low-doc loan
(US, Australia, banking, finance) A loan or mortgage where the borrower provides only limited proof of their income.
Definitions
(US, Australia, banking, finance) A loan or mortgage where the borrower provides only limited proof of their income.
2006, The Bulletin, Issues 6536-6544, [http://books.google.com.au/books?id=0h8YAQAAIAAJ&q=%22low-doc+loan%22|%22low-doc+loans%22+-intitle:%22%22+-inauthor:%22%22&dq=%22low-doc+loan%22|%22low-doc+loans%22+-intitle:%22%22+-inauthor:%22%22&…
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- pre-approval letter60%
(US, finance) An official document confirming that an applicant for a mortgage has been qualified to borrow a certain amount of money at, or below, a specific interest rate.
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(slang, US) A loan at usurious interest rates, normally made by members of organized crime.
- no-load57%
(US, finance) A financial instrument that is sold directly to a customer without a sales commission.
- purpose statement56%
(US, finance) An affidavit stating the purpose for a proposed loan.
- conventional mortgage loan56%
(US, finance) A fixed- or adjustable-rate, fully amortized loan secured by a mortgage or deed of trust that is not insured or guaranteed by an agency of the federal government (such as FHA or VA). (Source: Office of Thrift Supervision [https://web.archive.org/web/20060618191009/http://www.ots.treas.gov/glossary/gloss-c.html]).