An Overview Of No Doc Loans

No doc loans offer privacy when you are trying to get a loan. These loans come with a high interest rate but if you are in a strong financial position they could be ideal for you. They are the opposite of foreclosure loans which people take out when they are about to lose their homes. No doc loans are often taken out by people who have a lot of savings or an good or excellent credit score. The process is easier and they can keep their assets private. Generally people are aware that this type of loan has a higher interest rate than average.

Given the economic state of the world at the moment it is not surprising to find that most mortgage companies do not offer these loans. The ones that do have a strict qualification process, so you will have to meet their standards in order to be eligible for a no doc loan. If you do try to get such a loan you will not need to provide any information other than your social security number and your name. Once they have information about the house the company will take care of everything else. It is important that you have a sufficient amount of money to be able to cover a down payment.

There is a range of no doc loans from which you can choose, and often the wisest choice is a home equity loan. This is based on the value of your house and it takes into account the money you have already paid into it. It is also based on how much the value has risen due to home improvements or other factors.

Overall a no doc loan can be useful. If you have healthy finances you may wish to look into them. However, be aware that it is more difficult to qualify for them than it was in the past.