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Stated Income Mortgage Loan - Get Approved Online
A stated income or no doc mortgage loan allows individuals
with difficult to document income to buy a home. With a
documented credit score and reasonably stated income, you can
qualify for a mortgage at a slightly higher rate. Online mortgage
lenders allow you to easily compare rates on stated income
mortgage loans, guaranteeing that you get the best rate.
Getting Started
To apply for a stated income or no documentation mortgage loan
you will need to provide necessary paperwork verifying your
credit score and employment. You must provide your social
security number since your credit worthiness is based almost
entirely on your credit score. Typical stated income loans will
require a credit score of at least 680, but some lenders will
offer loans for scores as low as 580.
You will also need to prove you are employed - self-employed
individuals qualify. You will need to disclose your income, which
must be reasonable in your profession.
Finding Mortgage Lenders
Just like with any type of mortgage loan, it pays to compare
lenders' rates and fees. Even a quarter of a percent difference
can save you thousands over the life of your mortgage. However,
you also need to factor in fees when comparing lenders. Fees
often hide the true cost of a mortgage loan.
To quickly find lenders, use a mortgage lender website to
request basic quotes. By providing the loan amount and your
estimated income, lenders will give you a generic mortgage quote.
Online mortgage lenders allow quick shopping from the convenience
of your home.
Getting An Approved Loan
Once you have found a mortgage lender, you have two options.
You can apply to be pre-approved for your stated income mortgage
loan or you can find your house and then apply for a loan.
Pre-approved borrowers increase the chance that their offer will
be accepted when buying a home.
When you are ready to apply for your mortgage loan, you can
complete your application online by entering your personal
information over a secure server. Final paperwork will be mailed
out to you to review and sign. Once notarized, you send the forms
back to the lender for their final approval.
To view our list of recommended mortgage lenders who have
stated income loan programs online. Visit this page: Recommended
Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Choosing The Right
Mortgage For You
This article will help you understand the differences
between a variety of mortgage options. There are many
different mortgage products offered by the various lending
institutions in Canada, so you may not know what features
to look for.
What is a Homeowner
Loan?
If you are a homeowner, it couldn't be easier to apply for
a Homeowner or Secured loan. Secured loans - i.
Home Loans for Credit
Challenged Borrowers
Just because you have negative items on your credit report
doesn't mean you can't obtain a home mortgage loan. There
are options for you.
Should You Choose to
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Refinancing has become a valid option for many individuals
with high interest rates on their mortgage. Refinancing is
essentially a replacement loan, with a different lender and
(hopefully) a lower interest rate.
First Time Home Buyer
Loans Made Easy
When it comes to first time home buyer loans, a little
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Residential Mortgage -
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Most people approach the act of getting a home mortgage
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Home Equity Loans -
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Real estate prices are rising across the country, and
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Mortgage After
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Most people probably assume that obtaining a mortgage to
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Applying Online For A
Home Loan Can Give You an Instant Approval
"Instant Approval For Home Loans" is a common refrain for
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A Mortgage Loan For
Homes
Everybody wants to own a house because it is something that
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borrowing money from banks, lending offices and finance
institutions.
Five Things Never To
Tell Your Mortgage Lender When Facing
Foreclosure
1. Never discuss your household finances over the phone
with the collection department.
Should You Get an
Interest-only Home Mortgage?
Before you consider taking out an interest-only mortgage,
you should first understand what they are. Unlike
traditional, fixed-rate mortgages, interest-only mortgages
allows the borrower to initially pay the interest on the
principal for a short period of time, rather than making
payments on both the principal and the interest.
Flexible Mortgage
Tips
Outlined below are some useful flexible mortgage tips. The
most prominent addition in recent years to the mortgage
industry has been the flexible mortgage.
Bankers Don't Want You to
Know That You Pay for Your No Cost Home Loan
Forever
With mortgage rates continuing on a downward trend, the
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Buying a Home and committing to a Mortgage can be very
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The purchase of a new home is one of the most important
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Reasons To Get A Home
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Using a home equity loan really depends on what your needs,
wants and desires are that prompt you to take the home
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