For those who may not know, a low doc mortgage is a line of credit that is obtained through a company that isn’t a bank. The reason why people find themselves looking for this type of thing is because they may not be deemed worthy by a bank to achieve a line of credit. This can often happen for those who work for themselves and who don’t have traditional payslips. Sometimes banks won’t want to offer a line of credit when the person at-hand has moved around a lot, when they haven’t had a loan before, or when they have recently moved from overseas. This doesn’t mean that someone wouldn’t be able to pay back their loan but unfortunately banks will deem them as unreliable. The good news is that there are plenty of companies out there who are able to help people in this position. While this is great, people will often feel unsure of these types of companies as they are unsure if they are legitimate. Most people have heard stories and even though there is plenty of great businesses out there, people may feel deterred. As this is such an important topic, this article will explore how to find a legitimate low doc mortgage.
Have someone help to look over the contract
When it comes time to organizing a no doc mortgage, it can be a good idea to work with a lawyer who can look over any contracts that are involved. This way everyone involved will be on the same page when it comes to the no doc mortgage. A contract attorney will also be able to establish if the no doc mortgage is legitimate or not. While not everyone will be able to afford to hire a lawyer to look over any contracts involved, it can be a good idea to have a fresh set of eyes before signing anything. More often than not, another person may pick up on things that may have otherwise gone unnoticed. It is especially important to look over the conditions. For example, some places will charge if a payment is late, and people need to know what will happen if they default on the line of credit. While, of course, nobody plans to do this, it is important to know what could happen if the worst case scenario does arise. All sorts of scenarios can arise in life so it is important to be prepared.
See if the company at hand has any reviews
One of the best ways to decipher if a company is going to offer a legitimate no doc mortgage is by seeing if that company has any reviews online. Furthermore, if a business doesn’t have a website at all, this could be a bad sign. There are plenty of websites out there that are dedicated purely to reviewing businesses. Feedback can also be found on Google reviews and usually on the companies Facebook page (if they have one). While it can still be a good idea to have an open mind when reading feedback (people are more likely to leave negative feedback rather than good), if there is a lot of negative feedback then it is likely that the business at hand may not be the best to get a no doc mortgage with. Similarly, it can be a bad sign when a business has no reviews at all. At the end of the day, if a business is happy to go through all of their processes with their clients so that they can clearly understand everything, it is likely that their no doc mortgage process will be legitimate.