If you are
running a business of your own or living primarily off tips and commissions
then it would be difficult for you to qualify for regular mortgage loans. This
is because, lenders, in these cases, would want you to furnish details of a
regular and steady flow of income.
In businesses and commission based
industries it becomes difficult to furnish details of such a steady income flow
and this makes you the right candidate for low doc mortgage loans. The low
document mortgage home loans are meant for those who are looking to qualify for
a mortgage loan but they do not really have a regular income (the proof of
which can be furnished to the lender as a credential).
The low
documentation mortgage is absolutely ideal for those who do not have a
regular income, per say. You can just write down the amount that you earn on an
average and show it as your income – while you’re looking forward to secure
mortgage loans. However, it is important to remember that you should consider low documentation mortgage loans ONLY
when you are eligible for the same. For instance, many a times the lenders
themselves will try to resort to this whole low doc mortgage thing because you
are unable to qualify for a mortgage loan with your present regular income. Do
not fall for such temptations.
The low
document home loan might as well carry higher rate of interests than that of the
regular ones (quite obviously so). However, you are getting a mortgage loan at
the end of the day. Don’t forget that. Educate yourself more about the several
aspects of these loans in order to make an informed decision when it comes to taking
home loans. Hopefully, we have been able to guide you to a certain extent in
this regard as well.
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