You may have seen the ads from a bank declaring “Employee Pricing” for your mortgage. Before we get too caught up in the Hype, let’s take a closer look.
Stated Income Mortgage Q & A: Business for Self with Non-Traditional Income Verificaiton
What is a Stated Income mortgage? It is a specialty mortgage that goes by a few different names, Stated income, Alt A, or Low Doc, but it is essentially a program for people that are Business for Self that can’t prove income by traditional means.
Not All Mortgage Penalties Are Equal
This is a story about Joe and Sue. Two different people with similar mortgages, but very different prepayment penalties.