Lo Doc Home Loans, for the Self-Employed
Today, more people are self-employed or employed
on contract, so their income patterns are not as regular as
PAYG earners.
With a Lo Doc Loan you can "self-certify"
your income, which avoids the trouble of asking your accountant
to provide up-to-date financials every time you wish to borrow
money.
You pay a little bit more in interest and fees
- but it saves you a lot of time and stress. Some lenders also
offer Lo Doc Loans to investors and PAYG earners too.
Advantages:
- There is no need to provide financials to
the lender.
- You receive faster access to your loan and greater flexibility.
- Non-traditional and irregular income sources are considered.
Disadvantages:
- You pay higher interest rates and fees.
- You may be at risk of over committing yourself if your income
varies.
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