LOW DOC COMMERCIAL LOANS

"Low-doc and no-doc mortgages -
you pay a little more, say a lot less"

Memo to self-employed masons and self-made millionaires: there's no need to panic when it comes to buying a home.

Lenders want to make a buck from anyone they can, including people who either can't document a steady income stream or choose not to for the sake of privacy or simplicity. In that spirit, many offer tailored mortgages that don't require borrowers to produce forms showing how rich they are.

And today, they're easier than ever to apply for and obtain.
" for some self-employed people, the computer doesn't even ask for tax returns. It's amazing how little information is required."

One of many mortgages designed for people with special needs, no-income verification loans and their brethren allow borrowers to forego the time and effort of culling tax records, bank statements, brokerage reports and other forms for their lenders.

How they work

Some of these "low-doc" or "no-doc" mortgages allow customers to simply "state" their income by filling in a blank on the application. Others go so far as to not require any information about income, assets or even credit. Each step down the ladder requires the borrower to put either more money down or accept a higher interest rate. Yet the penalties aren't as harsh as they once were and the application process is much less painful than before.

"You don't have to offer your firstborn as collateral anymore," says Tom Thiele of Global Finance Company "The rates, they don't with every little thing give you a markup, and finally, very recently in the last two to three years, they have finally allowed your credit to carry you. The higher score, the more desirable you are.

"Now, it's very much more relaxed," he adds.

So who might want to look into low-doc products? Surprisingly, lenders say, a wide range of people. Self-employed businessmen and women who don't have the two-year track record required for conventional loans may need them. Active stock traders who don't want to share their financial history and complicated tax returns with a lender fall into this category as well.

NEWS: we now offer Low Doc Leasing options!

To find out more information on how Global Finance can assist you please contact us directly on 1300 885 343 or try the easiest loan application ever!

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