Top 9 Best No-Documentation Mortgages

Looking for No-Documentation Mortgages? We have made a list from the very best choice. Go ahead and find out their features.

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No-Documentation Mortgages are a type of loan that does not require borrowers to provide traditional documentation such as income, employment, or asset verification. Instead, lenders rely on alternative methods to assess the borrower's creditworthiness, such as credit scores, bank statements, and other financial information. These loans are often more expensive than traditional mortgages, and may require a larger down payment. They are typically used by self-employed individuals or those with complex financial situations.
  • LendingTree.com
    LendingTree.com

    LendingTree.com - LendingTree helps you compare loan options.

    Loan Comparison

    Financial Advice

  • Wells Fargo
    Wells Fargo

    Wells Fargo - Wells Fargo: Banking and Financial Services.

    Secure Banking

    Mobile App

  • U.S. Bank
    U.S. Bank

    U.S. Bank - Diverse banking services and financial solutions for customers.

    Annual fee: zero

  • Advertisement

  • CitiMortgage
    CitiMortgage

    CitiMortgage - Mortgage solutions from CitiBank.

    Online Payments

    Refinancing

  • newamericanfunding
    newamericanfunding

    newamericanfunding - Mortgage lender for homebuyers and refinancers.

    Mortgage Loans

    Refinancing

  • Navy Federal Credit Union
    Navy Federal Credit Union

    Navy Federal Credit Union - Navy Federal Credit Union website.

    Secure Login

    Online Banking

  • Rocket Mortgage
    Rocket Mortgage

    Rocket Mortgage - RocketMortgage.com is an online mortgage lender.

    Online Application

    Instant Approval

  • Bankrate.com
    Bankrate.com

    Bankrate.com - Bankrate.com provides financial advice and tools.

    Interest Rates

    Calculators

  • quickenloans
    quickenloans

    quickenloans - Online mortgage lender for home loans.

    Mortgage Refinancing

    Online Application

Top 10 Sites for the No-Documentation Mortgages

1.

LendingTree.com

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LendingTree is an online lending marketplace that connects borrowers with multiple lenders to find optimal terms for a variety of loans, credit cards, deposit accounts, and insurance. The platform provides multiple offers from several lenders, allowing borrowers to compare and contrast loan offers from different lenders in a matter of minutes. LendingTree's network of lenders will compete for your business, so you can get the funding you need for yours. The company offers a variety of loan types, including mortgages, home equity loans, auto loans, personal loans, and peer-to-peer loans. LendingTree also provides a free credit score check and insurance rate comparison tool. The company's online platform simplifies the loan process and provides borrowers with the ability to compare and contrast loan offers from different lenders.

Pros

  • pros Easy comparison shopping
  • pros Low rates offered
  • pros Fast loan process

Cons

  • consHigh interest rates
  • consLimited options
  • consTime consuming

2.

Wells Fargo

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The Wells Fargo Propel American Express® Card is a great choice for those looking for a rewards card with no annual fee. With this card, you can earn 3X points on eating out and ordering in, gas stations, rideshares, transit, flights, hotels, homestays, car rentals, and popular streaming services. You can also earn 1X points on all other purchases. Plus, you can get a 30,000 bonus points when you spend $3,000 in purchases in the first 3 months. With this card, you can also enjoy travel protections, no foreign transaction fees, and access to exclusive events. With the Wells Fargo Propel American Express® Card, you can get the most out of your everyday purchases.

Pros

  • pros Convenient banking
  • pros Secure transactions
  • pros Wide selection

Cons

  • consHigh Fees
  • consPoor Service
  • consUnreliable

3.

U.S. Bank

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The U.S. Bank Altitude® Reserve Visa Infinite® Card is a premium rewards card that offers a variety of benefits and rewards. Cardholders can earn 3X points on eligible travel and mobile wallet purchases, and receive up to $325 in annual travel credits. Cardholders also receive a complimentary Priority Pass™ Select membership, which provides access to over 1,200 airport lounges worldwide. Other benefits include a 12-month subscription to a streaming service, up to $100 in statement credits for Global Entry or TSA Pre✓® application fees, and no foreign transaction fees. With the U.S. Bank Altitude® Reserve Visa Infinite® Card, you can enjoy a world of rewards and benefits.

Pros

  • pros Zero annual fee and decent dining rewards: The U.S. Bank Altitude® Go Visa Signature® Card has no annual fee and focuses on dining rewards, including hotel dining expenses.
  • pros Various perks: It offers valuable perks like cell phone protection, enhancing your overall travel experience.

Cons

  • consLimited kinds of travel benefits: The travel benefits of the card may not be as extensive as other travel-specific cards, potentially limiting your access to travel perks like airport lounge access.
  • consUnattractive redemption policies: The value of the rewards when redeeming for hotel bookings may not be as high compared to other cards.

4.

CitiMortgage

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Mortgage.citimortgage.com is the website for CitiMortgage, a business that originates real estate mortgages. CitiMortgage is a division of Citigroup, a global financial institution that serves 100,000 small to medium-size companies in 32 countries through its Citi Commercial Bank. CitiMortgage plays a role in the mortgage servicing industry, which involves obtaining and processing financial information from customers to find entities that will loan money for residential purchases. They aim to provide access to information and transparency for consumers in the mortgage process. CitiMortgage offers various mortgage products, including the HomeRun Mortgage, which requires a 3% down payment and allows borrowers to use non-traditional forms of credit to qualify.

Pros

  • pros Low Rates
  • pros Convenient
  • pros Secure

Cons

  • consHigh Interest Rates
  • consLong Processes
  • consFees Charged

5.

newamericanfunding

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New American Funding is a full-service mortgage banker that provides a wide range of home loan options to customers across the United States. The company offers a variety of loan products, including conventional, FHA, VA, USDA, jumbo, and reverse mortgages. New American Funding also provides home loan refinancing services, as well as home equity loans and lines of credit. The company's experienced loan officers are dedicated to helping customers find the best loan product to meet their needs. New American Funding is committed to providing excellent customer service and competitive rates.

Pros

  • pros Low Rates
  • pros Fast Service
  • pros Trustworthy

Cons

  • consHigh interest rates
  • consLimited services
  • consNo reviews

7.

Rocket Mortgage

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Rocket Mortgage is a digital mortgage lender that provides a simplified and convenient way to finance a home. The company offers a variety of mortgage products, including conventional, FHA, VA, and jumbo loans. Rocket Mortgage's mission is to make the complicated home financing process simpler by using innovative technology and providing excellent customer service. The company pioneered the all-online mortgage application, allowing borrowers to easily compare rates, learn more about the mortgage process, and apply for a loan with just a few clicks of the keys. Rocket borrowers can lock their rate for up to 90 days and get prequalified or verified approval letters seamlessly to help in their house-hunting efforts. Rocket Mortgage is available in all 50 states and has a wide range of availability factors that can make the overall mortgage-application process smoother or more challenging.

Pros

  • pros Convenient
  • pros Fast
  • pros Secure

Cons

  • consHigh Interest Rates
  • consLimited Options
  • consNo Refinancing

8.

Bankrate.com

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Bankrate.com is a personal finance website that provides information and tools to help consumers make informed financial decisions. The website offers a range of resources, including articles, calculators, and comparison tools, covering topics such as credit cards, insurance, investing, and banking. Bankrate.com is owned by Red Ventures, a digital marketing company that operates a portfolio of brands in various industries. Bankrate.com's business is to provide consumers with information and tools to help them make informed financial decisions. The website generates revenue through partnerships with financial institutions, such as credit card issuers and banks, who pay to advertise their products on the site. Bankrate.com also earns revenue through affiliate marketing, where it receives a commission when users click on links to financial products and services and make a purchase. Bankrate.com's content is created by a team of writers, editors, and industry experts who score credit cards, insurance policies, and other financial products based on a variety of factors, including features, bonus offers, and independent research. The website strives to provide accurate and unbiased information to help consumers make informed financial decisions. In summary, Bankrate.com is a personal finance website that provides information and tools to help consumers make informed financial decisions. The website generates revenue through partnerships with financial institutions and affiliate marketing. Its content is created by a team of experts who strive to provide accurate and unbiased information to help consumers make informed financial decisions.

Pros

  • pros Accurate financial advice
  • pros Comprehensive research tools
  • pros Easy to use interface

Cons

  • consInaccurate information
  • consLimited resources
  • consAds intrusive

9.

quickenloans

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QuickenLoans.com is an online mortgage lender that provides a variety of services to help customers find the best mortgage for their needs. The company offers a variety of loan products, including conventional, FHA, VA, and jumbo loans, as well as refinancing options. QuickenLoans.com also provides tools and resources to help customers understand the mortgage process and make informed decisions. Customers can apply for a loan online, and the company's team of experts is available to answer questions and provide guidance throughout the process. QuickenLoans.com is committed to providing a fast, easy, and transparent mortgage experience.

Pros

  • pros Fast and Easy
  • pros Secure and Reliable
  • pros Low Rates/Fees

Cons

  • consHigh Interest Rates
  • consLimited Services
  • consNo Refinancing
No-documentation mortgages are a great option for those who don't want to provide extensive paperwork to get a loan. The top 10 sites for no-documentation mortgages provide a variety of options to choose from, so it's important to compare rates and terms to find the best fit. With the right lender, no-documentation mortgages can be a great way to get the financing you need without the hassle of paperwork.

Frequently Asked Questions About No-Documentation Mortgages

less What are the eligibility requirements for a no-documentation mortgage?

No-documentation mortgages are available to borrowers who have a good credit score and a steady income. Generally, lenders require a minimum credit score of 680 and a debt-to-income ratio of 45% or less. Borrowers must also have a minimum of two years of employment history and a minimum of two years of tax returns. Additionally, lenders may require proof of assets and a down payment of at least 20%.

less What are the advantages and disadvantages of a no-documentation mortgage?

Advantages: No-documentation mortgages are easier to qualify for and require less paperwork. Disadvantages: They often come with higher interest rates and require a larger down payment. Additionally, they may not be available to those with lower credit scores.

less Are there any special considerations to keep in mind when applying for a no-documentation mortgage?

Yes, there are some special considerations to keep in mind when applying for a no-documentation mortgage. Lenders may require a larger down payment, higher interest rates, and a higher debt-to-income ratio. Additionally, lenders may require additional forms of verification such as bank statements, tax returns, and proof of income. Lastly, lenders may also require a higher credit score to qualify for a no-documentation mortgage.

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