No Doc Mortgages: Protect Your Privacy from Prying Eyes

By: Louie Latour
Submitted: 2007-01-17 16:16:07
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If you value your privacy, disclosing all of your personal financial information to the world may be something you would like to avoid. How can you qualify for a mortgage and protect your privacy? A no-doc mortgage loan is the answer; here is what you need to know about applying for his type of mortgage.

When you apply for a mortgage loan your lender will ask for a lot of personal information. Identity theft is a rampant problem; just turn on the news and you’ll hear about big companies, even the government, losing computers filled with personal financial information. How can your protect yourself? A no doc mortgage could be your answer.

Traditional mortgage lenders use your personal financial information to evaluate the risk in lending to you. This information includes where you work, where you bank, what your salary is, how much money you have in the bank, where you got your down payment, and what other debts you have. Many people are uncomfortable providing this information, and for good reason.

The No-Income, No-Asset Mortgage

This type of mortgage is ideal for people that want to keep their financial information private. When applying for this mortgage you will not be required to provide information about your income, where you work, or how much money you have. The only thing the lender will require is your credit score and the appraised value of your home.

Because you are not providing information for the lender to assess risk other than your credit score, the interest rate you qualify for will be higher than a traditional mortgage. This interest rate will typically be 1-3% higher than the traditional mortgage depending on your credit. This is a small price to pay for people that want to protect their privacy at all costs.

When you apply for a no-doc mortgage it is important to shop around for the best deal. Because lenders have very little to go on when qualifying your for the loan you will find interest rates vary widely from one lender to the next. Pay close attention to lender fees and closing costs when choosing a no-doc mortgage; it is very easy to overpay for these expenses. You can learn more about qualifying for the best mortgage and avoiding common mortgage mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

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Article source: Expert Articles

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