No Doc Mortgage Refinance Loans - Things You Need To Know!

No doc mortgage loans are for those borrowers who cannot show off their monthly income and the employment source. These loans are a great option for people who don’t want to state their income because they are either self employed or unemployed borrower. These loans are available for purchasing of any single family homes, town homes or even condominiums. Even the investment properties come under this loan but there are different lending criteria for different loans and it also differs with the lenders. Normally for some, the borrower has to pay down high or have higher rates attached. Obama-loan modification provides services for no doc mortgage loans and thus help the needy individual in getting their car of dreams.

No doc mortgage loans are also called as no income verification refinance loans. Here, no documentation regarding the income of the borrower is required. They are underwritten on the basis of the credit score of the borrower and the down payment he provides or the equity of the home or property. Few factors important for granting this loan is the past credit score.

Generally a credit score of 680 or more is needed for granted no doc or low doc mortgage refinance loans. Though many sub prime lenders also offer this loan but the terms and condition differ and it depends on the lender involved.

MortgageRefinance101.com, provide no credit check mortgage loans, also provide this loan but they charge higher interest rates. Usually, the interest rate as high as 2% is charged for no doc mortgage refinance loans. The lender charges higher rates even with good credit score because he takes the risk. As the borrowers don’t want to list his income thus he has to pay higher rates in return to get this loan. Businessmen who cannot document their income can also avail this loan and get the benefits.