08 Mar 2022

Full Doc Home Loans: The Basics

Full Doc Home Loans

The lending market saw several changes in the late 2000s. After the financial crisis of the early 2000s, the public continued reeling over the sudden hikes in home loan interest rates. They stopped trusting variable interest rate mortgages and favored the fixed-rate version instead.

For several years, conventional mortgages were the only home loan available to homebuyers. As home prices increased, the public needed to borrow more. Plus, the full doc mortgage became a hurdle for some individuals.

Like the conventional mortgage, full doc home loans require three months of payslips and bank statements. Lenders use the financial documentation to spot trends in the homebuyer’s spending habits and financial circumstances. The data helps lenders determine if the homebuyer can repay the mortgage in full and on time.

Homebuyers who obtain full doc mortgages receive competitive loan terms. Loan terms always improve when the applicant provides a 20% down payment too. Full financial documentation shows that the applicant receives a steady income. Plus, these individuals keep their debt low. 

Mortgage House is a non-bank lender that competes with banks for well-qualified homebuyers. We have the ability and tools to provide competitive loan terms. Plus, we remain an innovator in the lending market. In addition, we work with first-time homebuyers, second-home buyers, and investors. 

Full Doc Home Loans Conclusion

To apply for a full doc, homebuyers can start the application online. They can also contact our loan specialists at Mortgage House. Each loan specialist has the tools to provide the best loan products and loan terms.

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