Getting a home loan secured is one of the toughest tasks ever. However, a stated income or no doc mortgage loan makes the process a lot easier. When you have your income stated and a documented credit score, chances are that you would qualify for the loan. And to make the process even easier, online mortgage lenders are available. On these websites you can compare all the rates for the mortgage and can get the best possible rate. Easy enough, isn’t it?
It is not so much difficult to apply for stated income mortgage. You just need some paperwork done in order to verify your credit score and employment status.
In order to apply for this kind of loan, you need to provide some mandatory paperwork which is needed to verify your employment and credit score.
Your being employed is a necessity. Self-employed individual can easily qualify. The only thing required there is to show your income, which should be competitive in the industry in which you are working.
To secure this loan, you also need to verify your employment. Entrepreneurs stand a higher chance of being qualified. You should also tell about your income which should be very well in sync with others in the same field.
There are various mortgage lender websites which help you to get the best rates, apply for loans, request for quotes and get quotes. To start on any of these websites all you need to do is fill out an online application form that requires some primary personal details which are kept secured on a server. After your application is processed you get the final paperwork mailed to you which you can review at your ease and approve if you like.
To start the process of finding the best lender, you can very well start with a mortgage lender website. On these websites they just require some basic information like your loan amount and your expected income. This information leads the lenders to put a basic quote to start with. Going through this process is very flexible, convenient and effective at the same time.
Once you have decided upon which lender to go with, you can either pre-approve your stated income mortgage i.e. apply for the loan and look for a house only when your loan gets approved. The other method is to look for the property first and then apply for loan. The latter option has risk of your application being rejected so it is always safe to go with the first option.
Check out more of this writer’s articles on things including stated income mortgage and south florida real estate.