Full Doc Loans
Unlike lo doc loans or the self employed borrowers, full doc loans need detailed documentation of the assets and income of borrowers. The needful list of documents includes the financial statements, tax returns information, paycheck stamps, and others. The self employed, however, if wish to apply for a full doc loan is required to submit details regarding his proof of income.
Written proofs are asked by the lenders to submit in order to remain secure, which in turn indicate that the risk of lending the funds is minimal. Full doc loans are comparatively cheaper than other loans and therefore prove less risky for lenders.
When a lender considers whether to loan money to a borrower they look at:
- Is the security offered well maintained and in an area that would ensure a quick sale if required?
- Is it worth what it is being offered at? What is the likelihood of the value diminishing over the next 3 years?
- Can the borrower repay the loan, any other debts and living expenses without undue hardship?
- Is their source of income likely to continue?
- Are the borrowers stable in their work habits and repayment histories?
AFM does a credit check to ensure that applicants have not defaulted on any bills within the last 5 years.
Aussie Financials provide the most affordable and effective loans for borrowers. Once the borrowers are firm on the decision of which loan to choose from, the mortgage brokers from Aussie Financials assist them in making the complicated loan application process managerial. Our brokers stand as pillars of strength for the applicants at the time of need.
The full doc loan related information and advises are best provided by lenders from Aussie Financials.