When Is It a Good Time To Go With a Stated - No Documentation Mortgage Loan?
When you have a concern about privacy
When you seek to obtain a stated/no doc loan, you don't have to give up as much personal information. Thus, you're able to save some of the headache associated with identity theft. A stated/no doc loan might only require a simple credit check in order to offer you the loan. So you don't likely have to provide a lot of personal information like income verification and debt spending, to protect your privacy.
When you have a complex financial life
Many people who have a lot of money have more complex financial lives than those who have less money. When you apply for a traditional loan, you'll have to explain a lot of items in your financial life. Obtaining a stated/no doc loan might make more sense for those who have complex financial lives, because it saves your time and money on creating extensive explanations about specifics found on your financial record.
When you don't have a regular paycheck
Those who don't have a regular paycheck might also find that going with a stated/no doc loan is the way to go. With a traditional mortgage loan, your lender will want to see how much you earn each month at your job. If you have a sales job or own a small business or have some other means of income that is inconsistent, you won't have a paycheck that is the same amount every month. A stated/no doc mortgage might work best for someone who doesn't have a regular set-amount paycheck, as that person just has to state how much he earns each month on average, and the loan is granted. No additional paperwork is needed.
Related Tags: mortgages, documentation, no doc, stated
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