Always Shop Around For Best Home Mortgage Rates
REM # A631
By Ilyce R. Glink
Summary: Even if you're self-employed and looking for a no-doc loan, shopping around will get you the best rate.
Q: I am responding to your recent article (published in my newspaper on January
1st) about getting a no-doc loan if you’re self-employed.
You said if it was the only thing they could do, they should do it instead of waiting out the two-year time period that conventional lenders require for self-employed borrowers.
I agree with you that they should not wait to purchase but disagree on what type of rate they would receive.
I priced out this loan with the information that was given and would be able to offer a no-doc 30-year fixed rate at 6.25 percent with a 1 point origination fee. Your rate of 7.5 percent to 8 percent seems awfully high for this loan.
I would love the opportunity to talk to these buyers and for that matter all prospective buyers who write you for advice to inform them that all lenders do not gouge buyers just because they have a personal situation that requires a no-doc loan.
I look forward to hearing from you and all prospective buyers.
A: Thanks for the update. It's good to know that some lenders do not rip off no-doc customers.
Unfortunately, it's column policy not to play matchmaker between readers. But,
I’m sure all self-employed readers will enjoy knowing that there are lower-priced
alternatives out there. It just proves the rule that to get the best deal, you
need to shop around and be sure to talk to the most respected mortgage bankers
and brokers in town.
Thanks for reading the column and taking the time to respond.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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