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F
A Q Below are frequently asked questions about The Financier or mortgage home loans in general. 1.
Who is THE FINANCIER?
The Financier is a mortgage originator and mortgage service provider that offers Prime, Lo Doc and Non-Conforming and bad credit home loans at competitive rates direct to the Public. Our focus is doing whatever it takes to set you a great home loan. We specialise in debt consolidation and mortgage refinancing to lower you home loan bills.
What type of mortgage finance do you do? We originate home loans for a wide variety of real estate transactions including:
What other types of finance besides home loans do you do?
What are the criteria for qualifying for mortgage home loan finance with bad credit? Things are changing. One thing that is happening is that younger people are being exposed to more credit and the fall out of this is more people with impaired credit. People were then restricted in getting a home loan. Also in the past it was impossible for people that had just gone into business to get a home loan. If the business hits a speed bump, the business cashflow can suffer. The exact wrong time to ask you bank for a loan. These two examples are like trying to drive a car with your gaze solely on the rear view mirror. We think that is unfair, so in addition to the traditional home loans we also originate loans for the self employed and loans for people with bad credit. This was termed "Character" by the tradition bank guidelines. We realise that there are other reasons besides bad payment tendencies. That many people who would repay the loan have genuine reasons to miss payments. These include:
With this in mind we mainly look at building a case to originate the loan for the client, rather than look for an excuse not to lend. The major factors in qualifying for a bad credit loan are:
The amount of money you can borrow, commonly known as your 'Borrowing Capacity', will differ from lender to lender. Some lenders will lend you more than others. To establish your approximate Borrowing Capacity contact us or alternatively fill out our online application form and your local mortgage consultant will provide a more specific overview for your individual situation.
Why the difference between a saved and non saved deposit? Saved deposits demonstrate the following:
Non saved deposits in the form of gifts from parents tend to suggest reliance on others and a lack of real commitment to own property. For this reason mortgage insurers want a bigger safety margin built in the mortgage.
I've been declined by first bank. Can you set a home loan for me? Being declined will show on your credit file. This is why you should never apply at several lenders at once. They all show on your credit file. We can get a loan through by repackaging the application and presenting it in a manner than will be accepted. However we can't help people who trash their credit report by constantly shooting off applications. If you want it done properly, let us handle it for you.
I want to refinance away from my current lender. Do you do Mortgage refinance? Yes. We specialise in mortgage finance and lowering people credit bills.
I want to lower my monthly repayments on my mortgage home loan and to take the pressure off. Can The Financier do this? Yes. We can lower your monthly repayments, your bank fees and charges and your other repayments.
You certainly have a lot to choose from. Fixed or variable? Principle and interest or Interest only or Line of credit Which Loan is best for you depends on a number of factors, including what you would like to see happen. Do you want to pay off the loan sooner, use the credit to buy investments, help with seasonal cashflow fluctuations, cater for emergencies, see the kids through their education, go on holidays, assist in growing a business. No matter what you want to achieve, The Financier will come up with a solution for you.
L.V.R. is an abbreviation of Loan to Value Ratio. This is a ratio, expressed as a percentage, of the size of the loan in dollars required compared to the value of the property that you are contemplating to buy. The value of the property is not what you think its worth, or what the market says its worth, or what a real estate agent says its worth. It is the value that a registered valuer says its worth for the purpose of obtaining a loan from a credit provider. To calculate the loan to value ratio you divide the loan value by the value of the property, and multiply the result by 100 to obtain the percentage.
A D.S.R. is the abbreviation for debt to service ratio. This is ratio expressed as a percentage to determine an applicants ability to repay the loan requested. All Banks and lenders have different methods and formulas to calculate this calculation, but as a rule of thumb your total debt repayment should not exceed 35% of your gross income, for a single income, or 30% where two incomes are taken into consideration. Also as another rule of thumb, your total debt should not be more than three times your income.
This term is seldom used these days. Honeymoon rates are introductory rates set artificially low to attract first time clients. We suggest that you understand all the implications of these, especially when it comes to early exists, before you say its a good deal for you. Sometimes honeymoon rates are only 6 months long. When you take a 25 year mortgage that means you have 24 years and six months at a higher rate!
Mortgage Insurance is a single premium insurance policy to protect the lender in the event that you don't meet your repayments due to unforeseen circumstances. The borrower has to pay this premium. Some lenders will waive this requirement if the LVR is less than 80%. The higher the loan LVR, the higher the rate to cover for the added risk of sustaining a loss by the Insurer. Contact us for more information.
Because our associates work on your behalf, not the Bank's or other credit providers that we source funds from. At The Financier, our customers come first.
The answers to those four simple questions can be different both for different borrowers and for the same borrower from different institutions, and at different times. Its horses for courses. We know how to put you on the inside track, no matter what your situation, and that means savings to you. The Answer to the last question can mean the difference between a yes and a no from a credit provider. To discover your true worth contact us today! |
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