How to Secure Mortgage Refinance Loans with No Income Verification?

Mortgages for No Income Verification

In mortgages with no income verification, applicants of these loans are not supposed to provide any documents surrounding their sources of income. These also go by the names of stated-income type of loans or no-doc kind of loans, as borrowers have no proof of income mortgage.

There are, however, 4 broad kinds of loans that fall under this category:

1. SIVA – ‘Stated Income, Verified Assets’: This kind of loan comes in handy, when verifiable assets can be provided by the applicant, and for people with a personal bank account.

2. SISA - ‘Stated Income, Stated Assets’: With income that is significant, and assets that are not easy to document, this kind of loan comes into play. The lender does not, then, require any documentation and provides the loan. Owners of small businesses often reply on these kinds of loans.

3. NIVA – ‘No Income Verification, Verified Assets’: Assets that are verified but undocumented income, is what falls under this category. The income is not considered like the assets are and the respective loan is, still, provided, with no income check mortgage.

4. NINA- ‘No Income Verification, No Asset Verification’: Now for people who can neither provide the appropriate documentation for their incomes, nor for their assets, these loans come into play. Collateral is considered hugely in this case along with other factors that are non-income.

The History of Such Mortgages

The years preceding the market crash of 2008, these loans started gaining popularity. And even though, these loans came into play for people whose income was turbulent dour to unavoidable factors, lenders also started having unqualified borrowers, as this served as a shortcut means for them to get their loans approved, with no income verification mortgage refinance.

The Availability of Such Loans

These loans are not generally offered by a lot of unions or banks, as they might seem dicey for people who are looking for credible borrowers and banks, specially run tight checks on the documents and make sure to verify them. However, there still are few lenders who look forward to these kinds of loans and are willing to approve them without any documentation. Even though, the risk rate is pretty high in these cases, some people are willing to do so, along with no income check refinance mortgage.

Should People Explore These?

For people who are self-employed or seasonally employed, these kinds of loans are worth going through. Also, for people who have trouble in sourcing the correct documents on time, these kinds of loans can come in handy and help a lot of people. However, people with unstable incomes should not just be completely dependable on these loans, or misuse them in the wrong manner.

What Exactly Is Hard Money? Private money or hard money refers to loans funded by private parties. Borrowers, when they do not have ample amounts of time, can depend on these sources, and although, heavy rates of interest are demanded, people in desperate circumstances have to depend on hard money, as they either cannot provide the required documentation or are in dire need of such kinds of loans. For more information on this visit at MortgageRefinanceBadCredit.com.