The extra costs of buying a home? When taking out a mortgage, many people forget to consider the fees and expenses that come on top of the purchase price of the property. Here are some of the extra costs that you’ll need to consider when you take out a home loan. Home loan application fees… [Read More]
Archives for March 2022
How to buy a home when you’re self-employed
How to buy a home when you’re self-employed Self-employed borrowers often come up against the challenge of not being able to present a raft of payslips and tax returns to back up their loan applications, but this need not stop you buying your dream home. Many lenders offer low-documentation (lo-doc) loans for self-employed borrowers who… [Read More]
What is Lenders mortgage insurance (LMI)?
Lenders mortgage insurance (LMI) Lenders mortgage insurance (LMI) is required when the value of a loan is more than 80% of a property’s purchase price, or property valuation if refinancing. In very basic terms, a lender considers a loan to carry a higher risk if the Loan to Value Ratio (LVR) is above 80%, in… [Read More]
How do lenders assess applications?
How do lenders assess applications? While loan officers work solely for a lending institution and can only offer that institution’s products, brokers can help connect you to the lender best fit to serve your mortgage needs by shopping around on your behalf. Finance brokers on the other hand are paid commissions by lenders to match… [Read More]