teacher can get 100% financing for their new home.
There are also 100% financing programs for high cost county residents, low income families, and first time homebuyers.
Compare Quoted Mortgage Rates And Fees
With 100% financing loans, mortgage lenders will quote you a wide range of rates with a variety of fees. These fees may be a hidden cost of the loan, wrapped into the principal amount. Or they be paid at closing, usually qualifying you for a lower rate.
In order to find the lowest costing loan, compare mortgage loan estimates. Then take a look at the APR, which includes both the rate and fees of the loan. Most lenders provide loan quotes online, so it takes only a few hours to get dozen of offers.
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No Doc Mortgage Refinancing
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