For privacy, pick no doc home loans

 What exactly are no doc home loans?  Traditionally, when you go and apply for a loan or mortgage, the more documentation you provide the bank or lender, often the lower the interest rate.  If you opt for no doc home loans or mortgages, you will pay higher interest rates.  A number of people who apply for these types of loans often have good income, savings and credit history.

No doc home loans appeal to homebuyers who want to maintain their privacy as they don’t provide much information.  Most often they provide their name, social security number and some information on the property being purchased.  They also want an easy process and are willing to pay a higher rate. 

There are 3 main types of low doc or no doc home loans.  No doc loans require the least amount of information and documentation.  It is up to the lender to get most of the information.  These loans are perfect for people who want to maximize their privacy.  Stated-income loans are great for people who work on a cash basis or are on commission.  No ration loans are for people who don’t want to disclose their income to the lender.  They often have good credit and assets but want to keep their income private.