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Thursday, September 20, 2012

More Information About Low Doc Home Loans

Low docs are specially implemented for those who are unemployed. This will still require an application in writing and to sign a loan agreement. The only difference it has from other home loans is that you don’t need to provide and evidence of your income. Instead, you just have to sign a declaration regarding your income and your ability to meet the payments. This process is called “self-certification”. And that you have met your lender’s requirements, you won’t need to report your financial statements as well as tax returns.

Most lenders particularly in Melbourne, Australia allow borrowers to apply for low doc home loans whether in refinancing your home or buy property for investment purposes. Moreover, if you have been in the same business for at least two years, lenders will allow you to use the funds for the following:

Buy a business
Fund for business expansion
Purchase plant
Buy equipment, fixtures, fittings, machinery or cars; or
Refinancing a business loan

What’s makes this good news is that it is absolutely a cheaper alternative to bank overdraft or secure business loan.

Low doc loans actually have the same features as a standard home loan. For one, low doc loans also offers choices to borrowers whether they prefer variable or fixed rate options. In addition, it also has features that standard home loans have such as offset facility and redraw.

Furthermore, low doc loans are a bit more risky than of the standard home loans. One needs to fully meet the requirements of the lender. Another difference of low doc loans from the latter is you typically have to deposit a larger amount than you should have with standard home loans.

One of the requirements for low doc loans is an ABN and that you have been in the same business for at least two years. But if you still have many questions about this loan and of you are not quite sure if you would ever qualify, just contact your lender.

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Tuesday, September 4, 2012

Mortgage Insurance—Does It Really Work?

Mortgage insurance or mortgage guarantee is an insurance policy that insures lenders against loss when a borrower fails to pay their mortgage. This is the type of insurance that everybody complains about. When a borrower defaults to pay and the lender takes title to the property, the mortgage insurer either reduces or eliminates the loss to the lender. Therefore, this problem is shared the borrower.

Knowing How Mortgage Insurance Really Works

Basically, it is the borrower who will be paying for this mortgage insurance. With this, he/she should be aware that a monthly amount may be included in the payment of the property which is given to the lender despite the many premiums to choose from. If you compare mortgage insurance over term life insurance, it is always up to you which is better for it depending on your situation. However, both are different types of insurance products but share some common features. To better understand these two, please watch this short video.

Comprehensive Difference between Mortgage Insurance and Term Life Insurance

Although mortgage insurance shares a lot of benefits, it still has some disadvantages. Once you failed to file a claim by the time you found out that you can’t keep up with the necessary payments, you will eventually lose your dream home. Therefore, it is important for your to keep up a good communication towards you lender in order for easy access especially when this point of time comes. Another possible risk is that you might end up with dented credit when your insurance company defaults on making payments on time.

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