It's time for you to refinance one of many reasons? Maybe you want to add a room or a chamber of sun. Maybe it's time to consolidate debt, or the use of cash collateral for the payment for a wedding or another big expense. Whatever the reason, is not the time to use a no doc loans, and all do sometimes. But no doc option is specific to particular situations. Here's what you should know.

First, if you work a job that pays a salary thatregularly so as to make no doc option is not for you. This is an opportunity for those who have problems with the documentation of their real income and to have all the necessary evidence for your payroll and tax forms. If someone tries to convince you this and you are not ready for this, it's a bad situation for you and take you into bankruptcy. Do not let it happen.

Secondly, if you're self-employed, who work for tips or money, or an independent contractor to fit the profileMortgages for non-doc. This program is designed for these situations, because you only need proof of income. You basically write a number and you sign to say that this is what you do. That is, if the document of income used, because in each of these three situations, will not be able to show that you completely.

Finally, if one considers a no doc loan is better to know that you have good credit. Most companies will not even look after yourif you have a minimum of 680 FICO score, and if they are lower than what you would have a lot of equity built in your house or you struggle to get approved. Also expect the rate slightly higher than the advertised rate because the loan is a bit 'more risk than a traditional mortgage.