No Income Mortgages – How to Get a Mortgage With No Proof of Income
If you have ever thought of getting a no income mortgage you have come to the right place. You are probably wondering if this type of mortgage is good or bad, but there is not really a bright answer for that as it would depend on your own personal situation in order to determine if it will be a good idea or not.
An example of a good situation would be if you are a tipped employer like a bartender, waitron or server. You could benefit greatly from using a no income mortgage. Most tipped employees do not claim all their income; therefore it is difficult to prove exactly how much money they make on a monthly or yearly basis.
As long as you are sure that you can afford to pay back the mortgage then there should not be a problem. You as a tipped employee should have no problems with a no income mortgage, and you should benefit the most.
A bad situation would be if you have had the same job for more than two years and you have a regular income. This is a bad idea for you, because you should stick to something more conventional where you can prove your income. With a conventional mortgage you will get a lower rate compared to a no income mortgage, so if you can go conventional rather do so.
Another good situation of no income would be when you own your own business, are self employed, or when you are having difficulty proving your income. As long as you have good credit and you are sure you can afford it, a no income mortgage should be just fine for you.
When it comes to mortgage, as long as lending money is concerned you have to be careful. Before you make the loan make sure you know what the interest rate is and make sure you will be able to afford that amount. It might be all good now and everyone is happy because the mortgage came through, but when it is time to pay it all back and you can not, there are bound to be serious troubles.