Facts about Refinancing With a Low Doc Loan

1
Facts about Refinancing With a Low Doc Loan
2
Low doc loans are certainly beneficial for
self-employed individuals who cannot provide
certain documents about their income.
3
These loans can be used for a variety of
purposes.
4
It is quite possible for you to get low doc loans
refinance to help you tide over the financial
difficulty you are in. Be that as it may, there
are a few things you ought to know.
5
Will You Qualify For These Loans?

• Lenders tend to have their own rules when it
  comes to getting low doc loans for refinancing
  home loans. However, there are a few common
  guidelines to all lenders. As long as you have
  ensured the following, the chances are that you
  will be eligible for such a loan.

6

• You have a clear credit history.
• You have ensured, lenders may make exceptions in
  certaithat repayments have been made on time on
  all situations for at least the previous 6
  months. Howevern cases.
• You will have some kind of document that can be
  used for verifying your income.
• Proof of the purpose of the loan may be required
  if you are going to be releasing equity.

7
The Possible Uses of the Loan

• There are quite a few ways in which you can use
  this low doc loan. It is possible for you to
  release equity and use it to purchase a new home.
  It can also be used for purchasing shares or
  investment properties. Typically, it can be used
  for most legal purposes

8
Be that as it may, the case is a bit indifferent
if you want to use it in your business. There are
lenders who will decline the loan if this is your
purpose. On the other hand, there are quite a few
lenders who consider this purpose to be good and
even show more favor to your application.
9
Is Debt Consolidation Possible?

• You can certainly use a loan for consolidation
  of your debts into the mortgage. On the other
  hand, the number of lenders who will allow debt
  consolidation with low doc loans is low. If you
  are going to be consolidating debts with these
  loans, you will be required to provide
  the current loan statements to the lender.

10
The lender will wish to make sure that you have
been paying your loans on time. Some lenders may
still consider your loan application if some of
your repayments were missed or late.
11
Can the Loan Be Used For Building?

• This can be difficult on a low doc loan thanks
  to certain changes in policy. Those changes have
  limited the options available for those already
  own a land block and wish to build now.

12
One situation is when you buy the land block and
building simultaneously. Getting low doc loans in
this situation is easy. If you already have a
loan on the land you own, few lenders will be
interested in giving you a loan. After all,
lenders who allow refinances generally do not
accept construction loans. Those who do are
typically strict. Therefore, qualification is
difficult.
13
While low doc loans refinance is possible, you
need to be aware of all the details to ensure
that you can actually use it for the purpose you
want. This can prevent problems down the line.
14
Contact usStones Corner FloristStones Corner
QLD 4120, Australia info_at_oysterfinancial.com.au
1300 740 485