Low doc home loans: Now online! [mortgage-assumption.blogspot.com]
The court heard three borrowers received large "low-doc" loans from Firstmac after their mortgage broker, Streetwise, inflated their stated incomes on application ... High Court rules against financier of low-doc loans
www.theloanlady.com.au Michelle Hudson gives expert advice on sucessfully applying for Lo Docs (Low Docs) loans, which are of interest to the self-employed business owners. She explains the circumstances under which lo docs may or may not be suitable for you. Michelle Hudson is The Loan Lady, an independent mortgage, finance and personal loan broker. She is accredited with over 30 lenders, and can help you find the loan that's right for you - 'the loans that the banks don't advertise'! Having worked for the banks prior to becoming an independent finance broker, Michelle is an expert at knowing 'how the banks think' and what is required to get a loan over the line. She has worked miracles for clients in almost impossible time-frames, so if you are stressing out and have been knocked back, you should definitely get in touch. There is no charge for Michelle's service, as the lenders pay a commission to the broker when the loan is approved - so it is in The Loan Lady's interest to help get you over the line! And you won't pay any more than going direct through the lenders directly, in fact you will more often than not get a better deal. Plus, you will get your hand held along the way during what can often be a difficult and stressful time, especially for first time borrowers. Michelle can help you out with your financing or refinancing, no matter where you live in the Sydney Metro area. Phone or text Michelle on 0425 238 217
mortgage-assumption.blogspot.com Mortgage Broker Sydney | Are Lo Docs (Low Docs) Home Loans Dead? | The Loan Lady
Low doc loans are a particular kind of loan for it doesn’t necessitate having any pecuniary documents to be approved for a loan. Because this type of loan does not require any proof of income; it is an uncomplicated and a swift solution to anyone’s finance and mortgage requirements. The process only needs one to sign up and complete a loan application, and needs only a straightforward income declaration. There is no need for to run through the hassle of working on a tax return, pay slips and other financial papers.
Low Doc Home Loans are measured as non-conforming products. However, these products are being offered to meet the demands of the changing way of life and economic trends of the people today. These kinds of home loans are known as low docs because they don’t need many formalities; only a statement that one can afford the monthly payments is adequate.
There are numerous banks and monetary enterprises providing Bad Credit Home Loans and hence the interest rate and permissible formalities vary from one to another.
One has the freedom to select the loan provider as his/her wish. There are some factors to keep in mind while shopping for bad credit home loan. Generally interest rate for these loans is elevated than that of standard home loans. Most of the loan providers love to make available bad credit loans because they get higher amount of interest and home itself as the security for the loan. Hence apply only for reasonably priced loan amount.For Self-employed home loans, lender utilizes diverse estimates for determining monthly and annual income and assets of self employed people, but they keep one thing in mind that certainty of future income is not secured, and will also have a look on at the individual and business tax returns for ensuring validity of self employed loan candidate, where lender calculates an end figure by certain calculation to furnish final monthly income of the borrower to the bank.
Recommend Low doc home loans: Now online! IssuesQuestion by gfowler12002: Low doc mortgage refinance? We'd like to refinance & consolidate the two loans (1st and LOC) on our house to a 30-yr. fixed, which we calculate would save us about $ 1200 per month, a big help for us right now. The problem is, we'd have to go low doc, because the effects of the Great Recession on our investments and sources of income have hurt our recent tax returns, and debt-to-income ratio. However, our property (after it's debts) still has good equity, with an estimated value of $ 450,000 against total debts of $ 290,000. So there's decent loan-to-value, we have considerable cash reserves, and excellent credit scores. Does anyone know of any lenders currently doing low-doc refinance loans based on this criteria? Any insights would be appreciated, thanks. Thanks to all who responded so far, each reply has good points. I thought the response by Tony_W was informative because he rightly pointed out stated income loans with significant equity didn't cause the meltdown. We had a LOT of equity & down payment, in addition to the two income (rental) properties we purchased doing stated income generating enough to cover the monthly payment, taxes and insurance. In my view, stated income loans in general weren't the problem, just the ones given with minimal equity or down payment. The fact they have a bad name now is one thing that will continue to hold down the housing market, unless in time lenders once again start looking at other criteria, instead of just viewing these as "liar" loans. Our situation was strong. Sadly and unfairly, the magnitude of this Great Depression in the real estate market and unfortunately our sizeable exposure to it, eventually catches up with investors like us. We're only trying to be proactive now to avoid problems I've tried three of those mortgage websites advertising "low doc", only to be told they can't do them. I asked them why, then, do they put that on their websites? But the agents I spoke with didn't know or understand why either. Maybe it's just "bait", to generate more responses. I've heard from a couple of other sources they do still exist, though, as Tony_W said in his reply. The problem is, nobody ever names one. I guess if there's truly a chance, it will have to come by my talking to different loan brokers. Best answer for Low doc mortgage refinance?:
Answer by Huntsman
Have you tried going to bankrate.com and clicking on mortgages Also visit bank websites and credit unions
Answer by the kid
What does low doc mean? Low documentation? They need what they need, meaning tax returns to verify your income, and all that stuff. No one will give you a loan without proof of income to pay it back.
Answer by Kerry
should prove interesting cuz low docs are the scourge of the market place due to the their less than stellar history of abuse. the current note holder for you is the first one you should test the waters with and get a feel for what they say about you and your future there...could be rough sledding....anyone really pursuing low doc is telling on themselves to start with. Unless you're willing to plunk down a whole lotta cash to get the note/balance lower, you've got some rough sleddig ahead of you on that one. And do you know that value is todays value or a thing from the past, due to the tumbling prices of houses everywhere?....If I looked at your 290K as debt, I'd turn you down... cuz the rule of thumb is debt ratio is 42% or less and you're way ahead of that .....do the due dilligence there w/them...test the waters.....if they give you a green lite thats a signal you can go shopping the note around, but to my thinking...that debt load needs to take a serious hike first
Answer by Landlord
There is no such thing as a liars loan anymore. You will still have to present good credit, 2 years of income tax returns, proof of monthly income and an appraisal on the house.
