Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?
When you're shopping for a new home—especially for the first time—all the terms and expressions may be confusing and difficult to understand. Adjustable rate, fixed rate, balloon payment - how do you decide which is the right type of home mortgage...
How to Locate Low Interest Loans UK
Low interest loans UK are a boon to anyone who is in need of a little extra money for whatever reason... they might be buying a house or a car, or attempting to consolidate other debts, or perhaps they need the money to pay for home improvements or...
How to Pay Off Your Student Loans and Reduce Your Debts
Financing a college education is one of the more expensive debts you may incur. Student loans can take years or even decades to pay off. Making late payments or missing payments all together can result in a poor credit rating and collections on your...
Mortgages and Mortgage Loans
Mortgage loans are readily available to homebuyers wanting to purchase a home and mortgages are available through several different lending agencies. Mortgage loans are now being promoted online with the Internet, as the Internet has brought a...
UK loans guide - channelising your rising budget in a productive manner
Every unknown road needs a milestone to configure where it leads. Every loan type in UK requires a guide to steer through the loans market. The vastness of loans in UK is exhaustive. Loan borrowing in UK is growing by the day. Loan process has been...
Stated Income and No Doc loans
Lenders are interested in mainly 3 things – the borrowers’ income, employment and assets. If the borrower can document those items and the lender can verify them, the loan is considered relatively low risk. This type of full documentation loan is the standard for most borrowers.
The stated income or no doc (no documentation) loan was initially designed for people who are self-employed and have difficulty documenting their income. If you are unable to or do not wish to document either income, employment or assets, then a stated income or no doc loan is the way to go.
Here are some types of these loans requiring reduced documentation:
1) Stated Income, Verified Assets (SIVA) – income is stated only, assets are stated and verified
2) Stated Income, Stated Assets (SISA) – income and assets are stated only and not verified
3) No Ratio – we have heard of two types of no ratio: one with income and
assets stated and verified, and the other with no income stated or verified.
4) No Income, No Assets (NINA) – no income or asset information is stated or verified. Loan approval is based on credit score and down payment. Some lenders do require proof of employment while some do not.
5) No Income, No Employment, No Assets – this is considered a “true no doc” where no income, employment or asset information is stated or verified.