Question:

What are the benefits of a no doc 2nd mortgage?

Answer:

No doc 2nd mortgage loans allow for streamlined closing to borrowers interested in loans with less paperwork. Reduced documentation and stated income 2nd mortgage loans are great for qualified self-employed borrowers with good credit.

Since providing full documentation for self-employed borrowers is tedious and time consuming, many borrowers will prefer that they avoid providing full tax returns, bank and profit and loss statements.

Check for a quick no doc 2nd mortgage online pre-approval. Some no doc 2nd mortgage programs will go without mortgage insurance, and have low interest-only payments.

2nd mortgage loans used to have a high default rate and were considered risky. Second mortgage banks and lenders will offer traditionally higher rates compared to a first mortgage loan rate. Additionally to the high rates, no doc 2nd mortgage loans as most second liens will have two or three-year prepayment penalty. Shopping for a no doc 2nd mortgage online may help you find a lender who does not have early payment penalties.

Some 2nd mortgage providers will be using automated appraisal instead of having the property appraised by a professional appraiser and the 2nd mortgage closing costs will be reduced.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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