no documentation mortgage (no doc) meaning

[Finance]
A type of reduced-documentation-required mortgage program in which income and assets aren't disclosed on the loan application and employment isn't verified. However, a credit check is typically required as lenders are counting on the fact that the borrower has a good credit history. No Doc mortgages usually fall into the Alt-A classification, and will tend to carry a higher interest rate charge, as well as require a higher down-payment compared to a prime mortgage.
  • .doc:    suffix(abbreviatio ...
  • doc:    Noun: doc &nb ...
  • documentation:    Noun: documentatio ...

Related Words

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