07 Dec 2021

Full Doc Home Loan: The Basics

The traditional mortgage is the full doc home loan. It requires two years of payslips, their last two consecutive payslips, and bank account statements. Lenders request additional financial information such as other income that comes from rental income, bonuses, and overtime pay.

Lenders run a thorough financial background check on all home loan applicants. Their goal is to understand the applicant’s ability to repay their mortgage. Thus, they look at the homebuyer’s assets and liabilities.

A great way to understand mortgages and your borrowing power is to try our online calculators such as the calculator. You can see how your borrowing power goes up and down depending on your expenses. It’s great to find yourself in a higher income bracket. However, if your expenses remain comparable to your income, it lowers your borrowing capacity.

When you see your financial position through our online mortgage calculators, call our team to discuss your home loan options further. Our loan specialists receive access to our proprietary tools. They assess your application and provide a series of loan term options.

In many cases, the full doc loan has the best loan terms. It poses the least risk because the applicant provided the most amount of financial documentation. The goal is to reduce risk by ensuring that the applicant can repay the home loan in full. 

Try our online mortgage calculator with no strings attached.

Full Doc Home Loan Conclusion

Homebuyers interested in applying for a Mortgage House full doc mortgage can contact our team. Our loan specialists remain at your disposal to answer your questions.

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