I hate filling in surveys. And I absolutely detest putting down my personal particulars on paper and online forms, even if I am guaranteed a prize or some other form of monetary reward in return. By nature, I am a private person who simply refuses to disclose my personal information unless I utterly have to. Who knows where this sensitive bit of information would end up?
When it comes to loans, most specifically during mortgage processes, I am dismayed to find that I have to reveal a whole lot of my particulars to the bank. I find it distasteful when mortgage lenders demand copies of my pay stubs, income tax returns and a myriad of other information before they’ll provide me with a much needed loan.
So if you’re stingy with your own information, the way I am about mine, let me share a little secret. Another alternative to this is to trade good interest rates in favor of some privacy (and dignity!) for a low documentation (lo-doc) or no-documentation (no-doc) loan. With a low-doc loan, I would have to place a higher down payment. No-docs are even better. I merely need to provide my name, current address, Social Security number and sometimes, my employer’s contact number. As long as you have got good credit history, you’re good to go!
So go on, protect your privacy today and opt for a lo-doc or no-doc loan. Just make sure you weigh the pros and cons carefully prior to making that decision!