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National City Mortgage - Frequently Asked Questions

Get answeres to the most frequently asked questions about your mortgage.

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Mortgage Questions FAQ

FAQ4Mortgages.com will help answer all your mortgage related questions.

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Mortgage Rates, No Doc Home Loan - What Should You Accept?

What is a reasonable mortgage rate for a no doc home loan? Should you be able to get a great rate or will it be higher than the normal rates? Here are the top 3 things to look for with mortgages rates on no doc home loans.

Tip #1

Expect your rate to be higher than someone that is willing to prove income, verify their job, and have their credit checked. If you are trying to get a no doc home loan, then you have to expect your rate to be higher because the risk is greater for the mortgage company. They have to know that they are going to make more money from interest on your loan to balance out the risk.

Tip #2

When applying for a No Dock Home Loan, you are most likely going to have to have your credit checked. There are very few companies that will allow you not to have your credit checked and they require a lot of equity. They also won't give you as much of your home value for a loan. Your credit score is going to have to be around 700 or higher, sometime you can get away with 650, but that is about the lowest it will go.

Tip #3

Expect your no doc home loan to take longer than a regular loan. These loans usually have to be approved by a higher up manager and sometimes that can take a few days to a week or two. Sometimes you can get lucky and land a no doc home loan that is quick and easy, but they usually are just as difficult as a regular mortgage.

So now you have three things to expect when applying for a no doc home loan. Mortgage Rates on a no doc home loan will be higher, your credit will most likely be checked, and these types of loans can take a longer amount of time. So now all you have to do is find the no doc home loan that fits you.

Get a free quote on mortgage rates, for a no doc home loan here:

Mortgage Rates, No doc Home Loan

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