No Income Verification Mortgage: For the Non Traditional Borrower

2007-03-08 10:33:40

( Financial )



THE ALTERNATIVE ROUTE

A no income verification mortgage is designed for those who earn their income through alternative means aside from the regular employee route. No income verification mortgage caters especially to those who are working at home, have their own small business, or have a free lance job.

Banks and lending companies have designed no income verification mortgages and loans to address a gap in the industry. Banks recognize the fact that there are situations where individuals who earn good, regular income cannot present standard documents to verify their cash flow. To remedy the situation, a no income verification mortgage plan was created so as to provide financial services to people who are not regularly employed but earn good money otherwise. These people are just as financially capable of paying their financial obligations, and should not be denied such services just because they earn their income in non-traditional ways.

TAKEN AT FACE VALUE

No income verification mortgages are also referred to as stated income mortgages. These no income verification mortgages are taken at face value; there is no need to submit employee documents, like company pay slips to verify your monthly income.

Of course when you avail of a no income verification mortgage, you will still be required to submit a list of assets and existing bank accounts. This is important because the assets you declare will then become the basis of your financial standing. It would also help if you can submit other documents like credit card billing statements and other loan statements. Doing so is a good way to prove your reputation as a responsible borrower.

The process for applying for a no income verification loan is similar to the process for standard types of mortgages. To make the process easier for you, it is better that you ask all the required documents and have them at hand when you apply.


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