Reply: 1.1.1
From: J Parker
Steve, we went down this path of exploring all our loan options as we went from a paid wage of 17 yrs to a self employed state. Lo doc or no doc loans are dearer, though it depends how anxious you are to borrow. If you can hold out until you have been employed for at least a year (two is better) and can show tax returns etc you won't have to worry about such loans.
In the end, we decided to stay with our current lenders (won't lend us as much as we want but were willing to go on our lending history with them, thus avoiding the need for lo doc loans altogether) until we can qualify for normal loans with other lenders (who, hopefully, will lend us more!!).
If you can't wait, shop around and get the best deal you can. There are many variations in fees, not just interest rates. Use a good broker like Rolf and you'll learn a lot!
Cheers, Jacque
