|
Low Doc Home
Loans If you take out a
'low-doc' (low documentation) loan you won't need to give your lender or
mortgage broker as many documents to prove your income, assets and
liabilities.
You still have to apply in
writing and sign your loan agreement, but you may not be required to produce
payslips, tax returns or other proof of income as with traditional full doc
loans. You are usually required to state your income - a process called
self-certification.
Low-doc loans can help if you do not qualify for a standard loan. It is
important to understand that Low Doc Loans generally have a greater deposit
requirement and also come at the cost of a slightly higher interest rate.
.
|
