Mortgages that involve little or no documentation of your income or assets may mean higher costs. While these mortgages can save you time and are attractive if your source of income is unpredictable, the lender generally charges a higher interest rate. "If you have income that's easy to document, such as regular statements from your employer or a monthly Social Security payment, it's probably not worth paying extra over the long term of the loan just to save a few days during the application period," said Mira Marshall, an FDIC Senior Policy Analyst on consumer issues. "Be sure to ask about full documentation loans and compare the costs."

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