Stated Income Loans

If it wasn’t for stated income loans I would still be living in that apartment. Stated income loans helped me to get a mortgage so that myself and my family could move into our first house. I had no idea that such a great thing actually existed. I have my own business, and because of this I haven’t been approved for a mortgage. This had unfortunately left us with renting an apartment as our only option. It was a really nice apartment. It had a lot of space, and was quite stylish, but it wasn’t ours. We wanted to own our very own house, and not to mention paying rent every month was a waste when we could be paying a mortgage instead.

We moved out of that apartment six months ago, and the reason that we were able to do it was because of a conversation that I had with a gentleman at a party about a stated income mortgage. I was at my friend Tyler’s house and my wife and I were mingling with a bunch of people there. One of the conversations that we got involved in was about mortgages and that is where the matter of stated income home loans and no doc loans come up.

Everyone there was comparing their mortgages with each other, and when it came to be our turn we told them our situation. Well, wouldn’t you know it, one of the people in that conversation was a loan clerk at a bank. He knew all about the 30 year fixed mortgage rates that everybody was interested in, but he also told us more stuff. He told us about stated income loans. He told us that stated income loans were for people that were in our situation. We just basically would tell the bank how much money we made yearly, and we didn’t require any proof of income to show them. This involved a lot of trust, and although it makes it easier to be approved for a loan for someone in our situation, it will cost us more in the long run. That is because when you are approved for stated income loans the bank is taking a chance on you because they believe that you will not have any problem with the payments.

And with all risks, together with stated income home loans comes a higher interest rate to pay, so the bank would be charging the borrower more for these types of loans. But for us that was perfectly fine. We now have our own house and we wouldn’t have it any other way. I love having my own business, and now because of this type of loan I can have my own house as well.

Stated income loans allow people that have no proof of income get approved for a loan. Because of such a stated income mortgage, many people all over the world get the money that they need.