If you are looking to refinance your current mortgage, there are several options available to you. Homeowners refinance their mortgage for many reasons. These include eliminating private mortgage insurance, receiving cash out at closing, obtaining a fixed rate, and so forth. Refinancing a home loan involves getting a new mortgage. Thus, you are required to present the mortgage company with various documentations. However, if you prefer privacy, there are ways to obtain a loan with minimal documents.
No Doc Mortgage Refinance Loans vs. Low Document Refinance Loans
If you have good credit, you may be able to obtain a no doc refinance loan. Each lender is different. Some lenders are willing to grant a refinance with no documentations, whereas other lenders are not as eager to take a chance. The process of attaining a no doc loan is simple. With these loan applications, the homeowner provides their social security number and loan amount. The lender will base loan approval solely on credit scores. To obtain a no doc loan, you must have a very high credit score.