NLIC.org

Gwendolyn Said:

How do I get a real low mortgage rate?

We Answered:

there are no 0% loans..

a flawless credit record can get you as low as about 3-7/8%...

Georgia Said:

Qaulifying for a low mortgage rate?

We Answered:

Your income is about half of what is considered for a mortgage loan. Your credit history is the other half. The better your credit rating, the lower the interest rate you'll be offered.

Enrique Said:

Is it possible to get a LOW rate mortgage for 4 years NO DOC with large cash assets?

We Answered:

Sorry can't be done. Currently we have a flat yield curve in the market so even short term arm loans 1,2,3, 5 etc are all running around 5.875-6.00% ish for full documentation loans.

Given that you have to go No Documentation due to your job situation you'll be looking at about .5- 1.00 higher rate. Also since you have to go no doc you'll have to get a mortgage broker involved in the process and they'll charge you pretty fat origination fee.

You can't show assets on a no doc loan so the lender will never know about them. There aren't any no employment verifcation, but verified asset programs out there either. Your home serves as collateral on the loan so pledging other assets doesn't make sense.

Best bet is to just ride it out for now, and don't fall for option arm with a low teaser rate that swells up to 8-8.5% one or three months later.