Compare No-Income Verified Mortgages

Category : Mortgages

Learn how to find learn lenders for No-Income Verified Mortgages and how to compare them in eight simple steps.

4 Steps to Find Lenders to Compare:
Start with banks and credit unions with which you have an established relationship.

Next, look at large lenders like Chase.

Ask friends and family members for mortgage broker or lender references.

If all else fails, check the phone book.

How to Compare Lenders:

Ask about the lenders' requirements. Eliminate any lenders whose requirements you don't meet.

Begin the pre-approval process with the remaining lenders.

Compare the overall loan amounts offered, and choose the top three.

List in order of interest rate, scoring 3 points for the lowest interest rate, 2 points for the median interest rate and 1 point for the offer with the highest interest rate, like this: - Loan A interest rate 6. 8%, scores 3 points - Loan B interest rate 7%, scores 2 points - Loan C interest rate 7. 3%, scores 1 point

Score loan offers according to terms, adding 1 point to each loan that is an adjustable rate mortgage (ARM) and 1 point to each loan that is interest-only.

Remove the loan with the lowest score.

Compare the documentation requirements. Give 3 points to the loan offer with the fewest documentation requirements.

Keep the loan offer with the highest score if you believe the lender to be reliable and professional.