To some people, paying a higher interest rate for a mortgage is worth maintaining their financial privacy. Many lenders are now offering “no doc” or “low doc” mortgage options to those who cannot provide proof of income or for those who choose not to provide the information. The mortgage market has changed significantly in the last five years as lenders now lend in many situations where they would previously not.

The “No Doc – Low Doc” mortgage option gets its name from the amount of documentation required to get the loan. Many potential homebuyers, especially the self-employed, do not have proof of a steady cash flow so the documentation required for proof of income is dramatically reduced. However, there is a catch because lenders are taking a larger risk, the mortgage has a slightly higher interest rate (three year fixed rates as low as 5.14%).

This type of mortgage is ideal for those who own their own businesses, earn commissions, live-off investments, or those who get paid in cash. Many of these situations do not provide enough income documentation to appease the mortgage lender.

Our brokers are very familiar with the process for obtaining a mortgage for the self-employed client and for those clients who choose to keep their income information private. We have collaborated with many lenders to develop mortgages with these clients in mind and are proud to offer these options to you. So do not hesitate, apply today.