Ive heard there is something called an EZ Doc loan that can save me a lot of paperwork. What is it, and how can I qualify?
I’m not exactly sure what you’re referring to by an EZ Doc loan. However, there are a number of programs designed to streamline the loan process. Most of them involve the borrower providing “alternative documents” to the lender. This means the borrower can provide pay stubs, W-2’s and bank statements as a substitute for the lender having to send out verifications to creditors, employers, and banks. It speeds up the process—there is no need to wait for those verifications to be returned to the lender. Most lenders now accept these alternative documents. Taking it one step further, some programs will streamline the process even more depending on the borrower’s credit score. If your credit score is high enough, the lender may not require verification at all—not even proof of income. It is all done by warrants on the part of the consumer. This really helps the self-employed borrower, whose income structure can be confusing as a result of the tax laws.
