Full Documentation Mortgages
- Question:What are the options to a full doc mortgage?
- Answer: As a mortgage broker we offer many options. We have a wide selection of no income verification mortgage programs designed to accommodate both good credit and poor credit borrowers. In addition, in many cases we can offer you the option of verifying your income by providing us with bank statements. We will add up your deposits and divide by the number of months. We will use the resulting average monthly deposit amount as your income. Restrictions apply. Please contact us for details.
A New Way of Doing Things
The "full doc" mortgage is undoubtedly the least pleasant of all of the documentation options. Fortunately, "full documentation" is getting easier!
1997 marked the advent of the "Fannie-Mae" and "Freddie-Mac" computerized loan approval systems. These systems evaluate the information that you provide on your mortgage application - along with your credit history - and are capable of generating a loan commitment in less than a single minute!
Skill Makes a Difference
Additionally, if the data has been entered properly by a skilled originator, your approval may require very minimal documentation. There was a time when every mortgage approval would require remarkable amounts of documentation. Now, you may only need to provide one pay-stub and one bank statement!
Although the results of this "automated underwriting" do vary from applicant to applicant, our goal is always the same: to produce an approval with minimal conditions.
Put Power Mortgage To Work For You
We believe that we are justified in saying that there are very few originators that are as skilled with these systems as we are. We were one of the beta sites for the Fannie-Mae system a year before the system was rolled out nationally. Literally, there are few mortgage companies with as much experience. Lastly, we would like to offer the following thought to you.
Although our goal is to make the process as easy as possible, we always review all of the options available to assure that you get the best possible interest rate and program. So, if you receive a phone call from us requesting more documentation - it's because we're working for you!