Want a Smarter Start to applying for a Home loan? Get your common Mortgage questions answered. Don’t give the Bank or Lenders to say No:
Here are some common mortgage questions you may have during the home-buying or refinancing process.
The lenders will look at your income and scale it depending on the type of income and how consistent it is. They also harder criteria when you have less deposit. Banks & Lenders Calculate Income Differently. Find out more >>>
Identify Any Problems First. The best way to present an application is to highlight the problems, but then mitigate them so the lender can feel comfortable. Don’t let the lender say ‘No’. Find out some of the common problems and how you can mitigate against them >>>
This is one of the most asked questions for first home buyers and the answer is not simple as it does vary depending on the situation. A general rule is that you will need a minimum of 5% but with a low deposit like this there are very limited options and the lenders have harder criteria when assessing an application for a mortgage. The banks deem anything where there is less than a 20% deposit as being a low deposit and charge extra for the deemed higher risk. There are some non bank lenders that have other options and there are some co-ownership options that may work too.
Here are some great posts that delves deeper >>> Posts on Deposits for loans
Great posts dealing with common problems with mortgage applications and answers
You might be about to start your journey with a First Home purchase. Or you might be refinancing for an Investment property. Whatever the case, here are some great posts with answers to your common Mortgage questions to get started.
Do you still have more Mortgage questions answered?
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Use our simple mortgage calculator to work out your repayments. However, always talk to one of our mortgage advisers to ensure you are getting the best interest rates from the bank. More importantly, they will show you how you can pay off your mortgage faster! Work It Out Now