
Recently helped a customer to prove their income was higher when refinancing!
Recently a customer came to us, needing to refinance their home loan urgently and pull further funds out. They both ran their own business and held an additional job.
It can be a catch 22. You have multiple loans and credit cards, with high monthly payments, and want to roll these into your home loan to ease up cash flow, but your payments have been a few days late either on your mortgage, or on your credit cards.
You may be aware of the recent crack downs on investor lending, forcing banks to tighten their belts, and thus reduce the amount they can lend to individuals, shortening the distance your dollar can go.
There are many reasons why you may require a low doc loan, such as a marked increase in profits since the completion of your previous tax returns.
There is usually strict criteria that must be met to when obtaining a low doc loan, but you may be surprised to know that there are options for low doc loan even if you have a negative credit history, including defaults and court judgments.