Privacy and Mortgages

Privacy is an important aspect of our everyday life. Recently the need for privacy has increased with the drastic increase of identity theft. Many people do not feel comfortable disclosing their financial history to lenders when in the process of buying property or requesting a loan. So many scams are set up to steal identities that even a bank is suspect to our suspicions when asking for personal information. There are also those of us who have trouble documenting our income and expenditures, but the good news is that there are numerous mortgage options available to you if this is your situation. The most popular options are no doc loans, stated income loans and no ratio loans and each serves a different purpose.

Those of us in need of a mortgage who have trouble documenting our income and expenditures should consider a no income or a stated income loan. With these types of loans you are not required to document your income, but you need to have a excellent financial track record. You will need a credit score of at least 680 as well as a fairly long credit history. Privacy does come with a price, however as the interest rates on these loans will be a bit higher than the norm and a down payment may also be higher depending on which mortgage option you choose.

Those of us who can verify employment within the past two years may also wish to opt for a no ratio loan as they require proof of employment and assets. Your job description must show that you have the ability to repay the mortgage, but your actual income does not need to be disclosed so long as your occupation and assets are significant enough that you can handle the monthly payments. You should have a credit score of at least 680 and you will have to list your assets such as money you have in the bank, stocks and bonds and real estate. The interest rate on these loans is higher than the rate for a traditional mortgage.

If you do not want to disclose your financial history, a no ratio loan or a no doc loan can truly benefit you when applying for a mortgage. Your privacy may be worth the slightly higher interest rate.

My Mortgage Banker is a nationwide direct lender offering many different loan products including Stated Income Loans, Super Jumbo Loans, and Interest Only Loans as well as traditional financing. My Mortgage Banker is a division of a federally regulated commercial bank and has the capability to approve and fund loans quickly.