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No Doc Loan Charlotte

What is a No Doc Loan?

A No Doc loan is short for no documentation loan. This type of loan is typically used by Charlotte area borrowers that either cannot or prefer not to document their income, employment, or assets.

In this situation a lender must rely completely on credit rating (How you pay your bills) and collateral (value of the property).

Like most mortgages, the better your credit rating and the lower the loan amount in relation to the value of the property, the better your interest rate will be. However, as a general rule, the less documentation provided the higher the interest rate will be.

It is possible to get 100% financing with a Charlotte No Doc loan, but do not expect to get a great rate, since this represents the highest level of risk for the lender.

There are many levels of documentation when applying for a mortgage.

Each level or degree of documentation has been created to fit common borrower situations and risk levels for lenders.

Charlotte home loans made simple