The Benefits Of Choosing A Non Status Mortgage Solution
Getting a mortgage in today's competitive banking and lending world can be difficult when you have little or no proof of income. Many people that own their own homes can get a mortgage, even with inadequate credit ratings as long as they have an income source. When these things are difficult to prove, a Non Status Mortgage loan arrangement may be required.
Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.
Having bad credit or having an income source that is definite but unscheduled will qualify most people for a non status mortgage. Being able to pay back the loan is more important to the lender than where you are getting your money from. Getting a mortgage loan through this method can be great when you are honest about your income situation. Being dishonest may get you a larger loan, but being unable to repay will be bad for your credit history.
Most people will be approved for a non status mortgage easier than a standard mortgage option. This can be an advantage to those with bad credit or income restrictions that standard loans require. Even without proof of income, you will be able to have options for non status mortgage that may be beneficial if you cannot get a standard mortgage.
Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.
There are many options online for non status loans from a bank or other lenders. Make sure to check with your local lending institutions as well as online to make the best decision on interest rates and options.
Closing Comments
Non status mortgage options are great for those individuals that need to take out a mortgage loan and have no way to prove their income. Some people that are not approved for standard loans may be approved for non status loans.
Non status mortgage options are for those people who cannot provide proof of an income source when they are applying for a mortgage. Being paid infrequently or unscheduled will make some banks think that you will be unable to make repayments. Owning your home and having a structured settlement or annuity will make it easier to get a non status loan if you are unable to work.
Having bad credit or having an income source that is definite but unscheduled will qualify most people for a non status mortgage. Being able to pay back the loan is more important to the lender than where you are getting your money from. Getting a mortgage loan through this method can be great when you are honest about your income situation. Being dishonest may get you a larger loan, but being unable to repay will be bad for your credit history.
Most people will be approved for a non status mortgage easier than a standard mortgage option. This can be an advantage to those with bad credit or income restrictions that standard loans require. Even without proof of income, you will be able to have options for non status mortgage that may be beneficial if you cannot get a standard mortgage.
Some of the disadvantages of getting a non status mortgage are paying down payments anywhere from 5%-20% depending on the lender and how much you are borrowing, also if you borrow an amount that you will not be able to pay back, you end up putting your home at risk. Losing your home may not be worth the risk when you borrow less than what your home is actually worth.
There are many options online for non status loans from a bank or other lenders. Make sure to check with your local lending institutions as well as online to make the best decision on interest rates and options.
Closing Comments
Non status mortgage options are great for those individuals that need to take out a mortgage loan and have no way to prove their income. Some people that are not approved for standard loans may be approved for non status loans.
posted by Debt Consolidation Loan at
2:13 AM
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