Resources: Home Loan Types
Low Doc Home Loans
With people self-employed or employed on contract their income patterns do not let them qualify for a traditional type of loan.
A low documentation loan allows them to self-certify their income and avoid the trouble of providing current financials every time they wish to borrow. Fees and the interest rate are higher but time and stress are saved.
Advantages
- No financials need to be given to the lender.
- Fast access and greater flexibility is granted to the borrower.
- Irregular income sources are considered.
Disadvantages
- High interest rates and fees.
- The risk of over committing due to income fluctuations.
Let a ratesonline broker contact you about a Lo Doc Home Loan.
