http://www.gogomortgageloan.com/mortgage-loans.html Arf arf! Look at those mortgage loans over there. Arf! en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Sometimes I just gotta listen to my faithful sidekick here and he'll lead me to the greatest mortgage loans on the planet. I listened, I followed his words and barking trail, and he led me to the cache of stated income mortgage loans. So what is a stated income loan, and why in the world would you need to get one? Mortgage loans through the back door Applying for mortgage loans might seem almost like taking a test in graduate finance - you'll need great credit, a strong and constant income, and assets to match your financial needs. So what if you lack any of those ingredients, or what if you have a great income but want a little more from your mortgage than standard debt-to-income ratios allow? You don't lie, you simply choose exactly what to tell your lender about your self. Stated income mortgage loans stem from the documentation requirements of the lender, more specifically what you choose to leave out. With full documentation you are offered mortgage loans in accordance to your quoted financial abilities: your income and your assets: but if you choose to ignore your income levels and state only your recorded assets, you might stand to get a greater loan amount, allowing you to buy more home than you might not otherwise. or you can do the reverse and claim only your income. This is for all you fresh-faced millionaires out there in high paying jobs that should reflect your financial potency, and it will when you qualify for a greater loan amount than you could qualify for with zero in the account. Yes, you might face greater mortgage rates as the risk of your financial reliability increases with your decreased levels of disclosure, but rates have no standing here. When you manipulate your mortgage loans by leaving out your qualifications your only goal should be an increase in loan amount - not overall savings. And you can do the same for a second mortgage - borrow more than you need or even more than your actual equity qualifies you for. Danger is my middle name For every ounce of risk you add to your mortgage loans you should expect to pay more. An interest only mortgage carries a higher rate than comparable ARMs because you are signaling a financial insufficiency. Same goes with a bad credit history or any manipulation of your loan application. there are legal ways to get more money from your mortgage loans, and your lender will definitely show you. They show you this not out of the goodness of their lending hearts, but because for every risk they get you to take is an extra dollar for them to spend. So be smart - consider your own financial demands and requirements before you go on a binge with your mortgage loans. Good boy Brain, now fetch me that loan! Sat, 26 Jul 2008 15:00:00 EDT