We have put an addition onto our house through a personal loan from a family member and want to refinance in order to pay the loan off. I am interested in doing a no doc, or stated, type of loan.
4 Comments Already
April 16th, 2010 @6:02 am
No doc loans are OK but instead of a flat loan try a Home Equity Line of Credit. That way you also have cash anytime you need it.
April 16th, 2010 @7:02 am
A no Doc or Stated loan are options, but you then definitly do not want to go to a bank for those. Shop a few local mortgage brokers. They can give you many more options and find the best rates.
Also, make sure when you are shopping, compare not only the GFE, or Godd Faith Estimates, but also the TIL, or Truth in Lending Disclosure. This way you can really compare apples-to-apples.
April 16th, 2010 @7:40 am
Try Lending Tree on line. You can specify what you are looking for and then the brokers, banks and S & Ls will come to you.
Call up Citibank, American Bank, Standard Chartered Bank or any other banks executives and ask them to give details and reason for considering it as a best loan option for refinance.