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Get the inside scoop onland mortgage rate comparison
Stated Income Mortgage Loan - Get Approved Online
A stated income or no doc mortgage loan allows individuals with difficult to document income to buy a home. With a documented credit score and reasonably stated income, you can qualify for a mortgage at a slightly higher rate. Online mortgage lenders allow you to easily compare rates on stated income mortgage loans, guaranteeing that you get the best rate.
Getting Started
To apply for a stated income or no documentation mortgage loan you will need to provide necessary paperwork verifying your credit score and employment. You must provide your social security number since your credit worthiness is based almost entirely on your credit score. Typical stated income loans will require a credit score of at least 680, but some lenders will offer loans for scores as low as 580.
You will also need to prove you are employed - self-employed individuals qualify. You will need to disclose your income, which must be reasonable in your profession.
Finding Mortgage Lenders
Just like with any type of mortgage loan, it pays to compare lenders rates and fees. Even a quarter of a percent difference can save you thousands over the life of your mortgage. However, you also need to factor in fees when comparing lenders. Fees often hide the true cost of a mortgage loan.
To quickly find lenders, use a mortgage lender website to request basic quotes. By providing the loan amount and your estimated income, lenders will give you a generic mortgage quote. Online mortgage lenders allow quick shopping from the convenience of your home.
Getting An Approved Loan
Once you have found a mortgage lender, you have two options. You can apply to be pre-approved for your stated income mortgage loan or you can find your house and then apply for a loan. Pre-approved borrowers increase the chance that their offer will be accepted when buying a home.
When you are ready to apply for your mortgage loan, you can complete your application online by entering your personal information over a secure server. Final paperwork will be mailed out to you to review and sign. Once notarized, you send the forms back to the lender for their final approval.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended mortgage lenders who have stated income loan programs online. Visit this page: http://www.abcloanguide.com/mortgageloans.shtml
More Useful Resource and Updates on land mortgage rate comparison
- Business Briefs: Mortgage rates drop, reports (The Oklahoman)
Nation Mortgage rates drop, Freddie Mac reports WASHINGTON ? Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week. Thirty-year mortgage rates hit a high for the ...
- Mortgage Rates Drop (The Lakeland Ledger)
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week. For 15-year, fixed-rate mortgages, which are popular with...
- Mortgage rates drop to average 6.2 percent (AP via Yahoo! Finance)
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6.
- Rams Home Loans drops variable mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams? standard variable home loan has dropped 0.6 percentage points to
- Mortgage rates drop slightly in week (UPI)
WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.
- Rams Home Loans drops mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams' standard variable home loan has dropped 0.6 percentage points to 7.59 per cent, while the interest rate on Rams' basic home loan is now 6.99 per cent.
- Business briefs: 30-year mortgage rate stays the same (The Sarasota Herald-Tribune)
SOUTHWEST FLORIDA -- The average rate for a conventional 30-year fixed mortgage on a owner-occupied, single-family home with 20 percent down late Monday was 6.375, the same as it was on Friday, Sarasota's Sentinel Mortgage reported.
- St George cuts home loan rate to 7.74% (The West Australian)
St George Bank Ltd has cut its standard variable mortgage interest rate by 62 basis points. The rate will fall to 7.74 per cent, from November 14. The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.
- Mortgage rates drop; 30-year averages 6.20% (USA Today)
Mortgage rates dropped this week, providing a dose of welcome news to prospective home buyers.
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