When to Choose a No Ratio Mortgage

A no ratio mortgage allows you to get a loan without being subjected to the many ratios that lenders use when they are approving a loan. Here are a few times that you might want to consider choosing a no ratio mortgage.

Income Issues

When you are trying to get approved for a traditional loan, you are going to need to be able to prove that you have a solid, steady income. If you do not make very much money or it is difficult for you to verify your income because you are self-employed, using a no-ratio mortgage can be helpful. With this type of loan, you are not going to have to verify your income.

High Debt

Another reason that you might want to consider a no ratio mortgage is if you have a large amount of debt. If you have several credit cards, store accounts, student loans and other sources of debt, it can be hard to get a loan. With a no ratio mortgage, you are going to be able to get approved even if you have debt issues. As long as you can afford to make your mortgage payment, the lender is not going to care about other forms of debt.

 

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