The Benefits Of Choosing A Non Status Mortgage Solution
There are many people today that receive an income but have no way to prove they do. These can be people who are self employed, artists, musicians or a number of other professions that do not have a built in salary. Some of these people may even be in debt or have bad credit and this shouldn't stop them from being able to get a mortgage loan if they own their own home. Being unable to prove your income can make some banks concerned you may not be able to pay them back when applying for a mortgage loan.
Proof of income is not required when taking a loan under a non status mortgage. Those who have payments that are infrequent or have a payment schedule that is not set will have more of an advantage with a non status mortgage. People with payments from a large settlement or annuity and cannot work will be able to use their home for a non status mortgage.
Anyone that is unable to provide proof of income and some people with bad credit may be able to apply for a non status mortgage. If you will be able to pay back the loan, you will have a greater chance of being able to take out the loan with a non status mortgage. A person who applies for a non status mortgage should not lie about their income status to get a larger loan, as it will adversely affect their credit rating if unable to make repayments.
If you cannot provide a proof of income for a standard loan, then applying for a non status loan may be your solution. Some mortgage options require you to be making a set amount of income, or a certain credit range, but not with non status loans. If you cannot qualify for a standard loan, a non status loan can be an option, so check with your lender.
Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.
Non status mortgage options can be found through your local bank or lending institutions. A visit to your home from an appraiser or representative may be required. There are also options that you can find online that may be of better convenience.
Closing Comments
Getting a non status mortgage loan can be a great help to those who need money right away but have no other options for standard loans. Many lenders are willing to give a non status mortgage to individuals who are able to make the deposit regardless of proof of income.
Proof of income is not required when taking a loan under a non status mortgage. Those who have payments that are infrequent or have a payment schedule that is not set will have more of an advantage with a non status mortgage. People with payments from a large settlement or annuity and cannot work will be able to use their home for a non status mortgage.
Anyone that is unable to provide proof of income and some people with bad credit may be able to apply for a non status mortgage. If you will be able to pay back the loan, you will have a greater chance of being able to take out the loan with a non status mortgage. A person who applies for a non status mortgage should not lie about their income status to get a larger loan, as it will adversely affect their credit rating if unable to make repayments.
If you cannot provide a proof of income for a standard loan, then applying for a non status loan may be your solution. Some mortgage options require you to be making a set amount of income, or a certain credit range, but not with non status loans. If you cannot qualify for a standard loan, a non status loan can be an option, so check with your lender.
Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.
Non status mortgage options can be found through your local bank or lending institutions. A visit to your home from an appraiser or representative may be required. There are also options that you can find online that may be of better convenience.
Closing Comments
Getting a non status mortgage loan can be a great help to those who need money right away but have no other options for standard loans. Many lenders are willing to give a non status mortgage to individuals who are able to make the deposit regardless of proof of income.
posted by Debt Consolidation Loan at
1:44 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home