Our Mentor - everyone in business should have one!
Rick Otton has been our mentor for many years & we have found that many of the principles he has taught people like us provides an amazing opportunity for us to help others. www.rickotton.com
Credit Reports - The impossible made Easy in accessing your details.
You can order a credit check on yourself prior to applying for finance & avoid unnecessary hits on your credit record online or via a quick & painless call.
Mortgage Insurance (LMI) - finally a clear explanation!
Often when going for bank finance for a mortgage you will be advised that your loan will include Mortgage Insurance (LMI) this is not to be confused with mortgage protection which is an insurance that covers YOU.
Lender's mortgage insurance protects the lender in the event that you default on your loan and the outstanding value of your loan is greater than what they receive from selling the property.
LMI is included generally if you borrow more than 80 percent of what the lender considers to be the value of the property so they will ask you to pay their mortgage insurance. Some lenders require the borrower to pay the lender's mortgage insurance at loan to valuation ratios less than 80 per cent.
LMI is usually charged as a one-off premium and is calculated on a sliding scale. That is, the greater the percentage of the property value you borrow and the more money you borrow, the higher the mortgage insurance premium payable.
To gain an estimate of what the mortgage insurance may be on a loan you are looking to have financed we recommend the calculator by Genworth which is the company most banks & finance institutes utilise
Borrowing Capacity Calculators & much more!
Whilst we do not recommend financial institutes or brokers for you to use (we just don't think it's cool or fair) we do understand that everyone wants an indication of where to start looking for these calculators that seem to rule our lives.
We have found that visiting infochoicecan provide a lot of information quickly & clearly.
Please understand though that these calculators are a guide as each financial institute has their own rules & guidelines for calculating the capacity to borrow & how much repayments will be.
Legal Services
At all times regardless of whether you are looking at financing, buying or selling a property through traditional methods or through a creative transaction you should always seek independant legal advice to protect your interests or just to clarify anything you are unsure of.
We have been priviledged to get to know Anthony Cordato
from Cordato Partners who offers a wealth of knowledge in regards to vendor finance laws. Anthony mostly practices in NSW.
