No doc loan
Encyclopedia
A No-Doc or Low-doc loan (abbr: No/Low Documentation Loan) refers to a finance product commonly offered by a mortgage
lender to consumers who cannot qualify for normal loan
products or do not wish to give up their financial privacy. However applicants require a larger deposit either through equity
in security or personal savings.
Self employed, unemployed, and seasonal workers, generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation requirements is easier to qualify for but generally carries a significantly higher interest rate.
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
lender to consumers who cannot qualify for normal loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
products or do not wish to give up their financial privacy. However applicants require a larger deposit either through equity
Ownership equity
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...
in security or personal savings.
Self employed, unemployed, and seasonal workers, generally struggle to meet strict requirements to qualify for loans. A loan with few to no documentation requirements is easier to qualify for but generally carries a significantly higher interest rate.